For high risk drivers, one of the more important things that are used to help calculate the annual cost of car insurance is where you normally keep your vehicle. Regions with larger populations or more claims will most likely have higher rates, whereas areas with lower crime rates and fewer weather claims benefit from lower prices.
The information below shows the most expensive areas in Tennessee for high risk drivers to buy an auto insurance policy in. Memphis makes the list at #1 with an annual cost of $1,460 for car insurance, which is approximately $122 each month.
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Information shown are estimated as specific Memphis garaging address can change auto insurance rates noticeably.
The make and model of vehicle driven is a significant factor that determines whether or not you can buy cheap auto insurance for high risk drivers. Vehicles with limited speed and performance, advanced safety features, or a low likelihood of liability claims will cost less to insure than higher performance models.
The information below presents car insurance prices for a selection of the cheaper vehicles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda Accord LX 4-Dr Sedan||$4,941|
|Honda CR-V LX 4WD||$5,068|
|Ford Escape XLT 4WD||$5,172|
|Hyundai Elantra SE Touring Station Wagon||$5,256|
|Honda Odyssey LX||$5,702|
|Ford Explorer XLT 4WD||$5,732|
|Chevrolet Impala LT||$5,852|
|Toyota Tacoma Double Cab 4WD||$5,858|
|Ford Edge SEL 2WD||$5,942|
|Chevrolet Malibu LS||$6,002|
|Dodge Grand Caravan Hero||$6,008|
|GMC Sierra SL Extended Cab 2WD||$6,002|
|Toyota RAV4 Limited 2WD||$6,012|
|Jeep Grand Cherokee Laredo 2WD||$6,045|
|Honda Civic VP 4-Dr Sedan||$6,059|
|Toyota Camry XLE||$6,113|
|Toyota Corolla S||$6,121|
|Volkswagen Jetta SE 4-Dr Sedan||$6,168|
|Ford Fusion SE 4-Dr Sedan||$6,334|
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Data variables include married male driver age 50, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Price information does not factor in zip code location which can alter prices noticeably.
Looking at the numbers, models like the Honda Accord, Honda CR-V, and Ford Escape are likely to be a few of the most economical vehicles to insure for high risk drivers. The price for an auto insurance policy will tend to be more expensive just because there is more liability exposure for high risk drivers, but in general those particular vehicles will have the best insurance prices available.
Impact of speeding/accidents on Memphis insurance rates
The common sense way to score cheap insurance prices in Memphis for high risk drivers is to pay attention while driving and avoid at-fault accidents and violations. The diagram below shows how traffic citations and at-fault collisions can raise insurance premiums for different insured age categories. The premium estimates are based on a married male driver, full coverage, $500 deductibles, and no discounts are taken into consideration.
In the previous example, the average cost of auto insurance in Tennessee per year with no violations or accidents is $1,165. Add in one speeding ticket and the average cost hikes up to $1,339, an increase of $174 each year. Next add one accident along with the one speeding ticket and the yearly cost of insurance for high risk drivers jumps again to an average of $1,818. That’s an increase of $654, or $54 per month, just for not paying attention while driving!
Get discounts on Memphis auto insurance rates
Auto insurance companies that provide coverage for high risk drivers may also provide price discounts that could lower prices by as much as 35% if you qualify. A list of companies and a summarized list of policyholder discounts can be found below.
- American Family offers discounts for multi-vehicle, early bird, accident-free, good student, mySafetyValet, good driver, and Steer into Savings.
- State Farm has savings for Drive Safe & Save, multiple autos, safe vehicle, Steer Clear safe driver discount, and good driver.
- 21st Century includes discounts for early bird, automatic seat belts, driver training, student driver, and teen driver.
- Travelers discounts include student away at school, IntelliDrive, save driver, hybrid/electric vehicle, multi-policy, and continuous insurance.
- GEICO offers discounts including military active duty, defensive driver, federal employee, seat belt use, multi-policy, emergency military deployment, and five-year accident-free.
The diagram below visualizes the comparison of annual premium costs with and without discounts applied. The rates are based on a male driver, two at-fault accidents and one violation, Tennessee state minimum liability limits, comp and collision included, and $500 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with passive restraint, paid-in-full, vehicle safety, multiple vehicle, anti-theft, and paperless filing discounts applied. When taking advantage of discounts, theaverage yearly reduction on insurance for high risk drivers is 29% or $950.
Should you buy full coverage?
Reducing the cost of insurance is the goal of most people, and one great way to find cheap insurance for high risk drivers is to not insure for full coverage. The diagram below visualizes the comparison of insurance rates with and without physical damage coverage. The prices are based on a clean driving record, no claims, $1,000 deductibles, single status, and no discounts are factored in.
If we average the cost for all age groups, physical damage insurance costs an extra $1,217 per year more than buying just liability insurance. That is a large expense which might make you wonder if buying full coverage is worth the expense. There isn’t a written rule to delete physical damage insurance, but there is a general school of thought. If the annual cost of your full coverage insurance is more than about 10% of any settlement you would receive from your insurance company, then you may want to consider only buying liability coverage.
If you like to have some advice when trying to find lower insurance rates for high risk drivers, the insurance agencies below can probably help you determine which auto insurance policy fits you best.
To find a Memphis insurance agency close to where you live, click the button link following the list.
Bobby Gorman – State Farm Insurance Agent
4947 William Arnold Rd – Memphis, TN 38117 – (901) 767-1361
Deloris Burrow – State Farm Insurance Agent
3558 Hickory Hill Rd – Memphis, TN 38115 – (901) 373-8052
State Farm: Warren Hodges
5170 Sanderlin Ave #204 – Memphis, TN 38117 – (901) 767-2000
How to find the cheapest auto insurance for high risk drivers
It’s not impossible to find cheaper rates, and here are a few money-saving solutions that can help Tennessee drivers get cheaper coverage.
- Don’t waste money on full coverage for older vehicles
- Pay lower rates with good credit
- Keep your driving record clean
- Remain accident-free and save
- Raise deductibles
- The safer your car, the less it costs to insure
- Look for cheaper rates once a year by shopping around
The last item on the list is especially vital, as we emphasized in this write-up. Car insurance rates change a lot, so don’t be afraid to buy a policy from a new company if a cheaper rate is available. Many consumers stick with the same company and that’s fine, but it’s not a great idea if that faithfulness ends up costing you hundreds of dollars year after year. Now is a great time to shop around and find cheaper auto insurance for high risk drivers in Memphis.