Who Has the Cheapest Memphis Auto Insurance for a School Permit?

The words “low-priced” and “auto insurance” really shouldn’t be used in the same sentence, especially when you are looking for the best car insurance for a school permit. Let’s lead off by showing you a few of the factors the can have a considerable influence on auto insurance rates, and find out if you can slash the price of your next policy.

One of the more important things that are looked at to help calculate the amount you pay each year for auto insurance is the neighborhood you call home. Cities with more crime and/or more people will most likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims can boast about having cheaper rates.

The table below shows the highest-priced places in Tennessee for a school permit to buy an auto insurance policy in. Memphis is ranked #1 with an annual cost of $1,460 for the average policy, which is about $122 per month.

How much is car insurance in Memphis?
Rank City Annual Rate
1 Memphis $1,460
2 Bartlett $1,363
3 Germantown $1,360
4 Collierville $1,349
5 Jackson $1,266
6 Knoxville $1,230
7 Oak Ridge $1,223
8 Columbia $1,214
9 Clarksville $1,206
10 Spring Hill $1,205
11 Nashville $1,201
12 Maryville $1,196
13 Murfreesboro $1,183
14 Smyrna $1,183
15 Cookeville $1,171
16 Chattanooga $1,161
17 Morristown $1,159
18 La Vergne $1,151
19 Brentwood $1,144
20 Franklin $1,140
21 Hendersonville $1,124
22 Gallatin $1,121
23 Cleveland $1,102
24 Johnson City $1,063
25 Kingsport $1,037
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Annual rates are comparative as the specific geographic location can modify premiums considerably.

The make and model of vehicle that is being insured is one of the biggest factors when consumers are trying to find the most economical coverage for a school permit. Vehicles with lower performance, an excellent safety record, or a low likelihood of having liability claims will cost less to insure than fast, unsafe models.

The next table ranks insurance premiums for a selection of the more affordable automobiles to insure in Tennessee.

Cheapest Vehicles to Insure in Memphis, TN
Vehicle Insured Estimated Cost for Full Coverage
Ford Escape XLT 2WD $6,578
Honda CR-V LX 4WD $6,587
Hyundai Elantra SE Touring Station Wagon $7,036
Toyota Prius $7,097
Chevrolet Silverado LS Regular Cab 4WD $7,340
Jeep Wrangler Sport Islander Package 4WD 2-Dr $7,347
Ford F-150 XLT Regular Cab 4WD $7,398
Ford Explorer XLT 4WD $7,403
Honda Civic DX 4-Dr Sedan $7,740
Ford Edge Limited 2WD $7,750
Chevrolet Impala LS $7,740
Toyota Camry LE $7,798
GMC Sierra SLE Crew Cab 2WD $7,803
Toyota RAV4 Limited 4WD $7,798
Chevrolet Equinox LT 2WD $7,808
Chevrolet Malibu Hybrid $7,798
Toyota Tacoma Double Cab 4WD $7,807
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Table data assumes single female driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, and safe-driver. Rates do not factor in vehicle location which can affect rates greatly.

Looking at the numbers, we can tell that cars like the Ford Escape, Honda CR-V, and Hyundai Elantra are most likely to be some of the more affordable vehicles to insure for a learners permit. The price of auto insurance will be more costly just due to the fact that there is more risk for a school permit, but in general those makes and models will probably have the lowest prices that you are likely to find.

Does full coverage make sense?

Finding the cheapest insurance is probably important to most drivers, and one easy way to buy cheap insurance for a school permit is to not buy comprehensive and collision coverage. The illustration below compares premium costs with full physical damage coverage and with liability coverage only. The data assumes no violations or accidents, $250 deductibles, drivers are not married, and no additional discounts are factored in.

As an average, physical damage coverage on your policy costs an extra $2,030 per year more than just insuring for liability. That raises the question if physical damage coverage is worth the money. There is no definitive rule of when to stop paying for full coverage on your policy, but there is a general guideline. If the annual cost of having full coverage is more than 10% of any settlement you would receive from your insurance company, the it may be a good time to stop paying for full coverage.

There are some situations where buying only liability insurance is not recommended. If you still have a loan on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if your finances do not allow you to purchase a different vehicle if your current one is damaged, you should keep full coverage on your policy.

Which insurance company is best in Memphis?

Choosing a high-quality company is hard considering how many choices there are in Tennessee. The ranking data shown next could help you pick which car insurance companies to look at purchasing a policy from.

The ratings below are only comprised of large nationwide companies, so companies that only write business in Tennessee or surrounding areas are not factored into these rankings. If you wish to compare rates from the insurers below and more, follow this link.

Top 15 Insurance Companies for a School Permit in Memphis, TN
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
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Data Source: Insure.com Best Car Insurance Companies

How to get discounts on Memphis auto insurance

Save on insurance for a learners permit in MemphisInsurance companies that provide policies for a school permit may also offer special discounts that can reduce rates by 35% or more if you qualify for them. Companies and some of their more popular discounts are shown below.

The example below shows the difference between insurance prices with and without discounts applied. The data is based on a female driver, no claims or driving violations, Tennessee state minimum liability limits, full physical damage coverage, and $500 deductibles.

The first bar for each age group shows the average annual price with no discounts. The second shows the rates with paid-in-full, passive restraint, continuous coverage, paperless filing, anti-theft, and vehicle safety discounts applied. When discounts are applied, theaverage amount saved on insurance for a school permit is 28% or $464.