Who Has the Cheapest Memphis Auto Insurance for a Honda CR-V?

Buying the best cheap car insurance for a Honda CR-V is pretty simple for most people to do, but it is dependent upon lots of different factors such as how old the vehicle is, if you have prior claims, and whether or not you are a good driver. Drivers in Tennessee pay around $751 per year to insure their CR-V, but that price is a projection based on a 50-year-old single male driver with full physical damage coverage and $250 deductibles.

But there is a good chance that you are not 50 and maybe not even a male, maybe you are married instead of single, and you need different coverage limits than the sample rates. Even a minor difference in rating variables could end up with a large change in the policy rate.

Car insurance coverage is unique to each driver, so this is why the only real way to find cheap insurance rates for your Honda is to do the rate comparisons yourself.

Compare Honda CR-V Insurance Rates

The trim level of your Honda can impact the annual cost of coverage, so the price you will pay to insure a CR-V LX 2WD trim level will be $24 cheaper than the price to insure the high end CR-V EX-L 4WD model, as shown in the table below.

Honda CR-V Insurance Rates in Memphis, TN
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
CR-V LX 2WD $168 $318 $278 $16 $84 $864 $72
CR-V EX 2WD $168 $318 $278 $16 $84 $864 $72
CR-V LX 4WD $168 $318 $278 $16 $84 $864 $72
CR-V EX 4WD $192 $318 $278 $16 $84 $888 $74
CR-V EX-L 2WD $192 $318 $278 $16 $84 $888 $74
CR-V EX-L 4WD $192 $318 $278 $16 $84 $888 $74
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Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Price information does not factor in your specific Memphis location which can alter coverage prices considerably.

Establishing which insurers offer the best auto insurance rates for a Honda CR-V takes a little more work in order to find the lowest price quote.

Every car insurance company uses their own formula to set policy rates, so to begin we’ll rank the auto insurance companies that tend to have lower prices in Tennessee. We do need to point out that Tennessee auto insurance rates are influenced by many factors that can increase the policy price. Simply turning a year older, having a claim, or having an accident can cause premium changes that may make certain companies more affordable than before.

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Rankings for the cheapest car insurance companies in Tennessee
Rank Company Cost Per Year
1 Utica National $737
2 Auto-Owners $827
3 Cincinnati Insurance $876
4 Penn National $899
5 USAA $929
6 Tennessee Farmers $951
7 Erie $957
8 Nationwide $1,042
9 Allied $1,049
10 Westfield $1,079
11 GEICO $1,156
12 State Farm $1,165
13 Shelter $1,187
14 State Auto $1,204
15 Travelers $1,213
16 Progressive $1,226
17 The Hartford $1,245
18 Direct General $1,251
19 21st Century $1,274
20 Chubb $1,329
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Utica National may have some of the lowest car insurance rates in Memphis at around $737 annually. This is $591 less than the average rate paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and USAA also rank well as some of the lowest-priced Memphis, TN insurance companies.

As the rates illustrate above, if you currently have a policy with Cincinnati Insurance and switched to Utica National, you might see a yearly savings of in the vicinity of $139. Customers with Penn National could save as much as $162 a year, and USAA insureds might reduce rates by $192 a year.

Remember that these policy prices are averages for all types of drivers and the different vehicles they drive and and are not calculated with an exact zip code location for a Honda CR-V. So the insurer that can offer you the lowest price may not even be in the top 30 companies shown above. That illustrates why you need to get car insurance quotes using your own driver data and vehicle information.

Full coverage rates compared to liability only

Paying less for auto insurance should be important to most drivers, and one of the best ways to reduce the cost of insurance for a Honda CR-V is to buy liability only. The diagram below illustrates the difference between yearly insurance costs with liability coverage only compared to full coverage. Data assumes no claims or driving violations, $250 deductibles, single status, and no additional discounts are factored in.

If averaged for all ages, comprehensive and collision coverage on your policy costs an extra $1,521 per year more than just buying liability only. At some point, about every driver wonders when is it a good idea to stop buying full coverage. There is no set rule that is best for determining when to drop comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of coverage is more than about 10% of the replacement cost of your vehicle minus the policy deductible, the it may be a good time to stop paying for full coverage.

There are a few cases where eliminating full coverage is not financially feasible. If you haven’t paid off your loan, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle in case of an accident, you should not remove full coverage.

Irresponsible driving raises your rates

In a perfect world, the ideal way to receive affordable auto insurance prices in Memphis for a CR-V is to drive cautiously and avoid traffic citations and accidents. The diagram below shows how traffic citations and accidents drive up auto insurance rates for different age groups. The premium estimates are based on a single male driver, comp and collision included, $500 deductibles, and no additional discounts are factored in.

In the example above, the average cost of an auto insurance policy per year with a clean driving record and no accidents is $1,394. Get one speeding ticket and the average cost surges to $1,572, an increase of $177 each year. Now get two accidents along with the one speeding ticket and the annual cost of auto insurance for a Honda CR-V increases to an average of $3,136. That’s an increase of $1,741, or $145 per month, just for being a less-than-perfect driver!

Types of discounts on Memphis car insurance

Cheaper Memphis, TN auto insurance for a CR-VAuto insurance companies that provide policies for a Honda CR-V may additionally offer rate discounts that may potentially lower prices by 30% or more if you are eligible for them. Companies and their offered discounts are detailed below.

The chart below shows the comparison of annual premium costs with and without discounts applied to the policy rates. The costs are based on a female driver, no violations or claims, Tennessee state minimum liability limits, full physical damage coverage, and $500 deductibles.

The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with vehicle safety, multiple policy, defensive driving course, anti-theft, marriage, and accident-free discounts applied. When these discounts are applied to the policy premium, theamount saved on auto insurance for a Honda CR-V is 28% or $359.