You have probably seen the commercials from car insurance companies like The General and Progressive that claim the cheapest price, so drivers just need to choose any one of them, right?
It’s not quite that easy, unfortunately, as there are a lot of unknown factors like if you have any tickets or accidents, the vehicle you are insuring, if you are currently insured, and the neighborhood you live in, that all go into determining the rate you pay. This article covers some of these things and will hopefully give you some help in finding cheaper rates.
One of the more important components that help determine the amount you pay each year for auto insurance is the neighborhood you call home in Memphis. Regions with more people or even just more weather-related claims tend to have more expensive auto insurance rates, whereas areas with less people or fewer weather incidents have the luxury of cheap car insurance rates.
The information below shows the highest-priced areas in Tennessee for veterans to purchase auto insurance in. Memphis is listed at #1 with an annual rate of $1,490 for the average insurance policy, which is approximately $124 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Memphis | $1,490 |
| 2 | Bartlett | $1,377 |
| 3 | Germantown | $1,360 |
| 4 | Collierville | $1,349 |
| 5 | Jackson | $1,253 |
| 6 | Oak Ridge | $1,247 |
| 7 | Knoxville | $1,230 |
| 8 | Nashville | $1,213 |
| 9 | Maryville | $1,208 |
| 10 | La Vergne | $1,197 |
| 11 | Smyrna | $1,194 |
| 12 | Clarksville | $1,194 |
| 13 | Columbia | $1,190 |
| 14 | Murfreesboro | $1,183 |
| 15 | Hendersonville | $1,170 |
| 16 | Spring Hill | $1,169 |
| 17 | Chattanooga | $1,149 |
| 18 | Cookeville | $1,147 |
| 19 | Brentwood | $1,144 |
| 20 | Gallatin | $1,133 |
| 21 | Franklin | $1,129 |
| 22 | Morristown | $1,125 |
| 23 | Cleveland | $1,124 |
| 24 | Kingsport | $1,037 |
| 25 | Johnson City | $1,031 |
| Start a Quote Go | ||
Price information shown is estimated as zip code location can decrease or increase premium rates noticeably.
The type of vehicle you are insuring is one of the largest considerations that determines the availability of the best cheap coverage for veterans. Vehicles with average performance, an excellent safety record, or a low likelihood of liability claims will cost quite a bit less to insure than high performance models. The data below presents car insurance prices for a handful of the cheaper vehicles to insure.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $1,766 |
| Ford Edge SE 2WD | $1,772 |
| Honda CR-V EX-L 2WD | $1,809 |
| Ford Escape XLT 4WD | $1,869 |
| Honda Odyssey EX | $1,875 |
| Chevrolet Impala LT | $1,909 |
| Ford Explorer Eddie Bauer AWD | $1,947 |
| Volkswagen Jetta S 2.5 Station Wagon | $1,969 |
| Toyota Tacoma X-Runner 2WD | $2,012 |
| Toyota Prius | $2,018 |
| Jeep Grand Cherokee Limited 2WD | $2,050 |
| Honda Civic EX-L 4-Dr Sedan | $2,115 |
| Ford F-150 Lariat Crew Cab 4WD | $2,130 |
| Ford Focus SE 2-Dr Coupe | $2,147 |
| Chevrolet Equinox LS AWD | $2,153 |
| Chevrolet Malibu LS | $2,161 |
| Toyota RAV4 4WD | $2,153 |
| Start a Quote Go | |
Premium data assumes single male 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, claim-free, and safe-driver. Price information does not factor in specific garaging location which can alter auto insurance rates substantially.
Based upon these rates, you can figure that cars like the Honda Accord, Ford Edge, Honda CR-V, and Ford Escape will definitely be a few of the most economical vehicles to insure for veterans.
Deciphering which companies quote the cheapest car insurance rates for veterans takes a little more sweat than just quoting one company’s rates.
Every insurance provider uses their own formula for determining rates, so let’s take a look at the overall cheapest car insurance companies in Memphis, TN. It’s important to understand that Tennessee car insurance rates are based on many factors which can substantially decrease or increase the cost of a policy. Simply getting older, adding a teenager to your policy, or getting a few speeding tickets can trigger price changes that can make some companies cheaper than competitors.
Best Auto Insurance Prices for Vets
Utica National offers some of the best car insurance rates in Memphis at around $760 a year. Auto-Owners, Cincinnati Insurance, Penn National, and USAA also rank well as some of the cheaper Memphis, TN insurance companies.
In this example, if you buy coverage from Penn National and switched to Auto-Owners, you could earn a yearly savings of approximately $74. Policyholders with USAA may save as much as $77 a year, and Tennessee Farmers policyholders might reduce prices by as much as $81 a year.
To discover how much you can save, click here to get a free quote or feel free to get quotes from the companies below.
Understand that those prices are averages for all drivers and vehicles in Tennessee and and are not figured with an exact zip code location for veterans. So the auto insurance company that can offer you the best price may not even be in the top 30 companies in the list above. That point stresses why you need to compare prices as often as possible using your own specific driver information and vehicle.
Types of discounts on Memphis car insurance
Insurance companies that sell policies for veterans may have rate discounts that could lower prices by 35% or more if you are eligible to receive them. Larger car insurance companies and the discounts they provide are shown below.
- American Family offers premium reductions for early bird, bundled insurance, good student, Steer into Savings, air bags, and multi-vehicle.
- Farm Bureau may include discounts for good student, youthful driver, safe driver, multi-policy, and driver training.
- State Farm may have discounts that include defensive driving training, good driver, multiple policy, student away at school, accident-free, and good student.
- Travelers offers discounts including early quote, IntelliDrive, driver training, student away at school, and new car.
- The Hartford may offer discounts for driver training, defensive driver, vehicle fuel type, bundle, good student, air bag, and anti-theft.
- GEICO offers discounts for good student, multi-vehicle, membership and employees, air bags, military active duty, emergency military deployment, and daytime running lights.
- Progressive policyholders can earn discounts including good student, online quote discount, homeowner, online signing, multi-policy, multi-vehicle, and continuous coverage.
The information below compares car insurance rates with and without discounts applied to the rates. Data assumes a female driver, no violations or accidents, Tennessee state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with vehicle safety, homeowner, multiple vehicle, defensive driving course, multiple policy, and accident-free discounts applied. In this example, theamount saved on car insurance for veterans is 28% or $433.
Full coverage versus liability-only
Finding cheaper car insurance is probably important to the majority of drivers, and a great way to buy cheap insurance for veterans is to not pay for full coverage. The example below compares car insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. The data is based on no tickets, no at-fault accidents, $250 deductibles, single status, and no discounts are applied to the premium.
As an average for all age groups, full coverage on your policy costs an extra $1,521 per year over and above liability only. Many people question if buying full coverage is worth the money. There is no clear-cut formula to delete physical damage coverage on your policy, but there is a general guideline you can use. If the yearly cost for physical damage coverage is more than 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.
What aren’t you shopping around?
Memphis car insurance rates are impacted by many things which can substantially decrease or increase the cost of your policy. Simply having a birthday, buying a new vehicle, or getting a ticket for running a stop sign may cause policy rate changes resulting in some rates now being cheaper than competitors. Not only may your situation change, but companies change the rates they charge in Tennessee as often as every quarter to help ensure profitability. Significantly higher claims can cause increased rates, while better underwriting may result in cheaper Memphis car insurance rates.
To illustrate this example, the graph below shows rates for the cheapest car insurance in Memphis, TN for a 35-year-old female driver with no prior accidents, a clean driving record, and a good credit history. If we look at prices based on her current rating profile, Utica National offers the most affordable car insurance rates in Memphis at $1,098 annually. This is $230 less than the average price paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers are the rest of the cheapest Memphis, TN auto insurance companies.
The next chart shows rates after we give the driver from above a claim, a lower credit rating, and a stop sign violation. Due to the fact that every insurance company has their own guidelines for determining rates in each state, analyzing rates may now show a completely different list of affordable Memphis car insurance companies as shown below.
Erie now has the lowest price in Memphis with Nationwide, Allied, Westfield, and GEICO also being competitive. This illustrates why consumers need to shop around to find the most economical car insurance quotes for veterans. Insurance rates are impacted by many risk factors and can change substantially, so the best option the last time you shopped your coverage around may now be costing you a lot of money.
The Memphis auto insurance agencies shown below can most likely help you decide which coverages are best, since some drivers have questions and prefer to get some guidance when buying car insurance for veterans. It can be difficult to find the best rates on your own, and professional agents can provide you comfort knowing your policy gives you adequate coverage if you have an accident or claim.
To find an auto insurance agency near you, click the link after the list or click here to compare price quotes now.
- Boyle Insurance Agency, Inc.
5900 Poplar Ave – Memphis, TN 38119 – (901) 766-0200 - Deloris Burrow – State Farm Insurance Agent
3558 Hickory Hill Rd – Memphis, TN 38115 – (901) 373-8052 - Allstate Insurance: Brandon Goodrich
3725 Riverdale Rd Ste 4 – Memphis, TN 38115 – (901) 794-0080 - Derrick Hodges – State Farm Insurance Agent
7249 Winchester Rd – Memphis, TN 38125 – (901) 572-1985 - Clay and Land Insurance, Inc.
866 Ridgeway Loop Rd #200 – Memphis, TN 38120 – (901) 767-3600
More insurance agents in Memphis, TN
Tips for finding more affordable auto insurance for veterans
It’s not impossible to find cheaper rates, and here are many penny-pinching ideas that can help Tennessee drivers buy low-cost auto insurance.
- Increase your deductibles
- Accident-free drivers may qualify for discounts
- Higher credit scores can equal lower rates
- Tickets and violations raise rates
- Vehicles with good safety ratings are usually cheaper to insure
- Comparison shop frequently
That last tip is very valuable, as was affirmed in the prior article. Auto insurance rates in Memphis adjust often, so drivers shouldn’t hesitate to buy from a different company if a better deal can be had. We understand brand loyalty, but is isn’t recommended if your bullheadedness ends up costing you a fortune every year. Take a few minutes and shop around to find cheaper insurance for veterans.