Trying to find cheap insurance is not most people’s favorite thing to do, and deciding which companies quote the best insurance rates for high school students calls for a bit more work.
Each insurer uses a little different formula to set their prices, so we’ll go over the most competitive insurance companies in Tennessee. It’s important that you understand Tennessee insurance rates are influenced by many factors that will increase or decrease the price of your policy. This price fluctuation is why it is so important to compare many different companies to find the best car insurance rates for high school students. Insurance rates are influenced by many factors and can increase or decrease at any time, so the best company the last time you shopped your coverage around may now be wasting a lot of money.
Find the Cheapest Auto Insurance for Students
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $767 |
| 2 | Auto-Owners | $836 |
| 3 | Cincinnati Insurance | $858 |
| 4 | Penn National | $899 |
| 5 | USAA | $929 |
| 6 | Tennessee Farmers | $961 |
| 7 | Erie | $997 |
| 8 | Allied | $1,018 |
| 9 | Westfield | $1,037 |
| 10 | Nationwide | $1,042 |
| 11 | GEICO | $1,110 |
| 12 | Shelter | $1,199 |
| 13 | State Farm | $1,201 |
| 14 | Travelers | $1,213 |
| 15 | Progressive | $1,214 |
| 16 | Direct General | $1,214 |
| 17 | State Auto | $1,254 |
| 18 | The Hartford | $1,258 |
| 19 | Chubb | $1,277 |
| 20 | 21st Century | $1,313 |
| Find Cheaper Rates Go | ||
Utica National offers some of the most affordable car insurance rates in Memphis at around $767 annually. This is $561 less than the average rate paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and USAA would also be considered some of the lowest-priced Memphis, TN insurance companies.
In this example, if you currently have a policy with Penn National and switched to Utica National, you could earn a yearly price reduction of in the vicinity of $132. Policyholders with USAA could save as much as $162 a year, and Tennessee Farmers insureds might reduce prices by as much as $194 a year.
Understand that those policy rates are averages for all types of drivers and the different vehicles they drive and do not take into consideration a vehicle location for high school students. So the auto insurance company that is best for you may not even be in the top 30 companies shown above. That’s why you need to get rate quotes using your own specific driver information and vehicle.
For teenagers, one of the largest things that help determine the amount you pay each year for auto insurance is where you keep your vehicle. Cities with larger populations tend to pay slightly more, whereas areas that tend to be more rural benefit from having to pay less for coverage.
The table below lists the highest-priced places in Tennessee for high school students to buy car insurance in. Memphis ranks #1 with an annual premium of $1,460 for the average policyholder, which is around $122 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Memphis | $1,460 |
| 2 | Bartlett | $1,405 |
| 3 | Collierville | $1,363 |
| 4 | Germantown | $1,360 |
| 5 | Jackson | $1,305 |
| 6 | Oak Ridge | $1,247 |
| 7 | Columbia | $1,226 |
| 8 | Nashville | $1,213 |
| 9 | Clarksville | $1,206 |
| 10 | La Vergne | $1,197 |
| 11 | Smyrna | $1,194 |
| 12 | Knoxville | $1,194 |
| 13 | Maryville | $1,172 |
| 14 | Morristown | $1,171 |
| 15 | Spring Hill | $1,169 |
| 16 | Chattanooga | $1,161 |
| 17 | Murfreesboro | $1,159 |
| 18 | Cookeville | $1,147 |
| 19 | Brentwood | $1,144 |
| 20 | Gallatin | $1,133 |
| 21 | Franklin | $1,129 |
| 22 | Hendersonville | $1,124 |
| 23 | Cleveland | $1,102 |
| 24 | Kingsport | $1,068 |
| 25 | Johnson City | $1,041 |
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Rate information is approximated as specific Memphis garaging address can influence auto insurance rates noticeably.
Ending up with a good quality insurance provider can be challenging considering how many different companies there are to choose from in Memphis. The company rank data shown below may help you pick which insurers to look at when comparing auto insurance rates for high school students. The ratings below only include large nationwide companies, so smaller companies that only insure vehicles in Tennessee are not factored into the list.
Top 10 Large Auto Insurance Providers in Memphis Ranked by Value
- Travelers
- American Family
- Safeco Insurance
- AAA Insurance
- The Hartford
- Progressive
- Erie Insurance
- Esurance
- 21st Century
- Titan Insurance
Top 10 Large Auto Insurance Providers Overall in Memphis
- Travelers
- USAA
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
- American Family
Types of discounts on Memphis insurance rates
Insurance providers that offer quotes for high school students may provide price discounts that can reduce rates by 25% or more if you can meet the requirements. The best insurance companies and a selection of discounts are:
- GEICO has savings for five-year accident-free, multi-policy, membership and employees, driver training, air bags, daytime running lights, and anti-lock brakes.
- MetLife includes discounts for accident-free, multi-policy, good student, claim-free, defensive driver, good driver
- Progressive policyholders can earn discounts including multi-vehicle, continuous coverage, good student, online quote discount, homeowner, and multi-policy.
- Travelers has discounts for driver training, IntelliDrive, multi-policy, multi-car, and hybrid/electric vehicle.
- SAFECO may have discounts that include safe driver, accident prevention training, drive less, teen safety rewards, homeowner, and anti-lock brakes.
- AAA discounts include AAA membership discount, multi-policy, good student, pay-in-full, and anti-theft.
The example below shows the difference between auto insurance costs with and without discounts. The information is based on a female driver, no claims or driving citations, Tennessee state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows insurance cost with no discounts. The second shows the rates with anti-theft, vehicle safety, good student, paperless filing, continuous coverage, and paid-in-full discounts applied. When these discounts are applied, the average savings per year on insurance for high school students is 28% or $526.
Impact of careless driving on insurance rates
The easiest way to maintain the best insurance prices in Tennessee for teenagers is to be a safe driver and have a clean driving record. The illustration below illustrates how traffic citations and fender-benders can affect annual premium costs for each age group. The rates are based on a single female driver, comp and collision included, $1,000 deductibles, and no discounts are applied.
In the previous chart, the average cost of car insurance in Tennessee per year with a clean driving record and no accidents is $1,546. Get written up for one speeding ticket and the average cost hikes up to $1,756, an increase of $210 each year. Now include two accidents along with the one speeding ticket and the annual cost of insurance for high school students increases to an average of $3,726. That’s an increase of $2,180, or $182 per month, just for not driving responsibly!
Ideas for buying budget-friendly insurance for high school students
The list below details many money-saving ideas that can help Tennessee drivers find lower-cost car insurance.
- On older vehicles, drop full coverage
- Good credit can help you save money
- Increase the comprehensive and collision deductibles on your policy
- Having too many claims will increase rates substantially
- Safer vehicles cost less to insure
- Buying home and auto together can help save money
- Compare quotes from other companies often
That last piece of advice is remarkably necessary, as we noted in this write-up. Coverage rates change a lot, so don’t hesitate to switch carriers if a more affordable price is available. We understand brand loyalty, but is isn’t recommended if that dedication is costing hundreds every year. In less than five minutes you could shop around and find cheaper insurance for high school students in Memphis.