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How much is car insurance in Memphis?
|Area||Average Monthly Car Insurance Premium|
As you can see in the chart above, it is around $17 a month more expensive to insure your vehicle in Memphis than it is in the rest of Tennessee.
When viewed against the average rates for the rest of the U.S., auto insurance coverage in Memphis is rather affordable. It's about $11 cheaper than the national average to insure your vehicle in Memphis.
Bear in mind that while these rates represent the expected monthly payments for residents of Memphis, it doesn't mean that's what you'll pay. Insurance companies take in a variety of factors when determining how much to charge you for your car insurance. Variables like age, gender, vehicle make and model, driving record, and even credit score (depending on your area) can all be taken into consideration when determining your monthly premium.
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 the bill you'll see each month. And if you're not sure if you're getting the cheapest rate for your area, simply enter your ZIP Code below and find out!
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Average Car Insurance Rates by Age
|Age Range||Average Premium|
|45-54||Not Enough Data|
Generally speaking, the older you are, the more experience you have driving, right? When it comes to car insurance bills, that experience can help put some change back into your pocket. As you can see, 18-24-year-olds pay $53 more than drivers 65 and older.
As you get older, you can expect to see a drop in your monthly premium every 10 years. Once you hit retirement age, however, you may see your rates rise again in Memphis.
Average Car Insurance Rates by Gender
Car insurance rates for women are generally cheaper than they are for men. In Memphis, however, the difference in monthly policy premiums is minimal.
Average Auto Insurance Rates by Driving Record
|Infractions||Average Monthly Premium|
Your rates can change quite drastically depending on your driving record. A clean driving record will get you a lower rate than one with even just a single accident or infraction. Drivers in Memphis with a single accident on their record will usually see rates around $97 a month. Likewise, if you have one ticket, you'll be looking at an average rate of around $100.
Wherever you live, accidents, tickets, and other driving infractions will almost certainly drive up your monthly bill. Remember, cheap car insurance rates are dependent on driving safely and keeping your record clean.
Average Insurance Rates by Vehicle
|Vehicle Age||Average Monthly Premium|
|Less Than 1 Year||$50|
|15 Years or Older||$67|
The most affordable vehicles to insure in Memphis are typically trucks and vans, which run about $64 per month.
SUV drivers will see rates of about $67 for car insurance coverage, while car owners by and large pay around $72 per month.
Vehicle age also plays a role in your monthly payment. Generally, newer vehicles are going to be the most expensive to insure. However, your rates may start to decrease if your car is close to 5 years old. The most expensive vehicles to insure in Memphis are vehicles eight-to-ten years old.
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, married policyholders will pay slightly less for insurance coverage. This usually boils down to owners having multiple vehicles on the same policy, something many companies award special discounts for.
Married couples, on average, pay less than single drivers do to insure their vehicles. This holds true in Memphis, with married couples paying about $8 less per month.
Average Car Insurance Rates by Housing Situation
|Housing Status||Average Monthly Premium|
|Live with parents||$102|
Your housing situation is another factor that affects your monthly rate. If you rent your home or apartment in Memphis, expect to pay around $8 a month more than if you own property. Those who live with their parents, however, can expect to pay a lot more.
Bundling your home or rental insurance and auto insurance policies can oftentimes reduce your overall costs, depending on your insurance company.
Car Insurance Companies in Memphis, TN
Recent trends in car insurance for Memphis drivers
Since average rates are constantly changing, it's a smart move to research the local trends in your area before shopping for coverage.
In Memphis, auto insurance rates rose from 2017-2018, before steadying out in 2019. Rates finished up in 2022, at $74 a month
How does Memphis compare to neighboring areas?
Why are car insurance rates in Memphis different from other areas?
There are a number of factors car insurance companies take into consideration when choosing how much to charge for a monthly rate. Where you live will also have a significant impact on your personal policy. This may include things like:
- Total number of drivers
- Off-street parking accessibility
- Regional regulations
- Road Safety (frequency of car accidents)
Knowing the make-up of these factors can be helpful when deciding on purchasing a new policy or thinking about making a move. Knowing that different towns and cities will all have different rates, guides like these can be a good way to get a lay of the land of your particular neighborhood.
How can I find the cheapest car insurance in Memphis?
While understanding what the average costs are for drivers like you can be helpful as you get an idea of what you might end up paying, the only way to know exactly what your rate will be is by requesting a quote from car insurance companies.
Luckily, Compare.com has you covered. Just punch in your ZIP below, answer a few questions, and you'll be comparing the cheapest quotes from a bulk of the car insurance companies offering coverage in Memphis in no time.
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Memphis Insurance FAQs
What factors affect car insurance quotes in Memphis?
Quotes are calculated by car insurance companies who take multiple factors into consideration, including things you can't control like your gender and age, but also factors like your driving record, credit score, address, and marital status.
Why is the cost of car insurance in Memphis different from other neighboring cities?
Car insurance companies take local factors into consideration when determining how much to charge for coverage. Things like crime rates, parking situations, and local laws -- which can vary from city to city -- can significantly affect your rate.
Which car insurance company will offer me the cheapest rate in Memphis?
There isn't one company that will offer the cheapest rate to everybody. What companies will charge you are based on many different factors that vary from person to person, such as your driving record, what kind of car you drive, how many drivers will be on your policy, and a number of other factors. Because of this, it's a good idea to use sites like Compare.com to compare multiple quotes at once. That way, you can be confident you're getting the best price.
Do I need to change my insurance if I move to Memphis?
Whenever you relocate or experience another major life event, such as finding a new job or getting married, you should consider revisiting your current insurance policy. Using services like Compare.com to compare quotes from multiple companies at once is a great way to make sure you're getting the cheapest rate for your new location.
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?
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