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How much is car insurance in Memphis?
|Area||Average Monthly Car Insurance Premium|
Based on the information in the chart above, you can see that on average, it's about $17 a month more expensive to insure your vehicle in Memphis than it is in the rest of Tennessee.
Drivers relocating from out of state may enjoy some cost savings in Memphis. On average, it's about $10 less to insure your vehicle in Memphis than it is in the rest of the United States.
While these are the average car insurance rates for Memphis, keep in mind that you could end up paying a different amount. Insurance companies weigh a variety of factors when determining how much to charge you to get auto insurance. The bill you'll see each month is calculated based on things like age, gender, vehicle make and model, driving record, and in some cases, credit score.
But don't worry, we've broken down the average rate for Memphis residents based on several different factors so that you can get a more accurate idea of what you might pay. And if you think you might be overpaying for insurance, simply enter your ZIP below to learn more about rates in your area!
Average Car Insurance Rates by Age
|Age Range||Average Premium|
|45-54||Not Enough Data|
More time behind the wheel makes you a more experienced driver. That experience can lead to some serious savings when it comes to car insurance rates. As you can see, teenage drivers can pay as much as 5 times the amount drivers around retirement age will end paying each month.
As you get older, you can expect to see a drop in your monthly premium every 10 years. You may see your rates begin to creep back up a bit once you hit retirement age.
Average Car Insurance Rates by Gender
On average, female drivers pay slightly less for car insurance than their male counterparts. The difference in Memphis is about $4 per month. Looking at the table above, you can see that female drivers pay around $67 on average, while male drivers typically pay $71 each month.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
Your rates can vary wildly depending on your driving record. Those with clean records will obviously pay significantly less than those with infractions. Drivers in Memphis with a single accident on their record will usually see rates around $95 a month. Likewise, if you have one ticket, you'll be looking at an average rate of around $139.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$51|
|15 Years or Older||$65|
According to the first table above, the cheapest vehicles to insure in Memphis are typically trucks and vans.
Monthly premiums for SUV owners cost about $67 on average, while the rates for car owners are around $71.
For truck and van drivers, however, their monthly premium totals to about $63.
Your vehicle's age can also affect your monthly bill. Overall, newer vehicles are going to be the most expensive to insure. However, once your car is about 5 years old, you might start to see your rates slide back down slightly. The most expensive vehicles to insure in Memphis, however, are vehicles eight-to-ten years old.
Average Car Insurance Rates by Relationship Status
|Relationship||Average Monthly Premium|
|Single (never married)||$72|
Generally speaking, married policyholders will pay less for their car insurance. This usually boils down to owners having multiple vehicles on the same policy, something that will often get you a discount.
As you can see, this difference boils down to about $9 a month for drivers in Memphis.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$101|
Another factor taken into consideration is your housing situation. In Memphis, homeowners can expect to pay around $10 a month less than those who rent. Those who live with their parents, however, can expect to pay a good deal more than their counterparts who rent or own.
Bundling your home or rental insurance with your auto insurance can oftentimes reduce your car insurance costs, depending on your insurance company.
Car Insurance Companies in Memphis, TN
Recent trends in car insurance for Memphis drivers
The average rates for car insurance are constantly changing, so it's a good idea to know the recent trends in your area before picking an insurance policy.
Car insurance rates in Memphis reached a low of $65 in 2019 and a high of $82 in 2020. Otherwise, drivers paid about the same rate from 2016 to 2021.
How does Memphis compare to neighboring areas?
Why are car insurance rates in Memphis different from other areas?
When considering how much to charge for coverage, car insurance companies will review a lot of factors. Your insurance policy will depend largely on where you live and will be influenced by things such as:
- Area crime rates
- Number of drivers
- Availability of off-street parking
- Community regulations
- Road Safety (frequency of local car accidents)
Having an awareness of these factors is critical when thinking about buying a new policy or potentially moving to a new home. Different towns and cities will all have different average rates, so guides like these are a great place to get started.
How can I find the cheapest car insurance in Memphis?
In the end, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies. Understanding what the average costs are for drivers prior to seeking out a quote can help you understand how closely the quote reflects local trends.
Good news! Compare.com does all of that work for you. Enter your ZIP below, answer a few questions related to the factors we outlined above, and you'll be comparing the cheapest quotes from numerous car insurance companies offering plans in Memphis.
Memphis Insurance FAQs
What factors affect car insurance quotes in Memphis?
Car insurance companies calculate quotes based on a wide array of factors. These include things you can't control like your gender and age but also factors like your vehicle's year, make and model, as well as your driving record, credit score, address, and marital status.
Why is the cost of car insurance in Memphis different from other neighboring cities?
Auto insurance companies consider regional factors, such as parking situations, crime rates, and local laws into account when calculating the monthly rate for coverage. Since these can all vary from city to city the rates you may see can differ from neighboring areas.
Which car insurance company will offer me the cheapest rate in Memphis?
No one insurance company is guaranteed to offer the cheapest rate across the board. Since companies base their rates on factors that differ from person to person, such as driving record, number of drivers on the policy, vehicle make and model, and many more, it's a good idea to use sites like Compare.com to compare multiple quotes at once.
Do I need to change my insurance if I move to Memphis?
Any time you experience a major life event, whether it's moving to a new area, getting married, finding a new job, or other notable events, it's always a good idea to re-evaluate your current insurance. Certain companies offer cheaper insurance in certain cities, so even if you were getting the cheapest rate at your old address, it doesn't mean it'll still be the cheapest at your new home. That's why it's always good to use services like Compare.com to compare quotes from dozens of companies side-by-side.
Do I need to wait for my policy to expire to switch to a different car insurance company?
No. In fact, you can swap companies at any point, regardless of how much time is left on your current coverage. So, whether you're moving to Memphis or just curious about rates in your area, why not take 10 minutes to see if Compare.com can save you money?