High-priced insurance in Memphis can dry up your savings and force you to cut corners elsewhere. Getting a rate comparison is free and is an excellent way to lower your monthly bill.

It's hard to believe, but most consumers have stayed with the same insurance company for four years or more, and about 40% of consumers have never quoted rates to find cheap coverage. Consumers in Memphis could cut their rates by $475 a year just by comparing rates, but they just don't understand how easy it is to compare rates and save money.

Insurance companies such as State Farm and GEICO all claim big savings, bombarding you with TV and radio ads and it is challenging if not impossible to ignore the flashy ads and effectively compare rates to find the best deal.

If you have coverage now, you will surely be able to get lower rates using the ideas covered in this article. Locating the most cost-effective car insurance policy in Memphis is quite easy. Nevertheless, Tennessee consumers do need to know how the larger insurance companies calculate their prices because it varies considerably.

How to get Memphis car insurance quotes

To find inexpensive Memphis car insurance quotes, there are several ways to compare rate quotes from different Memphis insurance companies. The easiest way by far to find the cheapest insurance rates is to get quotes online.

It's so simple to compare car insurance rates online takes the place of having to waste gas driving to and from local insurance agencies. Comparing online rate quotes has made agencies unnecessary unless you require the peace of mind of a licensed agent. You can, however, compare the best prices online but have your policy serviced through an agent. It's important to know that making a lot of price comparisons will enable you to find more affordable insurance. Not every company does quotes online, so you also need to get price quotes from the smaller companies as well.

The following companies provide price quotes in Memphis, TN. If multiple companies are shown, we suggest you visit as many as you can to get the best price comparison.

Insurance Cost Estimates for Popular Vehicles in Memphis
Make, Model, and Trim Level Annual Policy Premium 6-month Policy Premium Monthly Premium
Chevrolet Silverado LS Regular Cab 2WD $1,012 $506 $84
Dodge Ram Quad Cab TRX4 Off Road 2WD $826 $413 $69
Ford Edge SEL 2WD $744 $372 $62
Ford Escape XLT 4WD $856 $428 $71
Ford Explorer XLT AWD $894 $447 $75
Ford F-150 Lariat Crew Cab Harley 2WD $932 $466 $78
Ford Focus SE 2-Dr Coupe $950 $475 $79
GMC Sierra SLT Crew Cab 4WD $1,172 $586 $98
Honda Accord LX-P 4-Dr Sedan $736 $368 $61
Honda CR-V EX-L 2WD $778 $389 $65
Honda Civic DX 4-Dr Sedan $734 $367 $61
Hyundai Sonata Limited 4-Dr Sedan $978 $489 $82
Jeep Wrangler Sahara 4WD 2-Dr $1,048 $524 $87
Kia Optima EX $768 $384 $64
Nissan Altima 3.5 SR 2-Dr Coupe $1,164 $582 $97
Toyota Camry XLE $968 $484 $81
Toyota Corolla XRS $1,246 $623 $104
Toyota Tacoma 4WD $938 $469 $78
Volkswagen Jetta S 4-Dr Sedan $1,004 $502 $84
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Data rating is based on married female driver age 30, no speeding tickets, no at-fault accidents, $250 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-policy, safe-driver, multi-vehicle, and claim-free. Rate quotes do not factor in specific location which can lower or raise auto insurance rates significantly.

Physical damage deductible comparison

When buying auto insurance, a common question is where to set your physical damage deductibles. The following insurance rates help summarize the rate difference between high and low comp and collision deductibles. The first table uses a $100 deductible for comprehensive and collision coverage and the second price table uses a $500 deductible.

Hyundai Sonata rates are for example purposes only. To get rates for your specific vehicle, click here.

Hyundai Sonata insurance premium rates with $100 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Sonata GLS 4-Dr Sedan $248 $448 $326 $20 $98 $1,165 $97
Sonata GLS 4-Dr Sedan $248 $448 $326 $20 $98 $1,165 $97
Sonata GLS 4-Dr Sedan $248 $448 $326 $20 $98 $1,165 $97
Sonata SE 4-Dr Sedan $248 $528 $326 $20 $98 $1,245 $104
Sonata SE 4-Dr Sedan $248 $528 $326 $20 $98 $1,245 $104
Sonata Limited 4-Dr Sedan $280 $528 $326 $20 $98 $1,277 $106
Sonata Limited 4-Dr Sedan $280 $528 $326 $20 $98 $1,277 $106
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Hyundai Sonata insurance premium rates with $500 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Sonata GLS 4-Dr Sedan $182 $304 $326 $20 $98 $930 $78
Sonata GLS 4-Dr Sedan $182 $304 $326 $20 $98 $930 $78
Sonata GLS 4-Dr Sedan $182 $304 $326 $20 $98 $930 $78
Sonata SE 4-Dr Sedan $182 $358 $326 $20 $98 $984 $82
Sonata SE 4-Dr Sedan $182 $358 $326 $20 $98 $984 $82
Sonata Limited 4-Dr Sedan $204 $358 $326 $20 $98 $1,006 $84
Sonata Limited 4-Dr Sedan $204 $358 $326 $20 $98 $1,006 $84
Get a Quote for Your Vehicle Go

Table data represents married male driver age 30, no speeding tickets, no at-fault accidents, and Tennessee minimum liability limits. Discounts applied include claim-free, multi-vehicle, multi-policy, homeowner, and safe-driver. Rates do not factor in specific Memphis garaging location which can alter coverage rates greatly.

Based on the figures above, using a $100 deductible costs about $21 more each month or $252 every year than buying the higher $500 deductible. Since you would have to pay $400 more to file a claim with a $500 deductible as compared to a $100 deductible, if you usually have more than 19 months between claims, you would probably save some money if you choose a higher deductible. The table below illustrates how you can make your own decision.

Average monthly premium for $100 deductibles: $102
Average monthly premium for $500 deductibles (subtract): - $81
Monthly savings from raising deductible: $21
Difference between deductibles ($500 - $100): $400
Divide difference by monthly savings: $400 / $21
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 19 months

One thing to be aware of is that raising deductibles means you will have to pay more out-of-pocket when you do file a claim. That will require enough disposable income in the event you have to pay the higher deductible in order to repair your vehicle.

Male drivers compared to female drivers

The chart below illustrates the comparison of insurance prices for male and female drivers in Memphis. The costs are based on no claims or driving violations, full physical damage coverage, $250 deductibles, marital status is single, and no other discounts are factored in on a Toyota Camry SE.

Toyota Camry rates are for example purposes only. To get rate quotes for your specific vehicle, click here.

Where to set your deductibles

The information below highlights how deductible selection and can impact Ford Fusion annual premium costs for different ages of insureds. The premium estimates are based on a single male driver, comp and collision included, and no other discounts are factored in.

Ford Fusion rates are for example purposes only. To get rates for your specific vehicle, click here.

Discounts can help lower rates on insurance

Insurance can be prohibitively expensive, but you might already qualify for some discounts to reduce the price significantly. Larger premium reductions will be automatically applied at the time of quoting, but a few must be inquired about before being credited.Discount insurance

Just know that most discount credits are not given to the overall cost of the policy. Some only apply to the cost of specific coverages such as collision or personal injury protection. So even though you would think all the discounts add up to a free policy, it's just not the way it works.

Insurance companies who may offer these money-saving discounts are:

Check with each company what discounts are available to you. Some discounts listed above may not apply to policyholders in every state. To see insurance companies that offer discounts in Memphis, click here.

Three reasons to not skimp on auto insurance

Despite the high cost of buying insurance in Memphis, insurance is required by state law in Tennessee and it also provides benefits you may not be aware of.

The benefits of carrying adequate insurance more than offset the price you pay, specifically if you ever have a liability claim. But the average American driver is overpaying over $810 a year so you should quote rates at least once a year to help ensure money is not being wasted.

It's not one size fits all

Always remember that when buying the best auto insurance coverage, there is no best way to insure your cars. Your needs are unique to you.Auto insurance savings

For instance, these questions can help discover whether you will benefit from professional help.

If you're not sure about those questions but one or more may apply to you, then you may want to think about talking to an insurance agent. If you don't have a local agent, fill out this quick form.

Comparing rates from local Memphis insurance agents

A small number of people would prefer to talk to a local agent and that is a personal choice. An additional benefit of comparing auto insurance online is you can get lower rates and still have an agent to talk to.

By using this simple form, your insurance data is transmitted to participating agents in Memphis who will give you bids for your auto insurance coverage. You won't need to drive around due to the fact that quote results will go to your email. It's the lowest rates without the usual hassles of price shopping. If for some reason you want to compare prices from one company in particular, you can always visit that company's website and submit a quote form there.

Picking the best company requires you to look at more than just the bottom line cost. These are some questions your agent should answer.

If you prefer to buy auto insurance from a good Memphis insurance agent, you need to know there are two different types of agents to choose from. Agencies in Memphis can be described as either exclusive or independent agents depending on their company appointments.

Exclusive Agents

Agents that choose to be exclusive are contracted to one company and examples are Farmers Insurance, State Farm, or Allstate. Exclusive agents cannot provide rate quotes from other companies so you need to shop around if the rates are high. Exclusive agents are well schooled on sales techniques which helps them sell on service rather than price.

Shown below are Memphis exclusive insurance agencies that are able to give comparison quotes.


4205 Hacks Cross Rd #116 - Memphis, TN 38125 - (901) 363-9217 - View Map


5865 Ridgeway Center Pkwy #300 - Memphis, TN 38120 - (901) 761-6083 - View Map


4466 Elvis Presley Blvd #247 - Memphis, TN 38116 - (901) 398-7200 - View Map

View more Memphis agents

Independent Insurance Agents

Independent insurance agents are not employed by one company so they have the ability to put coverage amongst many companies and get the cheapest rates. If they find a cheaper price, your agent can switch companies without you having to go to a different agency.

When shopping rates, you definitely need to include rate quotes from a few independent agents to get the most accurate price comparison.

Shown below are independent agencies in Memphis that can give you comparison quotes.


5724 Mt Moriah Rd - Memphis, TN 38115 - (901) 432-5551 - View Map


3325 KIRBY PKWY STE 102 - Memphis, TN 38115 - (901) 507-6873 - View Map


1850 Poplar Crest Cove Ste 102 - Memphis, TN 38119 - (901) 762-8585 - View Map

View more Memphis agents

After you get good responses to these questions and an affordable coverage quote, chances are good that you have found an insurance agency that is reputable and can properly service your auto insurance policy.

Insurance losses by coverage

Are you driving a vehicle that ranks high in claims? The statistics below show the highest and lowest vehicle models for the overall chance of having large claims orgainized by coverage.

Comprehensive Claims by Vehicle Make and Model
Lowest Claim Amount Highest Claim Amount
Nissan Leaf Maserati Quattroporte
Nissan Xterra Mercedes-Benz S Class
Chevy Silverado 2500 Maserati Granturismo
Chevy Spark Bentley Continental GT
GMC Sierra 2500 BMW M6
Infiniti QX50 BMW M6

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Car Insurance Medical Payment Claims by Vehicle
Lowest Claim Amount Highest Claim Amount
Chevrolet Corvette Mitsubishi Mirage
Ford Expedition Chevrolet Sonic
Ford F-250 SuperCrew Hyundai Accent
Ford F-350 SuperCrew Mitsubishi Lancer
Chevrolet Silverado 3500 Nissan Sentra
Chevrolet Silverado 2500 Dodge Charger

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Vehicles with the Lowest and Highest Car Insurance Liability Claims
Lowest Claim Amount Highest Claim Amount
Subaru Outback Kia Rio
Acura MDX Mitsubishi Mirage
Mercedes-Benz SL Class Hyndai Accent
Audi A6 Mitsubishi Lancer
Subaru Forester Dodge Charger
Volvo XC60 Chevrolet Sonic

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Vehicles with the Lowest and Highest Car Insurance Collision Claims
Lowest Claim Amount Highest Claim Amount
Smart ForTwo Ferrari 458
Ford Edge BMW M6
Jeep Wrangler Audi RS7
Nissan Xterra Nissan GT-R
Ford F-150 SuperCrew Maserati Granturismo
Chevrolet Colorado Bentley Continental Flying Spur

Statistics Source: Insurance Institute for Highway Safety for 2013-2015 Model Years