How Much is Memphis Auto Insurance for a 20 Year Old Female?

The words “affordable” and “auto insurance” probably shouldn’t be used together, especially when looking for the best price on coverage for 20 year old women. In an attempt to save some money, let’s start the ball rolling by going over some of the factors that impact car insurance premiums, and see how we can help you slash the price of the next policy you buy.

For young women, one of the big considerations that are looked at to help calculate the price you pay for insurance is your address. Regions with larger populations or more claims tend to have higher rates, whereas areas with less crime or weather claims have the gratification of cheaper auto insurance rates.

The next table lists the highest-priced places in Tennessee for 20 year old women to buy an auto insurance policy in. Memphis is listed at #1 with an annual cost of $1,446 for car insurance, which is approximately $121 per month.

How much is car insurance in Memphis?
Rank City Premium Per Year
1 Memphis $1,446
2 Germantown $1,374
3 Bartlett $1,363
4 Collierville $1,363
5 Jackson $1,305
6 Oak Ridge $1,260
7 Maryville $1,196
8 Columbia $1,190
9 Smyrna $1,183
10 Murfreesboro $1,183
11 Knoxville $1,182
12 Cookeville $1,182
13 Nashville $1,177
14 Morristown $1,171
15 Spring Hill $1,169
16 Gallatin $1,167
17 La Vergne $1,162
18 Clarksville $1,158
19 Brentwood $1,144
20 Franklin $1,129
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Rate information is comparative as the specific Memphis residence address can alter rates substantially.

The vehicle model that needs insurance is a significant factor when comparison shopping for economical auto insurance for 20 year old women. Vehicles with high performance engines, a lack of modern safety features, or high incidents of liability claims will cost quite a bit more to insure than safer models. The list below illustrates insurance prices for the cheaper vehicles to buy coverage for.

Cheapest Vehicles to Insure in Memphis, TN
Make, Model, and Trim Level Estimated Cost for Full Coverage
Ford Escape Limited 2WD $3,657
Honda CR-V EX-L 4WD $3,664
Hyundai Elantra SE Touring Station Wagon $3,886
Toyota Prius $3,941
Ford F-150 XL Super Cab 2WD $3,991
Volkswagen Jetta SE 2.5 Station Wagon $4,174
Ford Edge SE AWD $4,220
Toyota RAV4 Limited 2WD $4,272
Chevrolet Impala LT $4,278
Chevrolet Equinox LS 2WD $4,272
Toyota Tacoma Double Cab TRD Sport Package 4WD $4,328
Ford Explorer Eddie Bauer 4WD $4,338
Chevrolet Malibu LT $4,328
Dodge Grand Caravan SXT $4,336
Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr $4,450
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Data rating is based on single female driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, and safe-driver. Premium costs do not factor in specific location which can change insurance rates significantly.

Based on these rates, models like the Ford Escape, Honda CR-V, Hyundai Elantra, and Toyota Prius are most likely to be some of the cheaper vehicles to insure for young women. The price for car insurance will tend to be more expensive just due to the fact that there is more exposure for 20 year old women, but generally speaking those makes and models will probably have the best insurance prices compared to all other vehicles.

Liability only or full coverage

Reducing the cost of auto insurance is the goal of most vehicle owners, and one of the easiest ways to lower the cost of insurance for 20 year old women is to not insure for full coverage. The information below visualizes the comparison of insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. The premiums assume no claims, a clean driving record, $250 deductibles, marital status is single, and no discounts are applied.

As an overall average, comprehensive and collision coverage on your policy costs $1,521 per year more than buying just liability insurance. Lot’s of drivers question if buying full coverage is a waste of money. There is no set rule of when to eliminate full coverage on your policy, but there is a general school of thought. If the annual cost of coverage is more than about 10% of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.

For example, let’s pretend your vehicle’s replacement cost is $7,500 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would receive is $6,500 after the policy deductible has been paid. If premium cost is more than $650 annually for comprehensive and collision coverage, the it may be a good time to stop paying for full coverage.

There are a few cases where removing full coverage is not advised. If you still have a loan on your vehicle, you have to maintain full coverage as part of the loan conditions. Also, if you don’t have enough money to buy a different vehicle if your current one is damaged, you should not consider dropping full coverage.

Ending up with the right insurance company can be rather challenging considering how many companies there are in Memphis. The company rank data in the lists below may help you decide which companies to look at comparing rates with.

The ratings below are only made up of companies with a nationwide focus, so smaller regional companies will not be included in these rankings. If you wish to compare prices from the most competitive companies in Tennessee, click this link.

Top 15 Auto Insurance Companies for a 20 Year Old Female 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: Best Car Insurance Companies

Safe drivers Memphis pay cheaper rates

The ideal way to snag affordable auto insurance premiums in Memphis for young women is to pay attention while driving and avoid accidents and traffic citations. The example below highlights how traffic violations and at-fault collisions influence insurance costs for different insured age categories. The data is based on a single female driver, comp and collision included, $100 deductibles, and no discounts are taken into consideration.

The data charted above shows the average cost of a car insurance policy in Tennessee per year with no accidents and a clean driving record is $2,102. Get one speeding ticket and the average cost increases to $2,384, an increase of $282 each year. Now add two accidents along with the one speeding ticket and the annual cost of auto insurance for 20 year old women jumps again to an average of $4,755. That’s an increase of $2,654, or $221 per month, just for a couple of infractions!

Low rates today, overpriced tomorrow

Tennessee auto insurance rates are influenced by many factors that will increase or decrease the policy premium. Getting older, having a claim, or getting a few speeding tickets may cause policy rate changes that can make some companies cheaper than before. Also, insurers modify rates every year to reflect underwriting profits or losses. A period of increased losses may result in a rate increase, while profitable underwriting can produce cheaper Memphis car insurance rates.

As an example, the bar chart below shows the companies that have the cheapest car insurance in Memphis, TN for a 40-year-old female driver with a clear driving record, no claims, and a decent credit rating. When quoting prices based on her current risk factors, Utica National has the lowest car insurance rates in Memphis at $1,070 each year. This is $258 less than the average price paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, USAA, and Tennessee Farmers are the rest of the best Memphis, TN auto insurance companies.

The next chart shows rates after we give the driver in the first example a claim or two, a lower credit rating, and an imperfect driving record. Since every car insurance company has their own guidelines to establish rates, comparing prices will most likely result in a different list of affordable Memphis car insurance companies as shown below.

Erie now has the lowest car insurance rate in Memphis, TN with Nationwide, Allied, Westfield, and GEICO also having competitive pricing. This example shows why consumers need to spend some time comparing rates to find the lowest auto insurance rates for 20 year old women. Rates can be altered by many different factors and change dramatically, so the most economical option the last time you shopped around may now be wasting a lot of money.