Who Has the Cheapest Auto Insurance for 19 Year Olds in Memphis?

You have seen the catchy commercials from companies like Farmers, Allstate, and Liberty Mutual claiming the cheapest price, so you just need to pick the company with the cutest commercial, right?

It’s just not that easy, however, as there are many unknown aspects such as if you are married or single, whether you are male or female, and if you are a homeowner, that all impact the cost of coverage. The information below will cover some of these things and should give you a solid foundation to find cheaper car insurance in Tennessee.

Deciphering which company has the cheapest car insurance rates for 19 year olds involves a little more sweat in order to find the best policy.

Every insurance company uses their own method for setting rates, so we’ll take a look at the car insurance companies that tend to be cheaper in Memphis, TN.

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Rankings for the cheapest car insurance companies in Tennessee
Rank Company Cost Per Year
1 Utica National $760
2 Auto-Owners $852
3 Cincinnati Insurance $876
4 Penn National $899
5 Tennessee Farmers $933
6 USAA $957
7 Erie $987
8 Nationwide $1,012
9 Westfield $1,047
10 Allied $1,060
11 GEICO $1,156
12 Progressive $1,190
13 Travelers $1,201
14 State Farm $1,213
15 Direct General $1,214
16 Shelter $1,235
17 State Auto $1,254
18 The Hartford $1,258
19 21st Century $1,274
20 Chubb $1,329
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Utica National may offer some of the lowest car insurance rates in Memphis at around $760 each year. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers also are some of the best Memphis, TN car insurance companies.

As shown above, if you currently have a policy with Tennessee Farmers and switched to Auto-Owners, you could realize annual savings of about $81. Insureds with USAA may save as much as $105 a year, and Erie customers might realize rate reductions of up to $135 a year.

If you would like to find cheaper car insurance rates, click here to get quotes or quote rates from the companies below.

Bear in mind that those premiums are averages for all types of drivers and the different vehicles they drive and and are not figured with a specific location for 19 year olds. So the auto insurance company that can offer you the best rate may not even be in the top 30 companies shown above. That’s why you need to get quotes using your own personal information and vehicle type.

The car, truck, or SUV you are seeking coverage for is a significant factor when comparison shopping for the most affordable car insurance for 19 year olds. Vehicles with reasonable performance levels, excellent safety ratings, or a low likelihood of having liability claims will cost much less to insure than adrenaline junky models. The information below features car insurance costs for a number of the most affordable vehicles to buy coverage for.

Cheapest Vehicles to Insure in Memphis, TN
Make and Model Estimated Cost for Full Coverage
Honda CR-V EX 2WD $4,583
Honda Accord EX 4-Dr Sedan $4,589
Ford Escape Limited 4WD $4,960
Hyundai Elantra SE Touring Station Wagon $4,970
Toyota Prius $5,017
Honda Odyssey LX $5,062
Jeep Wrangler Rubicon 4WD 2-Dr $5,118
Volkswagen Jetta SE 2.5 Station Wagon $5,341
Toyota Tacoma 2WD $5,383
Ford Edge Limited 2WD $5,388
Ford Focus S 4-Dr Sedan $5,383
Dodge Grand Caravan Hero $5,439
Chevrolet Malibu Hybrid $5,448
Toyota RAV4 Sport 2WD $5,439
Chevrolet Impala LT $5,448
Jeep Grand Cherokee Laredo 4WD $5,439
Ford F-150 FX4 Super Cab 4WD $5,496
Ford Explorer Limited AWD $5,506
Toyota Corolla LE $5,764
Nissan Altima 3.5 SR 4-Dr Sedan $5,820
Chevrolet Equinox LTZ AWD $5,826
Chevrolet Silverado LT Regular Cab 2WD $5,857
Hyundai Sonata GLS 4-Dr Sedan $5,866
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Table data represents single female driver age 19, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, and safe-driver. Premium amounts do not factor in specific location information which can influence price quotes noticeably.

Based upon the table data, we can presume that cars like the Honda CR-V, Honda Accord, Ford Escape, Hyundai Elantra, and Toyota Prius will definitely be the most economical vehicles to insure for teenage drivers. Prices will be more costly because there is more risk for 19 year olds, but generally speaking those makes and models will most likely have the cheapest car insurance rates compared to other vehicles.

Bad driving habits will cost you more

In a perfect world, the best way to receive affordable car insurance rates for teenage drivers is to be a safe driver and maintain a clean driving record. The illustration below highlights how traffic violations and accident claims can influence auto insurance rates for different categories of driver ages. The data is based on a married female driver, full coverage, $250 deductibles, and no discounts are factored in.

In the chart above, the average cost of auto insurance in Memphis per year with a clean driving record and no accidents is $1,174. Add in two speeding tickets and the average cost surges to $1,666, an increase of $492 each year. Now add one accident along with the two speeding tickets and the yearly cost of car insurance for 19 year olds jumps again to an average of $2,158. That’s an increase of $984, or $82 per month, just for not being a responsible driver!

The illustration below shows how choosing a deductible can raise or lower yearly insurance costs when quoting cheap insurance for 19 year olds. The premium estimates are based on a single male driver, comp and collision included, and no discounts are applied.

As shown above, a 40-year-old driver could lower their car insurance rates by $332 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $500 by switching to a $1,000 deductible. Younger drivers, like the 20-year-old, could drop their prices as much as $1,096 or even more by choosing larger deductibles on their policy. If you do make the decision to raise your deductibles, it will be necessary to have additional funds in a savings account to satisfy the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.

Does it make sense to buy full coverage?

Saving money on car insurance is important to the majority of drivers, and one of the best ways to find cheap insurance for 19 year olds is to not buy comprehensive and collision coverage. The chart below visualizes the comparison of insurance prices with full coverage compared to only the Tennessee minimum liability coverage. The data is based on no violations or claims, $100 deductibles, marital status is single, and no other discounts are factored in.

If the expense is averaged for all age categories, physical damage coverage costs an extra $1,659 per year over having just liability coverage. At some point, every insured wonders if physical damage coverage is worth the money. There is no exact rule for phasing out physical damage insurance, but there is a guideline you can consider. If the annual cost of your full coverage insurance is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.

For example, let’s pretend your vehicle’s settlement value is $10,500 and you have $1,000 full coverage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $9,500 after paying the physical damage deductible. If it’s costing in excess of $950 a year for full coverage, then you might consider buying liability only.

The Memphis, TN, insurance agents below can help you decide which coverages and limits you need, as some people prefer to get some professional input when buying car insurance for teenage drivers. It’s not always easy to find the best policy yourself, so insurance agents licensed in the state of Tennessee can add peace of mind knowing you have adequate asset protection. To locate a Memphis car insurance agency nearest to you, click the button at the bottom or click here to compare price quotes.

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How to find economical auto insurance for 19 year olds

Lowering your rates is not difficult, and here are a few thrifty solutions that can help Tennessee drivers find cheap auto insurance.

The last tip in the list is particularly important, as we noted in this write-up. Insurance rates in Memphis adjust often, so drivers shouldn’t be reluctant to switch carriers if a cheaper rate is available.

Many consumers stick with the same company and that’s fine, but it’s not recommended if that faithfulness ends up costing you money that could be spent on other things. Take a few minutes and compare prices and find cheaper car insurance for 19 year olds.