Determining which company has the most affordable insurance rates for electric cars will involve more time than just getting one or two price quotes. Each insurer has a proprietary method to set their prices, so we will examine the insurance companies that tend to have lower prices in Memphis, TN.
It’s important that you understand Memphis insurance rates are impacted by many things that control the price you pay for coverage. Simply having a birthday, getting married, or having a fender bender can cause premium changes resulting in some rates now being cheaper than competitors.
Compare Cheap Insurance Quotes for EV’s
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $744 |
| 2 | Cincinnati Insurance | $850 |
| 3 | Auto-Owners | $852 |
| 4 | Tennessee Farmers | $933 |
| 5 | Penn National | $935 |
| 6 | USAA | $947 |
| 7 | Erie | $997 |
| 8 | Allied | $1,029 |
| 9 | Nationwide | $1,042 |
| 10 | Westfield | $1,079 |
| 11 | GEICO | $1,144 |
| 12 | Progressive | $1,178 |
| 13 | Travelers | $1,201 |
| 14 | State Farm | $1,213 |
| 15 | Direct General | $1,214 |
| 16 | Shelter | $1,223 |
| 17 | State Auto | $1,241 |
| 18 | The Hartford | $1,245 |
| 19 | 21st Century | $1,313 |
| 20 | Chubb | $1,329 |
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Utica National has some of the lowest car insurance rates in Memphis at around $744 annually. Cincinnati Insurance, Auto-Owners, Tennessee Farmers, and Penn National would also be considered some of the most economical Memphis, TN car insurance companies.
As illustrated above, if you buy coverage from Auto-Owners and switched to Utica National, you might see yearly savings of approximately $108. Policyholders with Tennessee Farmers may save as much as $189 a year, and Penn National insureds might see rate reductions of $191 a year.
It’s important to note that these policy prices are averages across all ages of drivers and types of vehicles and are not factoring in an exact zip code location for electric cars. So the company that fits your age and vehicle best may not even be in the top 30 companies shown above. That point stresses why you need to compare prices as often as possible using your own driver information and specific vehicle type.
For eco-friendly vehicles, one of the largest considerations that are used to help calculate the amount you pay each year for auto insurance is where you choose to live. Areas with more people or even just a higher incidence of claims will most likely have higher rates, whereas areas with less people or fewer weather incidents have the enjoyment of a little cheaper coverage.
The information below lists the most expensive places in Tennessee for electric cars to buy an auto insurance policy in. Memphis makes the list at #1 with the annual price of $1,505 for coverage, which is about $125 per month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Memphis | $1,505 |
| 2 | Bartlett | $1,377 |
| 3 | Collierville | $1,349 |
| 4 | Germantown | $1,320 |
| 5 | Jackson | $1,253 |
| 6 | Oak Ridge | $1,247 |
| 7 | Columbia | $1,226 |
| 8 | Clarksville | $1,206 |
| 9 | Nashville | $1,201 |
| 10 | La Vergne | $1,197 |
| 11 | Knoxville | $1,194 |
| 12 | Spring Hill | $1,193 |
| 13 | Murfreesboro | $1,183 |
| 14 | Brentwood | $1,179 |
| 15 | Maryville | $1,172 |
| 16 | Smyrna | $1,159 |
| 17 | Cookeville | $1,147 |
| 18 | Franklin | $1,140 |
| 19 | Hendersonville | $1,136 |
| 20 | Gallatin | $1,133 |
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Information shown are approximated as the specific geographic location can raise or lower coverage prices greatly.
The vehicle model requiring coverage is one of the primary factors that determines if you can find economical coverage for electric cars. Vehicles with lots of horsepower, a lack of modern safety features, or a history of substantial liability claims will cost significantly more to insure than safer models.
The information below shows car insurance prices for a selection of the most cost-effective automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $1,481 |
| Honda CR-V EX 2WD | $1,696 |
| Toyota RAV4 Limited 4WD | $1,751 |
| Volkswagen Jetta S 2.5 Station Wagon | $1,840 |
| Ford Escape Limited 4WD | $1,847 |
| Ford Edge Sport AWD | $1,843 |
| Chevrolet Silverado LS Crew Cab 4WD | $1,876 |
| Jeep Grand Cherokee Limited 4WD | $1,886 |
| Ford F-150 STX Super Cab 4WD | $1,942 |
| GMC Sierra Denali Crew Cab 2WD | $2,000 |
| Ford Fusion Sport AWD 4-Dr Sedan | $2,007 |
| Hyundai Sonata Limited 4-Dr Sedan | $2,003 |
| Toyota Prius | $2,019 |
| Dodge Ram 3500 Crew Cab SLT 2WD | $2,033 |
| Ford F-350 Crew Cab Lariat Turbo Diesel 2WD | $2,040 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $2,047 |
| Chevrolet Malibu LT | $2,052 |
| Hyundai Elantra Blue 4-Dr Sedan | $2,077 |
| Ford Focus SE 4-Dr Sedan | $2,108 |
| Toyota Corolla S | $2,116 |
| Chevrolet Impala LTZ | $2,125 |
| Chevrolet Silverado 2500HD LTZ Crew Cab 4WD | $2,152 |
| Dodge Ram 2500 Crew Cab Laramie 4WD | $2,160 |
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Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-policy, safe-driver, homeowner, multi-vehicle, and claim-free. Rates do not factor in vehicle location which can impact premiums noticeably.
Based upon the rates shown, you can see that makes and models like the Honda Accord, Honda CR-V, and Toyota RAV4 are most likely going to be some of the more affordable vehicles to insure for eco-friendly vehicles.
Choosing a good quality auto insurance provider is difficult considering how many companies provide coverage in Memphis. The company rank data displayed below may help you select which insurers to look at comparing rates with.
These rankings are only comprised of companies who write in the majority of U.S. states, so companies without a large exposure are not taken into consideration for this list. If you would like to check rates from these and other competitive companies, click this link.
| 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 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
How accidents and tickets impact rates
The common sense way to receive the cheapest insurance rates for eco-friendly vehicles is to be a careful driver and avoid traffic citations and accidents. The chart below highlights how speeding tickets and at-fault claims can impact premium costs for different ages of insureds. The costs are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no discounts are applied.
The data in the chart shows the average cost of car insurance per year with a clean driving record and no accidents is $1,035. Receive two speeding tickets and the average cost increases to $1,419, an increase of $383 each year. Now include two accidents along with the two speeding tickets and the 12-month cost of insurance for electric cars jumps again to an average of $3,019. That’s an increase of $1,983, or $165 per month, just for not driving responsibly!
Discount Memphis auto insurance
Insurers that offer cheap quotes for electric cars may additionally offer policy discounts that can reduce rates by 25% or more if you meet certain criteria. A few popular companies and their possible discounts are outlined below.
- GEICO has savings for emergency military deployment, air bags, driver training, federal employee, defensive driver, membership and employees, and anti-lock brakes.
- Mercury Insurance may include discounts for multi-policy, ease of repair, type of vehicle, low natural disaster claims, accident-free, anti-theft, and annual mileage.
- Farmers Insurance may have discounts that include good student, teen driver, mature driver, youthful driver, switch companies, and business and professional.
- Auto-Owners Insurance may offer discounts for teen driver, mature driver, good student, paid in full, anti-theft, and safe driver.
- Liberty Mutual includes discounts for newly married, multi-car, new vehicle discount, exclusive group savings, new graduate, and multi-policy.
- SAFECO discounts include safe driver, drive less, teen safe driver, homeowner, bundle discounts, and accident prevention training.
- Progressive has discounts for multi-vehicle, multi-policy, online quote discount, online signing, homeowner, and continuous coverage.
- USAA policyholders can earn discounts including safe driver, multi-vehicle, good student, driver training, military installation, and annual mileage.
The illustration below shows the comparison of yearly insurance costs with and without discounts applied to the rates. The price estimates are based on a female driver, no claims or driving citations, Tennessee state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with defensive driving course, safe-driver, multiple vehicle, marriage, vehicle safety, and claim-free discounts applied. When these discounts are applied, theaverage yearly reduction on insurance for electric cars is 28% or $542.
The importance of shopping around
Tennessee insurance rates are impacted by many factors that control the price you have to pay. Improving your credit rating, increasing deductibles, or having an at-fault accident can trigger rate changes that may make certain companies cheaper than competitors.
Not only may your situation change, but companies amend pricing every year or even multiple times each year to adjust for heavy claims or excess profits. A period of higher than normal claims can cause increased policy costs, while lower claim expenses can result in more affordable Memphis car insurance rates.
For example, the bar chart below shows rates for the cheapest car insurance in Memphis, TN for a 45-year-old male driver with a good driving record, no prior claims, and a good credit history. Based on his current rating profile, Utica National might quote the lowest car insurance rates in Memphis at $1,059 annually. This is $269 less than the average rate paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, USAA, and Penn National are the remaining best Memphis, TN auto insurance companies.
In this next rate comparison, we will give the driver from the first rate comparison some claims, bad credit, and a stop sign violation. Because every insurance company uses a different method for determining rates in each state, analyzing rate quotes may now present a different list of companies as shown below.
Tennessee Farmers now has the cheapest auto insurance in Memphis with Nationwide, Westfield, Allied, and Auto-Owners completing the list. This example illustrates why it is critical to compare rates when trying to get affordable auto insurance quotes for electric cars.
Rates are influenced by many risk factors and change dramatically, so the cheapest option three years ago may now be priced much higher than other options.