Who Has the Cheapest Auto Insurance Rates for Handicapped Drivers in Memphis?

For drivers with handicaps, one of the more important components that are looked at to determine the amount you pay for auto insurance is the neighborhood you call home in Memphis. Cities with more crime and/or more people tend to pay slightly more, whereas areas that tend to be more rural have the luxury of lower rates.

The illustration below ranks the priciest cities in Tennessee for handicapped drivers to buy an auto insurance policy in. Memphis is listed at #1 with the annual price of $1,490 for the average policyholder, which is about $124 monthly.

How much is auto insurance in Memphis, TN?
Rank City Average Per Year
1 Memphis $1,490
2 Bartlett $1,419
3 Germantown $1,374
4 Collierville $1,323
5 Jackson $1,305
6 Oak Ridge $1,247
7 Knoxville $1,230
8 Nashville $1,213
9 Maryville $1,208
10 Smyrna $1,194
11 Clarksville $1,194
12 Columbia $1,190
13 La Vergne $1,186
14 Murfreesboro $1,183
15 Franklin $1,175
16 Spring Hill $1,169
17 Morristown $1,159
18 Gallatin $1,155
19 Cookeville $1,136
20 Hendersonville $1,136
21 Brentwood $1,133
22 Chattanooga $1,115
23 Cleveland $1,091
24 Johnson City $1,063
25 Kingsport $1,026
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Annual rates are comparative as the garaging address in Memphis can modify coverage prices significantly.

Figuring out which companies have the best auto insurance rates for handicapped drivers will take a little more work in order to find the best policy.

Every insurance company uses their own method to set policy rates, so let’s examine the auto insurance companies with the overall best prices in Memphis, TN. It’s important to know that Tennessee auto insurance rates are determined by lots of factors which can substantially change the price of your policy. Improving your credit rating, getting married, or getting a DUI may prompt premium changes that can make some companies cheaper in comparison to the competition.

Cheap Insurance Rates in Tennessee

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Utica National quotes some of the cheapest car insurance rates in Memphis at around $760 annually. This is $568 less than the average price paid by Tennessee drivers of $1,328. Cincinnati Insurance, Auto-Owners, Penn National, and USAA are also some of the cheapest Memphis, TN car insurance companies.

As shown in the rates above, if you currently buy coverage from Penn National and switched to Cincinnati Insurance, you could earn yearly savings of around $58. Customers with USAA could save as much as $79 a year, and Tennessee Farmers customers might reduce prices by as much as $111 a year.

Remember that these policy prices are averages for all drivers and vehicles in Tennessee and and are not figured with a specific zip code for handicapped drivers. So the insurer that has the cheapest rates for you may not even be in the list above. That point stresses why you need to compare prices as often as possible using your own driver information and specific vehicle type.

The make and model of vehicle needing coverage is probably the most important factor that determines whether or not you find the most economical auto insurance for handicapped drivers. Vehicles with higher performance, poor safety features, or a track record of large liability claims will cost much more to insure than safer models. The next table outlines insurance prices for some of the most cost-effective automobiles to buy coverage for.

Cheapest Vehicles to Insure in Memphis, TN
Make and Model Estimated Cost for Full Coverage
Hyundai Elantra SE Touring Station Wagon $1,737
Honda Accord EX 4-Dr Sedan $1,746
Ford Escape XLT 2WD $1,751
Honda CR-V EX 4WD $1,785
Dodge Grand Caravan SE $1,788
Chevrolet Impala LS $1,854
Volkswagen Jetta S 4-Dr Sedan $1,891
Toyota RAV4 Limited 4WD $1,901
Jeep Grand Cherokee Laredo 4WD $1,891
Toyota Tacoma Double Cab 4WD $1,925
Ford Explorer Eddie Bauer 2WD $1,954
Jeep Wrangler Rubicon 4WD 2-Dr $1,963
Toyota Prius $1,996
Nissan Rogue S 2WD $2,028
Chevrolet Malibu LTZ $2,034
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Premium data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, claim-free, and homeowner. Rate information does not factor in specific Memphis, TN garaging location which can affect premium rates significantly.

By looking at the data, makes and models like the Hyundai Elantra, Honda Accord, Ford Escape, and Honda CR-V are likely to be the cheapest vehicles to insure for drivers with handicaps.

Rate difference between full and liability-only coverage

Finding cheaper auto insurance should be important to most vehicle owners, and one great way to save on the cost of insurance for handicapped drivers is to buy only liability coverage. The illustration below compares premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The costs are based on no claims or driving violations, $1,000 deductibles, drivers are single, and no discounts are applied.

If averaged out across all ages, physical damage coverage on your policy costs an additional $1,620 per year more than insuring for liability only. At some point, about every driver wonders if buying full coverage is a good investment. There is no clear-cut rule to exclude physical damage insurance, but there is a guideline you can consider. If the yearly cost of full coverage is 10% or more of the settlement you would receive from your company, then it might be time to buy liability only.

For example, let’s pretend your vehicle’s replacement cost is $10,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $9,500 after paying your deductible. If premium cost is more than $950 a year to have full coverage, then it might be time to consider dropping full coverage.

Driving violations and accidents

The common sense way to snag the best auto insurance rates in Tennessee for drivers with handicaps is to drive safely and avoid accidents and keep your driving record clean. The diagram below illustrates how violations and at-fault claims can affect premium costs for different age groups of insureds. The premiums are based on a married male driver, full physical damage coverage, $250 deductibles, and no discounts are applied to the premium.

In the prior example, the average cost of car insurance per year with a clean driving record and no accidents is $1,300. Get written up for one speeding ticket and the average cost rises to $1,492, an increase of $192 each year. Now throw in one accident along with the one speeding ticket and the 12-month cost of auto insurance for handicapped drivers increases to an average of $2,027. That’s an increase of $728, or $61 per month, just for not paying attention while driving!

Tennessee auto insurance companies ranked

Ending up with the top car insurance provider can be difficult considering how many different companies insure vehicles in Tennessee. The rank data shown below could help you select which car insurance providers you want to consider when trying to find the cheapest insurance for handicapped drivers. These rankings are only comprised of major nationwide insurance companies, so companies that only write business in Tennessee or surrounding areas will not be included in these rankings.

Top Auto Insurance Companies for Handicapped Drivers in Tennessee
Company Value Customer Service Claims Customer Satisfaction A.M Best Rating Overall Score
Travelers 93 98 99 88% A++ 95.1
USAA 83 99 100 91% A++ 94.1
AAA Insurance 91 95 92 90% A 93.3
Nationwide 85 95 97 89% A+ 92.4
Allstate 77 100 97 88% A+ 90.7
State Farm 80 94 96 88% A++ 90.6
The Hartford 88 93 91 87% A+ 90.4
Safeco Insurance 91 95 85 88% A 90.2
Progressive 88 94 83 88% A+ 90.1
American Family 91 86 95 83% A 89.7
Esurance 86 90 94 90% A+ 89.5
The General 86 93 89 84% A- 88.2
GEICO 79 89 95 87% A++ 87.8
Titan Insurance 86 82 92 86% A+ 86.5
21st Century 86 82 90 84% A 86.4
Liberty Mutual 79 87 95 78% A 85.3
Erie Insurance 87 84 85 85% A+ 85.3
Farmers Insurance 77 80 80 84% A 80.3
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Data Source: Insure.com Best Car Insurance Companies

The benefit of shopping around

Memphis auto insurance rates are impacted by many factors that will increase or decrease the cost of a policy. Simply having a birthday, filing a claim, or getting a few speeding tickets can trigger changes in premium resulting in some rates now being cheaper than competitors. Not only may your risk profile change, but insurers modify rates every year in order to offset underwriting gains or losses. Higher than normal claims may result in additional price hikes, while a lower level of claims may cause lower-priced Memphis car insurance rates.

As an example, the bar chart below compares the cheapest car insurance in Memphis, TN for a 40-year-old male driver with a clear driving record, no claims, and great credit. If we estimate rates based on his current rating profile, Utica National quotes the lowest car insurance rates in Memphis at $1,092 annually. This is $236 less than the average rate paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and USAA also make the list of the top five cheapest Memphis, TN auto insurance companies.

Let’s now give the driver from above some claims, a lower credit rating, and a speeding ticket. Because each company has a unique formula to set premium rates, getting updated rate quotes could result in a significantly different list of the cheapest Memphis car insurance companies as shown below.

Erie now has the lowest price on auto insurance in Memphis, TN with Allied, Nationwide, Westfield, and GEICO now rounding out the top five. This demonstrates why Tennessee drivers need to shop around with many companies to find the most affordable auto insurance quotes for handicapped drivers. Insurance rates can be altered by many things and change frequently, so the best option two years ago may now cost much more than other companies.