Comparing quotes for affordable insurance is confusing at best, and deciding which companies offer the best auto insurance rates for teenage males involves even more shopping around.
Each company has a proprietary formula to determine premium rates, so let’s take a look at the auto insurance companies that tend to have lower prices in Memphis. It’s important to understand that Tennessee auto insurance rates are based on many factors which can significantly increase or decrease the policy price. Improving your credit score, buying a home, or getting a speeding ticket may prompt premium changes resulting in some companies being cheaper than others.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $744 |
| 2 | Auto-Owners | $836 |
| 3 | Cincinnati Insurance | $876 |
| 4 | Penn National | $908 |
| 5 | USAA | $919 |
| 6 | Tennessee Farmers | $923 |
| 7 | Erie | $957 |
| 8 | Allied | $1,018 |
| 9 | Nationwide | $1,042 |
| 10 | Westfield | $1,047 |
| 11 | GEICO | $1,110 |
| 12 | State Farm | $1,165 |
| 13 | Travelers | $1,177 |
| 14 | Progressive | $1,178 |
| 15 | State Auto | $1,204 |
| 16 | Direct General | $1,214 |
| 17 | Shelter | $1,223 |
| 18 | The Hartford | $1,245 |
| 19 | 21st Century | $1,300 |
| 20 | Chubb | $1,329 |
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Utica National normally has some of the cheapest car insurance rates in Memphis at around $744 annually. This is $584 less than the average rate paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and USAA also rank well as some of the more affordable Memphis, TN car insurance companies.
As illustrated above, if you currently buy coverage from Penn National and switched to Auto-Owners, you could earn annual savings of in the vicinity of $72. Drivers with USAA may save as much as $83 a year, and Tennessee Farmers insureds might reduce rates by $87 a year.
It’s important to note that these premium estimates are averages for all types of drivers and the different vehicles they drive and are not factoring in a vehicle location for teenage males. So the auto insurance company that can offer you the best price may not even be in the top 30 companies shown above. That is why you need to get quotes using your own driver and vehicle profiles.
For teen boys, one of the largest components that determine auto insurance rates is where you live in Memphis. Areas with more people or higher crime rates tend to have higher auto insurance costs, whereas areas that tend to be more rural have the luxury of cheap car insurance rates.
The illustration below shows the most expensive areas in Tennessee for teenage males to buy car insurance in. Memphis makes the list at #1 having an annual price of $1,490 for coverage, which is approximately $124 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Memphis | $1,490 |
| 2 | Bartlett | $1,405 |
| 3 | Collierville | $1,363 |
| 4 | Germantown | $1,360 |
| 5 | Jackson | $1,266 |
| 6 | Oak Ridge | $1,210 |
| 7 | Maryville | $1,208 |
| 8 | Nashville | $1,201 |
| 9 | Clarksville | $1,194 |
| 10 | Knoxville | $1,194 |
| 11 | Columbia | $1,190 |
| 12 | La Vergne | $1,186 |
| 13 | Murfreesboro | $1,183 |
| 14 | Cookeville | $1,182 |
| 15 | Chattanooga | $1,161 |
| 16 | Smyrna | $1,159 |
| 17 | Spring Hill | $1,157 |
| 18 | Brentwood | $1,144 |
| 19 | Morristown | $1,137 |
| 20 | Hendersonville | $1,136 |
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Rate information is comparative as vehicle location can decrease or increase insurance rates considerably.
Buying coverage from a high-quality car insurance company can be difficult considering how many companies are available to choose from in Tennessee. The information below could help you decide which car insurance companies to look at when shopping your coverage around.
These rankings are for companies with a nationwide focus, so companies that focus mainly on Tennessee business will not be included in the list. If you’d like to compare prices from the insurers below and more, simply click here.
Top 10 Major Auto Insurance Companies Overall in Memphis
- Travelers
- USAA
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
- American Family
Top 10 Major Auto Insurance Companies in Memphis Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
- The Hartford – 87%
Discount Memphis insurance
Insurance providers that sell policies for teenage males may also provide premium discounts that can reduce rates by as much as 35% or more if you meet the requirements. Popular auto insurance companies and some of the premium reductions they offer are outlined below.
- The Hartford includes discounts for bundle, anti-theft, air bag, driver training, and defensive driver.
- American Family discounts include defensive driver, mySafetyValet, early bird, TimeAway discount, and good student.
- Progressive offers discounts for multi-vehicle, good student, online signing, continuous coverage, and homeowner.
- Travelers has savings for new car, good student, student away at school, hybrid/electric vehicle, and home ownership.
- Farmers Insurance has discounts for youthful driver, homeowner, early shopping, distant student, and alternative fuel.
- USAA offers premium reductions for military installation, annual mileage, family discount, safe driver, new vehicle, driver training, and defensive driver.
- Liberty Mutual may offer discounts for multi-car, newly married, exclusive group savings, newly retired, hybrid vehicle, new move discount, and preferred payment discount.
The diagram below illustrates the comparison of car insurance rates with and without discounts applied to the policy rates. The premium estimates are based on a female driver, a clean driving record, no at-fault accidents, Tennessee state minimum liability limits, comprehensive and collision coverage, and $100 deductibles.
The first bar for each age group shows premium with no discounts. The second bar shows the rates with paperless filing, paid-in-full, good student, anti-theft, continuous coverage, and vehicle safety discounts applied. When drivers qualify for the discounts, the average amount saved each year on auto insurance for teenage males is 28% or $556.
Does it make sense to buy full coverage?
Saving on auto insurance should be important to most drivers, and an easy way to buy cheap insurance for teenage males is to buy liability only. The example below illustrates the difference between insurance costs with full coverage compared to only the Tennessee minimum liability coverage. The prices are based on no claims or driving citations, $100 deductibles, drivers are single, and no other discounts are factored in.
On average, full coverage costs $2,220 per year over liability only. That is a big expense that brings up the question when is it safe to stop buying full coverage. There is no definitive formula to drop full coverage, but there is a general guideline you can use. If the annual cost of having full coverage is more than around 10% of replacement cost minus your deductible, then you might want to consider buying only liability coverage.