You’ve seen the captivating commercials from insurers like The General and Liberty Mutual that make claims of huge savings, so you should just choose one randomly, right?
It’s just not that easy, however, as there are many unknown aspects such as how experienced of a driver you are, the safety ratings of your vehicle, how high your deductibles should be, and where you live in Memphis, that all impact the cost of your policy. If you keep reading, we will teach you about these topics and will hopefully give you a good start in finding the cheapest car insurance in Memphis.
Finding dependable, budget insurance is confusing at best, and deciding which companies have the lowest-priced insurance rates for a company car will involve even more diligence.
Every insurance provider has their own unique process for determining prices, so first let’s look at the rankings for the overall cheapest insurance companies in Tennessee. It’s a good idea to be aware that Memphis, TN insurance rates are based on many factors which can significantly increase or decrease the cost of having a policy. Improving your credit score, buying a newer car, or having an at-fault accident can trigger changes in premium that may make certain companies way too expensive in comparison to the competition.
Best Cheap Insurance Rates in Tennessee
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $744 |
| 2 | Cincinnati Insurance | $850 |
| 3 | Auto-Owners | $852 |
| 4 | Penn National | $908 |
| 5 | USAA | $957 |
| 6 | Tennessee Farmers | $961 |
| 7 | Erie | $987 |
| 8 | Nationwide | $1,002 |
| 9 | Allied | $1,018 |
| 10 | Westfield | $1,079 |
| 11 | GEICO | $1,122 |
| 12 | Progressive | $1,190 |
| 13 | Shelter | $1,199 |
| 14 | State Farm | $1,201 |
| 15 | Travelers | $1,213 |
| 16 | The Hartford | $1,221 |
| 17 | Direct General | $1,251 |
| 18 | State Auto | $1,254 |
| 19 | 21st Century | $1,261 |
| 20 | Chubb | $1,329 |
| Quote Your Rates Go | ||
Utica National offers some of the cheapest car insurance rates in Memphis at around $744 a year. Cincinnati Insurance, Auto-Owners, Penn National, and USAA are also some of the more affordable Memphis, TN auto insurance companies.
In the above example, if you are a policyholder with Auto-Owners and switched to Utica National, you might achieve a yearly savings of in the vicinity of $108. Insureds with Penn National might save as much as $164 a year, and USAA customers might cut rates by $213 a year.
To find cheaper insurance rates for your vehicle, click here to start a quote or click several companies below for low rates.
Bear in mind that those policy rates are averages for all types of insureds and vehicles and and are not figured with an exact zip code location for a company car. So the auto insurance company that fits your situation best may not even be in the top 30 companies in the list above. That helps illustrate why you need to compare rates from multiple companies using your own specific driver and vehicle information.
The car, truck, or SUV you are seeking coverage for is one of the biggest factors that determines whether or not you can buy the lowest-priced coverage for a company car. Vehicles with higher performance, a lack of modern safety features, or a high likelihood of having liability claims will cost significantly more to insure than safer models.
The next list shows coverage prices for a handful of the most cost-effective automobiles to buy insurance for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $1,638 |
| Ford Escape XLS 2WD | $2,004 |
| Ford Edge SE 2WD | $2,062 |
| Jeep Grand Cherokee Limited 4WD | $2,074 |
| Volkswagen Jetta SEL 4-Dr Sedan | $2,080 |
| Ford Fusion SEL AWD 4-Dr Sedan | $2,210 |
| Toyota Prius | $2,228 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $2,251 |
| Dodge Grand Caravan Crew | $2,263 |
| Ford F-150 Lariat Crew Cab 2WD | $2,271 |
| Toyota Tacoma Double Cab 4WD | $2,263 |
| Hyundai Elantra Blue 4-Dr Sedan | $2,295 |
| Honda Odyssey EX | $2,329 |
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Premium data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, homeowner, and multi-policy. Information does not factor in specific garaging location which can modify rates considerably.
Looking at the rates, you can expect makes and models like the Honda CR-V, Ford Escape, Ford Edge, and Jeep Grand Cherokee are likely to be a few of the most budget-friendly vehicles to insure for your employer’s vehicle.
The information below illustrates how your choice of deductibles can impact yearly insurance costs when trying to find cheap insurance for a company car. The data assumes a married male driver, comprehensive and collision coverage, and no other discounts are factored in.
As shown above, a 40-year-old driver could lower rates by $280 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $424 by choosing a $1,000 deductible. Youthful drivers, such as the 20-year-old example, could possibly save $936 or more by selecting a higher deductible.
If you do decide to increase your deductibles, it is important to have plenty of savings on hand to offset the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Insuring your vehicle with the best insurance company can be a challenge considering how many different companies insure vehicles in Memphis. The information in the lists below may help you decide which auto insurers you want to consider shopping prices with.
The ratings below are only made up of companies that write coverage in many states, so companies that may only write in Tennessee are not taken into consideration for these rankings. To check prices from the insurers below and more, simply click here.
| 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 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
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Tennessee insurance rates are impacted by many factors that may substantially change the price of your policy. Getting older, getting married, or getting into an accident can cause premium changes that may make certain companies more affordable than others. And not only may your rating factors change, but insurers change rates at least once a year in order to maintain liquidity for claims. Higher than normal claim frequency or severity may result in increased policy costs, while lower claim levels may produce cheaper Memphis car insurance rates.
As an example, the graph below shows the company with the cheapest car insurance in Memphis, TN for a 40-year-old female driver with no prior accidents, a clean driving record, and a decent credit rating. When quoting prices based on her current situation, Utica National might offer the best car insurance rates in Memphis at $1,081 each year. This is $247 less than the average premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, USAA, and Penn National round out the rest of the cheapest Memphis, TN auto insurance companies.
Now we will pretend the driver in the first example some claims, bad credit, and a traffic ticket or two. Since every car insurance company has their own guidelines to set their prices, comparing prices may now present a new list of companies as shown below.
Erie now has the best price in Memphis with Nationwide, Westfield, Allied, and GEICO now being in the top five. This example illustrates why consumers need to take the time to shop around to find the best auto insurance quotes for a company car. Insurance rates consist of many things and can change substantially, so the most economical company a year ago may now be wasting a lot of money.