Deciding which companies have the most affordable car insurance rates for real estate agents will require more work than just getting one or two price quotes. Each auto insurer has a different process for establishing rates, so let’s examine the most affordable car insurance companies in Memphis, TN.
Find the Best Cheap Insurance for Realtors
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $767 |
| 2 | Auto-Owners | $836 |
| 3 | Cincinnati Insurance | $850 |
| 4 | Penn National | $926 |
| 5 | USAA | $929 |
| 6 | Tennessee Farmers | $933 |
| 7 | Erie | $967 |
| 8 | Nationwide | $1,012 |
| 9 | Allied | $1,018 |
| 10 | Westfield | $1,047 |
| 11 | GEICO | $1,156 |
| 12 | State Farm | $1,177 |
| 13 | Travelers | $1,201 |
| 14 | Progressive | $1,214 |
| 15 | State Auto | $1,217 |
| 16 | The Hartford | $1,221 |
| 17 | Shelter | $1,223 |
| 18 | Direct General | $1,251 |
| 19 | 21st Century | $1,261 |
| 20 | Chubb | $1,277 |
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Utica National normally has some of the lowest car insurance rates in Memphis at around $767 annually. Auto-Owners, Cincinnati Insurance, Penn National, and USAA also rank well as some of the most economical Memphis, TN car insurance companies.
As shown in the table above, if you currently have a policy with USAA and switched to Auto-Owners, you could realize savings of approximately $93. Policyholders with Tennessee Farmers might save as much as $97 a year, and Erie insureds might reduce rates by $131 a year.
To discover how much you can save, click here to get quotes or quote prices from the following companies.
Understand that those premiums are averaged across all ages of drivers and types of vehicles and do not take into consideration a vehicle location for real estate agents. So the company that has the cheapest price for you may not even be in the top 30 companies in the list above. That helps illustrate why you need to get rate quotes from many companies using your own personalized driver profile and vehicle information.
For realtors, one of the big things that are used to help calculate car insurance rates is the neighborhood you call home in Memphis. Larger areas will most likely pay more, whereas areas with less congestion tend to receive cheaper rates.
The information below lists the most expensive cities in Tennessee for real estate agents to buy car insurance in. Memphis is ranked #1 with a yearly premium of $1,505 for the average policyholder, which is around $125 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Memphis | $1,505 |
| 2 | Bartlett | $1,419 |
| 3 | Germantown | $1,320 |
| 4 | Collierville | $1,309 |
| 5 | Jackson | $1,305 |
| 6 | Columbia | $1,226 |
| 7 | Oak Ridge | $1,223 |
| 8 | Knoxville | $1,218 |
| 9 | Nashville | $1,213 |
| 10 | Clarksville | $1,206 |
| 11 | Spring Hill | $1,193 |
| 12 | La Vergne | $1,186 |
| 13 | Maryville | $1,172 |
| 14 | Morristown | $1,171 |
| 15 | Gallatin | $1,167 |
| 16 | Chattanooga | $1,161 |
| 17 | Murfreesboro | $1,159 |
| 18 | Hendersonville | $1,158 |
| 19 | Smyrna | $1,148 |
| 20 | Brentwood | $1,144 |
| 21 | Cookeville | $1,136 |
| 22 | Franklin | $1,129 |
| 23 | Cleveland | $1,091 |
| 24 | Johnson City | $1,073 |
| 25 | Kingsport | $1,026 |
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Information shown are estimated as the vehicle garaging location can lower or raise premium rates significantly.
Bad driving habits will cost you more
The best way to score low car insurance premiums in Memphis for realtors is to be an attentive driver and avoid accidents and violations. The chart below shows how traffic citations and fender-benders can affect premium costs for each different age category. The data is based on a single female driver, full physical damage coverage, $500 deductibles, and no additional discounts are factored in.
In the chart above, the average cost of an auto insurance policy in Tennessee per year with a clean driving record and no accidents is $1,302. Receive two speeding tickets and the average cost hikes up to $1,738, an increase of $436 each year. Then add in one accident along with the two speeding tickets and the yearly cost of car insurance for real estate agents jumps again to an average of $2,175. That’s an increase of $874, or $73 per month, just for not paying attention while driving!
Liability only or full coverage
Saving money on car insurance should be important to most vehicle owners, and a good way to buy cheaper insurance for real estate agents is to not pay for full coverage. The diagram below illustrates the comparison of insurance costs with and without physical damage coverage. The rate quotes are based on a clean driving record, no claims, $250 deductibles, single status, and no discounts are factored in.
If averaged out across all ages, physical damage insurance costs an extra $1,521 per year more than just buying liability insurance. Many of you may wonder when is it a good idea to stop buying full coverage. There is no set rule of when to phase out full coverage on your policy, but there is a general guideline. If the yearly cost of full coverage is about 10% or more of the replacement cost of your vehicle minus the policy deductible, then you may need to consider dropping full coverage.
There are some situations where dropping physical damage coverage is not financially feasible. If you still have a lienholder on your title, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should keep full coverage.
Comparing rates can save you money
Tennessee car insurance rates are determined by lots of factors that will increase or decrease the cost of having a policy. Getting older, buying a home instead of renting, or getting a driving violation may generate price changes that may make certain companies cheaper than competitors.
Not only may your risk profile change, but insurers modify pricing as often as every three months to adjust for gains or losses. A period of higher than normal claims can result in higher rates, while a better loss history may produce cheaper Memphis car insurance rates.
The chart below shows the company with the cheapest car insurance in Memphis, TN for a 35-year-old male driver with no prior accidents, a clean driving record, and good financial standing. If we compare prices based on his current risk profile, Utica National quotes the lowest car insurance rates in Memphis at $1,114 each year. This is $214 less than the average price paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and USAA are also included in the cheapest Memphis, TN auto insurance companies.
Now let’s give the driver from the first set of rates a chargeable claim, a lower credit rating, and a few traffic violations. Since each auto insurer has a different process to establish rates, comparing quotes could now result in a different ranking of affordable companies as shown below.
Erie now has the lowest price in Memphis with Nationwide, Allied, Westfield, and GEICO now being in the top five. This demonstrates why it is so important to take the time to shop around when trying to get the best insurance quotes for real estate agents.
Car insurance prices are influenced by many factors and can change substantially, so the lowest-price company three years ago may now not even be in the top five.