Wouldn’t it be easy if you could just magically know the single best company that has the best insurance prices with multiple speeding tickets? Regrettably, it’s not quite that easy, as there are a lot of unknown factors like if you have points on your license, if you have a coverage lapse, and if you are a man or woman, that help determine the price you have to pay. This article should teach you a little about some of these topics and will hopefully give the reader a solid foundation to find cheaper car insurance in Memphis.
Finding dependable, affordable insurance is hard enough, and deciding which companies offer the cheapest auto insurance rates with multiple speeding tickets may require even more work. Every car insurance company uses slightly different criteria to determine rates, so we’ll take a look at the overall cheapest auto insurance companies in Memphis, TN.
It’s important that you understand Memphis auto insurance rates are determined by lots of factors that will increase or decrease the cost of a policy. This price variation is why it is so important to compare many different companies when trying to find the most economical insurance quotes with multiple speeding tickets. Insurance prices are made up of many factors and can decrease or increase without notice, so the best company when you last compared rates may now be one of the more expensive options.
Lowest Insurance Price Quotes with License Points
Utica National offers some of the cheapest car insurance rates in Memphis at around $744 a year. This is $584 less than the average premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers also qualify as some of the best Memphis, TN car insurance companies.
In the above example, if you are a customer of Penn National and switched to Utica National, you might see an annual premium reduction of in the vicinity of $191. Policyholders with Tennessee Farmers could save as much as $207 a year, and Erie policyholders might lower prices by up to $213 a year.
Bear in mind that those estimates are averages across all ages of drivers and types of vehicles and do not take into consideration a vehicle location with multiple speeding tickets. So the insurer that is most affordable for your situation may not even be in the list above. That is why you need to quote rates from as many companies as possible using your own specific driver and vehicle information.
The car, truck, or SUV you are seeking coverage for is one of the largest considerations when consumers are trying to find the cheapest coverage with multiple speeding tickets. Vehicles with high performance engines, poor crash test ratings, or a track record of large liability claims will cost more to insure than safer, lower-performance models.
The data below presents auto insurance costs for the more affordable vehicles to insure.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 2WD | $2,585 |
| Toyota Prius | $2,600 |
| Hyundai Elantra GLS Touring Station Wagon | $2,716 |
| Honda Accord LX-P 4-Dr Sedan | $2,724 |
| Ford Escape XLT 2WD | $2,716 |
| Honda Odyssey EX | $2,719 |
| Toyota RAV4 Limited 4WD | $2,771 |
| Chevrolet Malibu LS | $2,780 |
| Chevrolet Impala LT | $2,771 |
| Jeep Grand Cherokee Laredo 2WD | $2,776 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $2,823 |
| Ford Focus SEL 4-Dr Sedan | $2,870 |
| Ford Edge SE 2WD | $2,974 |
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Cost estimates assume single female driver age 50, two speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, and multi-policy. Estimates do not factor in vehicle garaging location which can revise prices substantially.
Looking at the rates, models like the Honda CR-V, Toyota Prius, Hyundai Elantra, and Honda Accord are going to be a few of the more affordable vehicles to insure after a few driving violations.
Full coverage rates compared to liability only
Reducing the cost of auto insurance is probably important to most drivers, and one great way to reduce the cost of insurance with multiple speeding tickets is to only buy liability coverage. The example below compares insurance costs when comparing full coverage to liability only. The data is based on no driving violations, no at-fault accidents, $250 deductibles, drivers are not married, and no discounts are taken into consideration.
On average, physical damage coverage costs $1,521 per year over and above liability only. That amount may make you wonder when is it safe to stop buying full coverage. There isn’t a written rule of when to stop paying for comprehensive and collision coverage on your policy, but there is a general guideline you can use. If the annual cost of having full coverage is more than 10% of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
There are some circumstances where only buying liability is not a good plan. If you still have a lienholder on your title, you have to carry full coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not eliminate full coverage.
Careless driving habits raise Memphis auto insurance rates
The easiest way to get the most affordable auto insurance prices after a few driving violations is to drive safely and have a clean driving record. The information below demonstrates how speeding tickets and fender-benders drive up insurance costs for each age group. The information is based on a married male driver, full physical damage coverage, $500 deductibles, and no discounts are applied to the premium.
The data in the chart shows the average cost of an auto insurance policy per year with no violations or accidents is $1,548. Get one speeding ticket and the average cost swells to $1,781, an increase of $232 each year. Now add in two accidents along with the one speeding ticket and the annual cost of auto insurance with multiple speeding tickets increases to an average of $3,880. That’s an increase of $2,331, or $194 per month, just for not paying attention while driving!
Best auto insurance in Tennessee
Ending up with the right auto insurance provider is difficult considering how many companies there are to choose from in Memphis. The company information listed below could help you select which insurers you want to consider when comparing rates.
The ratings below are only comprised of major nationwide insurance companies, so companies without a large exposure are not factored into these rankings. To compare rates from many more Tennessee auto insurance 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 |
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Data Source: Insure.com Best Car Insurance Companies
Shop around and save
Memphis, TN auto insurance rates are influenced by many factors that can increase the cost of your policy. Simply turning a year older, buying higher coverage limits, or getting a few speeding tickets can produce rate changes that may make certain companies cheaper than others.
Not only may your risk profile change, but companies file new Tennessee auto insurance rates as needed to reflect underwriting profits or losses. Significantly higher claims can cause rate hikes, while a better loss history can produce more affordable Memphis car insurance rates.
To illustrate this example, the data below shows rates for the cheapest car insurance in Memphis, TN for a 30-year-old female driver with a clean driving record, no accidents, and good credit. If we look at prices based on her personal risk profile, Utica National may offer the lowest car insurance rates in Memphis at $1,081 each year. This is $247 less than the average rate paid by Tennessee drivers of $1,328. Cincinnati Insurance, Auto-Owners, Tennessee Farmers, and Penn National are also included in the cheapest Memphis, TN auto insurance companies.
Now let’s give the driver in the first chart a claim, poor credit, and an imperfect driving record. Because every insurance company has a unique approach to set premium rates, comparing quotes could now result in a different list of cheap Memphis auto insurance companies as shown below.
Erie now has the lowest car insurance rate in Memphis, TN with Westfield, Nationwide, Allied, and GEICO now being in the top five. This example proves why it is important to take the time to shop around when trying to find affordable car insurance quotes with multiple speeding tickets.
Insurance rates are made up of many things and can increase or decrease at any time, so the best option two years ago may now be costing you a lot of money.