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Key Takeaways

  • The annual average rate of car insurance in Memphis is higher than the national average.
  • You can get affordable car insurance rates if you shop around.
  • USAA and State Farmhas the most affordable car insurance rates in Memphis.

How much does car insurance cost in Memphis?

Memphis, a city on the Mississippi River, has a long history as the home of the soul, blues, and rock 'n' roll. Bluff City is well known for its live music venues, historical sites, barbeque joints, and neighborhood gatherings like Memphis in May.

Residents adore Memphis for its blend of big-city attractions and small-town Southern charm, as well as for its comparably low cost of living for a city of its size.

Nobody in Memphis can get the best deal from a single company. The best course of action is to compare rates from various car insurance companies, especially if you've recently moved or want to maximize your coverage.

Auto insurance costs vary from driver to driver and are determined by various elements, such as claim history, driving record, and place of residence. Our data show that Memphis residents typically spend about $1980 per annum compared to the national average of $1557.

Whether you choose a full-coverage policy with comprehensive and collision insurance or stick to your state's minimum liability limits, your home state significantly impacts the cost of your financial protection against car-related charges.

Download Way.com, the best app for car owners and your key to optimum insurance, to discover the best coverage alternatives for your car in Tennessee!

Way.com is here to make purchasing auto insurance more accessible than ever before. Signing up takes 45 seconds, and Way.com will compare bids to find you the best coverage. Read on to find out how much you can expect to pay in Memphis, depending on your marital status, age, credit score, and other factors.

See what you could save on auto insurance

Memphis rates vs. Tennessee vs. National Average

Memphis Average (annual) Tennessee Average United States Average
$1980 $1590 $1557

Memphis Auto Insurance Premiums by Company

Comparing rates is the best strategy for obtaining a low one. Sound tiresome? The Way.com app can do it in a flash, saving you time and money while providing you with the best coverage possible.

You will receive a better bargain from one insurance than another for various reasons, which is why comparing is crucial. Different insurers will provide you with better rates than others based on various criteria.

Our data shows that USAA offers Memphis drivers the best car insurance. If you reside in Memphis, State Farm and Erie are other car insurance companies to consider. The rates are listed in the table below.

Don't forget to get personalized quotes to match your driving history.

Insurance Company Average Rate (annual)
USAA $1131
State Farm $1389
Erie $1533
Tennessee Farmers $1641

Memphis Auto Insurance Premiums by Age Group

Younger drivers typically pay more for auto insurance. This is because the driver has a hazardous driving history or no driving history. As drivers near the age of 60, the tendency will begin to reverse itself and grow again. Senior drivers are more likely than those in their 50s and 60s to file claims after an accident. Due to this, drivers of all ages are in the high-risk zone.

See our table below for Memphis' average monthly costs for vehicle insurance by age.

Age tier Average Yearly Rate
20s $2670
30s $1911
60s $1659

Memphis Auto Insurance Premiums by Marital Status

The cost of a driver's auto insurance will depend on their marital status. Married drivers typically pay less for auto insurance than single drivers. Married drivers in Memphis pay $135 less for car insurance than single ones.

Widowed people also pay far less in rates than single people do. It's interesting to note that single drivers in Memphis pay higher rates than widowed drivers.

Marital Status Average Annual Rate
Single $1821
Married $1686
Divorced $1980
Widowed $1911

Memphis Auto Insurance Premiums by Gender

Another element that may affect the price of auto insurance is gender. The difference in annual car insurance premiums between male and female drivers in Memphis is $36.

Gender Average Annual Rate
Female $1959
Male $1995

Memphis Auto Insurance Premiums by Driving Record

No matter the circumstances surrounding your tickets, even minor traffic infractions can significantly raise your insurance premium, particularly if they occur repeatedly. Additionally, your insurance provider may classify you as a"high-risk driver" after just one serious infraction (such as a DUI).

Keep your driving record clean if you want to keep your car insurance costs down.

At this point, Way.com steps in. Even if you have a less-than-stellar driving history (like, really less-than-stellar), there are still ways to get the policy you need by maximizing your rates and coverage.

Incident/Violation Average Yearly Rate
DUI/DWI $2880
Reckless Driving $3033
At-fault Accident $2799
Speeding Ticket $2391

Memphis Auto Insurance Premiums by Credit Rating

Your credit score is one aspect that contributes to the overall cost of auto insurance. Insurers look at your payment history to determine if you have a history of making payments on time.

Motorists with low FICO scores may carry a heavier financial load and have more trouble making car insurance payments than those with higher scores. Auto insurance companies may charge higher premiums to high-risk drivers to compensate for their increased risk on the road.

Credit Score Average Yearly Rate
Very Poor $4311
Fair $2505
Good $1959
Very Good $1749
Exceptional $1584

Memphis Auto Insurance Premiums by ZIP Code

Depending on your particular zip code, car insurance rates within the same state can vary greatly. In addition, your city's demographics, such as population density, average age, and accident rate, will determine whether your car insurance rates are much higher or lower than those in a nearby city.

Your rates can change by zip code, making it conceivable for you to have a completely different rate from your neighbor two blocks away. Until now, we have been referring to"drivers in Memphis" as though everyone saw the same rates.

Why? Accident rates and property crimes are the straightforward answers.

Perhaps your zip code places you near a busy route with plenty of accidents, or you live in an area where car theft is common.

The 38103, 38120, 38119, 38107, and 38134 zip codes in Memphis often have the lowest vehicle insurance costs, while drivers in the 38126, 38106, 38018, 38109, and 38127 zip codes frequently pay the highest premiums.

Want to know what the typical prices are in your zip code?

ZIP code Average cost
38016 $1,512
38018 $1,532
38103 $1,705
38104 $1,731
38105 $1,730
38106 $1,763
38107 $1,752
38108 $1,769
38109 $1,776
38111 $1,749
38112 $1,776
38114 $1,741
38115 $1,684
38116 $1,755
38117 $1,571
38118 $1,782
38119 $1,543
38120 $1,546
38122 $1,739
38125 $1,569
38126 $1,767
38127 $1,804
38128 $1,759
38131 $1,771
38132 $1,775
38133 $1,527
38134 $1,591
38137 $1,556
38141 $1,708
38152 $1,733
38157 $1,675
38163 $1,692

What would increase your Car Insurance Rate in Memphis

Let's examine the factors contributing to Memphis' high cost of auto insurance.

Liability insurance, comprehensive coverage, and collision insurance—the three primary components of what is referred to as"full coverage auto insurance"—are represented in the graph below, along with the average cost that Tennessee drivers pay for each.

If you are involved in an accident, liability coverage, the absolute least necessasity by law, will pay for other driver's repairs and medical costs.

Comprehensive insurance covers auto repairs brought on by incidents other than collisions.

Collision insurance will pay for the necessary repairs if your car collides with another car or a stationary object.

But those are merely the bare minimums that must be met to avoid a violation. In addition, if you are involved in an accident, your state-required insurance may not be enough to cover all of your costs, particularly if you or anybody else in your car is hurt or your automobile suffers major damage.

Because of this, experts typically advise carrying more coverage than is strictly necessary.

Liability coverage, collision coverage, comprehensive coverage, and uninsured/underinsured motorist coverage are often included in so-called"full-coverage" policies, as was previously indicated.

You can look into unique add-ons to supplement that coverage tailored to your needs, car, and circumstance. For example, do you frequently travel on secluded backroads? You might be able to escape a sticky situation with towing and labor coverage. Do you work for a ride-sharing business? Then, don't forget to purchase rideshare insurance.

It would be best if you had car insurance that satisfies the minimum legal criteria set forth by your state, irrespective of the carrier you choose.

Typically, this entails purchasing a specified amount of liability insurance, but you can also be required to carry personal injury protection, medical payments coverage, and uninsured motorist coverage.

Your rate may differ not just from state to state or city to city but even from block to block due to state laws and risk assessments linked with zip codes. Finding the optimal coverage becomes difficult when so many variables are at play.

Get in touch with car insurance agents in Memphis to help you get the right car insurance quotes. If you are unsure of approaching agents, log on to Way.com App. Way.com offers reliable estimates from more than 130 of the industry's leading insurance companies to make auto insurance comparison easier.

See what you could save on auto insurance

Auto Theft Statistics in Memphis

In numerous categories (carjacking, stolen vehicles, and thefts from vehicles), car-related crime in Memphis has increased by approximately 50%. There have been 3,634 vehicle thefts since the beginning of 2022, a 55.3% rise over the 2,340 in 2021.

Accidents Statistics in Memphis

Memphis experienced 124 fatal traffic collisions in 2019. There were 289 persons involved in these accidents, including 38 pedestrians, and 130 people died as a result.

Tips for Driving in Memphis, Tennessee

There are more than 700 miles of roads, 10,000+ drainage structures, and 150+ bridges that make up the area's transportation infrastructure are all maintained and improved by Shelby County's very busy Roads, Bridges, and Engineering Department. Recent initiatives include upgrades to the Macon Road Bridge over Gray's Creek and the Mudville Road Bridge.

You can go up to 75 mph without too much risk of getting a speeding citation, even if the posted limit is 70. There will likely be backups in the steep areas around the Tennessee River and Jackson, Tennessee. Expect fog surrounding the river if you're traveling at night.

If you reside in Memphis, you'll discover that most locals like driving as their favorite mode of transportation. By comparing prices on the car insurance app, be sure your car is covered.

Driving Conditions

  • Wind Gusts - 10 km/h
  • Precipitation - 3.8 mm
  • Rain - 3.8 mm
  • Cloud Cover - 66%

Auto Insurance Data Methodology

The auto insurance rates published in this guide are based on the results of research completed by Way.com’s data team. Using a mix of public and internal data, we analyzed millions of rate averages across U.S. ZIP codes.

Quotes are typically based on a full coverage policy average unless otherwise noted within the content.

These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes will differ. Given this, it’s important to go through our insurance steps form to find how much you can save with way.com

FAQS

How much is car insurance in Memphis, TN?

Memphis residents typically spend about $1980 per annum compared to the national average of $1557.

Is car insurance cheap in Memphis, TN?

Car insurance in Memphis, TN is on the expensive side. Memphis residents typically spend about $1980 per annum compared to the national average of $1557.

Where can I find cheap car insurance in Memphis?

USAA offers Memphis drivers the best car insurance. If you reside in Memphis, State Farm and Erie are other car insurance companies to consider.

Learn more by city and state for car insurance



Learn more by city and state for car insurance




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