For veterans, one of the big components that are looked at to determine the price you pay for insurance is your address in Memphis. Regions with more people or even just more weather-related claims tend to pay more, whereas areas with fewer weather claims and lower vehicle theft rates have the benefit of cheaper car insurance.
The next table shows the highest-priced areas in Tennessee for retired military to buy car insurance in. Memphis is listed at #1 with an annual premium of $1,460 for the average insured, which is about $122 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Memphis | $1,460 |
| 2 | Bartlett | $1,377 |
| 3 | Germantown | $1,320 |
| 4 | Collierville | $1,309 |
| 5 | Jackson | $1,266 |
| 6 | Oak Ridge | $1,260 |
| 7 | Knoxville | $1,194 |
| 8 | Smyrna | $1,183 |
| 9 | Columbia | $1,178 |
| 10 | Nashville | $1,177 |
| 11 | Clarksville | $1,170 |
| 12 | Spring Hill | $1,169 |
| 13 | Maryville | $1,160 |
| 14 | Murfreesboro | $1,159 |
| 15 | La Vergne | $1,151 |
| 16 | Cookeville | $1,147 |
| 17 | Brentwood | $1,144 |
| 18 | Franklin | $1,140 |
| 19 | Morristown | $1,137 |
| 20 | Hendersonville | $1,136 |
| 21 | Gallatin | $1,133 |
| 22 | Chattanooga | $1,127 |
| 23 | Cleveland | $1,102 |
| 24 | Kingsport | $1,037 |
| 25 | Johnson City | $1,031 |
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Information shown are estimated as specific location information can increase or decrease auto insurance rates substantially.
The vehicle model requiring coverage is probably the largest consideration when comparison shopping for the best auto insurance for retired military. Vehicles with high performance, poor passenger safety features, or a high likelihood of having liability claims will cost much more to insure than more economical and safe models.
The data below showcases insurance rates for some of the most affordable automobiles to insure in Tennessee.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 2WD | $1,509 |
| Ford F-150 STX Super Cab 4WD | $1,729 |
| Chevrolet Malibu Hybrid | $1,788 |
| Hyundai Elantra SE Touring Station Wagon | $1,874 |
| Honda Accord EX-L 4-Dr Sedan | $1,879 |
| Toyota Prius | $1,913 |
| Chevrolet Equinox LTZ 2WD | $1,922 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,913 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,916 |
| Nissan Rogue S 2WD | $1,919 |
| GMC Sierra 3500HD SLT Extended Cab 2WD | $1,947 |
| Ford Edge SE AWD | $2,011 |
| Ford Escape Limited 4WD | $2,019 |
| Toyota Camry Hybrid | $2,044 |
| Kia Optima EX | $2,052 |
| Toyota RAV4 2WD | $2,050 |
| Dodge Grand Caravan Hero | $2,055 |
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Data rating is based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, safe-driver, and claim-free. Prices do not factor in zip code location which can decrease or increase premium rates substantially.
Based upon these rates, you can presume that vehicles like the Honda CR-V, Ford F-150, Chevrolet Malibu, and Hyundai Elantra are most likely going to be a few of the more affordable vehicles to insure for veterans.
Finding good, budget auto insurance is hard enough, and finding out which companies quote the best auto insurance rates for retired military requires even more perseverance.
Every auto insurer uses slightly different criteria for filing rates in each state, so we’ll go over the overall cheapest auto insurance companies in Memphis, TN. It’s important to know that Memphis, TN auto insurance rates are influenced by many factors that may substantially change your annual premium. Price variation is why consumers need to shop around with many companies when trying to get affordable car insurance rates for retired military. Insurance rates can be determined by many risk factors and can decrease or increase without notice, so the most affordable company when you bought your policy may now be one of the higher cost companies.
Cheapest Insurance Rates for Vets
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $767 |
| 2 | Auto-Owners | $836 |
| 3 | Cincinnati Insurance | $850 |
| 4 | Penn National | $935 |
| 5 | Tennessee Farmers | $951 |
| 6 | USAA | $957 |
| 7 | Erie | $987 |
| 8 | Nationwide | $1,032 |
| 9 | Allied | $1,049 |
| 10 | Westfield | $1,069 |
| 11 | GEICO | $1,156 |
| 12 | Travelers | $1,177 |
| 13 | Progressive | $1,178 |
| 14 | Direct General | $1,201 |
| 15 | State Farm | $1,213 |
| 16 | The Hartford | $1,221 |
| 17 | Shelter | $1,235 |
| 18 | State Auto | $1,241 |
| 19 | 21st Century | $1,274 |
| 20 | Chubb | $1,316 |
| Find Your Rate Go | ||
Utica National normally has some of the most affordable car insurance rates in Memphis at around $767 annually. This is $561 less than the average policy premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers also make the cut as some of the lowest-priced Memphis, TN insurance companies.
As the rates illustrate above, if you have coverage with Auto-Owners and switched to Utica National, you could see yearly savings of approximately $69. Tennessee drivers with Cincinnati Insurance could save as much as $83 a year, and Penn National insureds might realize rate reductions of up to $168 a year.
Be aware that those rates are averages across all insureds and vehicles and do not take into consideration a specific zip code for retired military. So the auto insurance company that is best for you may not even be in the list above. That’s why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
How to get discounts on Memphis insurance
Insurance providers that sell policies for retired military may also provide rate discounts that could lower prices by 40% or more if you are eligible for them. A few popular companies and the discounts they provide include:
- State Farm policyholders can earn discounts including anti-theft, Steer Clear safe driver discount, good driver, safe vehicle, accident-free, multiple policy, and student away at school.
- American Family discounts include air bags, accident-free, bundled insurance, TimeAway discount, good student, and mySafetyValet.
- AAA offers premium reductions for good driver, AAA membership discount, multi-policy, anti-theft, good student, education and occupation, and multi-car.
- GEICO offers discounts including daytime running lights, federal employee, military active duty, air bags, and emergency military deployment.
- Mercury Insurance includes discounts for low natural disaster claims, ease of repair, annual mileage, multi-car, anti-theft, type of vehicle, and professional/association.
- Farmers Insurance may offer discounts for pay in full, multi-car, switch companies, homeowner, business and professional, and mature driver.
- Progressive may have discounts that include homeowner, good student, multi-vehicle, multi-policy, online signing, and online quote discount.
The example below shows the comparison of auto insurance rates with and without discounts applied to the policy premium. The premiums assume a male driver, no accidents or driving violations, Tennessee state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second shows the rates with claim-free, multiple vehicle, vehicle safety, homeowner, marriage, and passive restraint discounts applied. In this example, the average savings per year on auto insurance for retired military is 28% or $625.
Finding a high-quality auto insurance company can be difficult considering how many companies sell insurance in Memphis. The company information shown below may help you pick which providers to look at purchasing coverage from. The rankings below are only made up of insurance companies that insure vehicles in the majority of U.S. states, so companies with more of a regional focus are not taken into consideration for this list.
Top 10 Large Auto Insurers Overall in Memphis
- Travelers
- USAA
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
- American Family
Why you are probably overpaying for car insurance
Tennessee auto insurance rates are impacted by many things which can substantially decrease or increase the cost of coverage. Getting older, moving to a new city, or getting a reckless driving citation can trigger price changes that can now make some companies cheaper than competitors.
In addition, car insurance companies amend premium rates multiple times each year to adjust for unexpected claims or profits. Unexpectedly high claims can cause price increases, while less frequent claims may cause lower-priced Memphis car insurance rates.
For example, the graph below shows the company with 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. Based on her personal profile, Utica National might offer the lowest car insurance rates in Memphis at $1,070 each year. This is $258 less than the average rate paid by Tennessee drivers of $1,328. Cincinnati Insurance, Auto-Owners, Penn National, and Tennessee Farmers are the rest of the most affordable Memphis, TN auto insurance companies.
The chart below compares rates after we give the driver in the first chart a chargeable claim, slightly worse credit, and a couple of points charged on her driving record. Since each auto insurance company has a proprietary method for determining rates in each state, comparing quotes could now result in a completely different list of the cheapest Memphis car insurance companies as shown below.
Erie now has the cheapest car insurance in Memphis, TN with Nationwide, Westfield, Allied, and GEICO also being competitive. This example shows why drivers need to perform an extensive rate comparison when trying to find the best car insurance rates for retired military.
Insurance prices are determined by many things and change frequently, so the best price the last time you shopped your coverage around may now be priced much higher than other options.