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Car Insurance for Memphis in 2024
Drivers in Memphis pay an average of $2,435 per year for car insurance, but you might find cheaper coverage if you shop around.
Lead Writer | Auto insurance
Isabel is a lead writer at NerdWallet covering auto insurance. She's also got a knack for finding stories buried in data. Previously, Isabel worked as a personal finance writer for Morning Brew’s Money Scoop and as a markets reporter at Forbes, where she covered everything from fintech and crypto to billionaires and IPOs. Isabel earned her bachelor’s degrees in journalism and economics from Boston University, where she fostered a passion for throwing intimidating jargon out the window to make financial topics accessible to all. She is originally from Mexico City and is currently based in Brooklyn, New York.
Assistant Assigning Editor | Auto insurance
Ben Moore is an assistant assigning editor and spokesperson who joined NerdWallet as a writer in 2020. An auto insurance authority, his past work has been featured in The Associated Press, The Chicago Sun-Times, MarketWatch, Nasdaq and Yahoo News. Ben has been quoted in Martha Stewart and Real Simple magazine, and he has appeared on local broadcast television. He is based in Nashville, Tennessee.
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If you’re looking for cheap car insurance in Memphis, Tennessee, you’ll want to shop around and compare quotes from multiple companies. Insurers use a variety of factors to determine the cost of auto insurance, including your age, address, the type of car you drive and your driving history, which means every driver will ultimately get a different rate. That’s why shopping around is your best bet to getting the cheapest car insurance in Memphis — or anywhere.
To find the cheapest companies in Memphis, NerdWallet looked at average full coverage rates calculated from public filings obtained by pricing analytics company Quadrant Information Services. We analyzed rates for male and female drivers for all ZIP codes in Memphis driving a 2021 Toyota Camry LE.
Did your rates go up? Auto insurance prices are on the rise in Memphis. Be sure to get car insurance quotes from three or more companies to find the lowest rate possible.
Read on to find out how auto insurance companies in Memphis stack up. You can also check out our list of the cheapest car insurance companies nationwide.
» MORE: The best car insurance companies
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Cheapest car insurance companies in Memphis
The biggest variable in your insurance cost will be the company you choose, so you’ll want to shop around to be confident you’re getting the best rate. In Memphis, these are the cheapest car insurance companies based on average rates for a 35-year-old driver with good credit and a clean driving record, according to NerdWallet’s most recent analysis. It's important to remember that rates are determined individually, so these may not be the cheapest companies for you.
| Company | Median annual rate |
|---|---|
| Travelers | $1,479 |
| Erie | $1,518 |
| Westfield | $1,691 |
| Tennessee Farm Bureau | $1,776 |
| Geico | $1,832 |
| Auto-Owners | $1,842 |
| Grange | $2,281 |
| Penn National | $2,480 |
| Chubb | $2,480 |
| USAA* | $1,244 |
*USAA is only available to military, veterans and their families.
Average car insurance cost in Memphis and Tennessee
Rates across Tennessee differ from those in Memphis for lots of reasons. The number of accidents, the type of roads and even the weather can affect the rates drivers are charged. According to NerdWallet’s most recent analysis, the average rate in Tennessee is $1,815, while in Memphis it's $2,435.
| Median city rate | Median state rate |
|---|---|
| $2,435 | $1,815 |
Average cost of car insurance in Memphis’s largest ZIP codes
The cost of auto insurance varies based on where you live, even from one neighborhood to the next. Some parts of a city may have higher rates of accidents or thefts, which can lead to an increase in the price you pay. According to NerdWallet’s analysis, here are the most populated ZIP codes in Memphis and the average annual cost of car insurance for a 35-year-old driver with good credit and a clean driving record.
| ZIP | Median rate |
|---|---|
| 38128 | $2,453 |
| 38109 | $2,553 |
| 38134 | $2,381 |
| 38125 | $2,257 |
| 38127 | $2,463 |
| 38111 | $2,492 |
| 38115 | $2,404 |
| 38118 | $2,534 |
| 38116 | $2,547 |
| 38135 | $2,104 |
Cheap car insurance in Memphis by age
Along with where you live, your age is another major factor in the price you pay for car insurance. For example, younger drivers usually pay more than older drivers with similar driving histories and credit scores due to having less experience on the road.
You could easily find that the cheapest company for you changes as you age. Here's a breakdown of prices in Memphis for similar drivers at various ages, according to NerdWallet’s most recent analysis.
Cheapest for 20-year-olds
While teen drivers are the most likely to be in an accident, 20-year-old drivers are still relatively new to the road. A higher rate of accidents among younger drivers means they also pay more for car insurance. According to NerdWallet’s most recent analysis, here's what 20-year-olds in Memphis might pay, on average.
| Company | Median annual rate |
|---|---|
| Travelers | $2,716 |
| Geico | $3,097 |
| Erie | $3,132 |
| Tennessee Farm Bureau | $3,711 |
| Auto-Owners | $3,823 |
| Grange | $4,282 |
| American National | $5,091 |
| Chubb | $5,151 |
| Penn National | $5,178 |
| USAA* | $3,030 |
*USAA is only available to military, veterans and their families.
Cheapest for 35-year-olds
By 35, your car insurance rates should plateau. This is a great age to compare rates, as the cheapest insurer you found in your 20s may no longer be the best deal.
Here’s what 35-year-old drivers might pay, on average, in Memphis, according to NerdWallet’s analysis.
| Company | Median annual rate |
|---|---|
| Travelers | $1,479 |
| Erie | $1,518 |
| Westfield | $1,691 |
| Tennessee Farm Bureau | $1,776 |
| Geico | $1,832 |
| Auto-Owners | $1,842 |
| Grange | $2,281 |
| Penn National | $2,480 |
| Chubb | $2,480 |
| USAA* | $1,244 |
*USAA is only available to military, veterans and their families.
Cheapest for 60-year-olds
At age 60, your car insurance rates are about as low as they're going to get if your history is clean. Most drivers in this age group have lots of experience on the road and established driving records, so insurers know what they're getting into and charge less accordingly. That doesn't mean you won't be able to save money by bundling or tapping into other discounts, so keep shopping around. Below are the cheapest companies, on average, in Memphis, according to NerdWallet’s most recent analysis.
| Company | Median annual rate |
|---|---|
| Travelers | $1,226 |
| Erie | $1,296 |
| Tennessee Farm Bureau | $1,418 |
| Westfield | $1,491 |
| Auto-Owners | $1,669 |
| Geico | $1,716 |
| Cincinnati Insurance | $1,826 |
| Penn National | $2,115 |
| American National | $2,118 |
| USAA* | $1,029 |
*USAA is only available to military, veterans and their families.
Memphis’s cheapest companies and rates by driving record
Your driving history also plays a large role in your auto insurance rate. Drivers who have clean records will usually pay less than those with accidents, speeding tickets or other violations. Again, comparing insurance companies is your best bet to getting the lowest rate.
According to NerdWallet’s analysis, these are the average rates in Memphis by company for good drivers and those with violations on their record.
Good drivers
Drivers without any marks on their records are almost always going to pay the lowest prices for auto insurance when compared to drivers with an accident or driving violation. Insurers set rates based on the potential risk of you filing a claim, and good drivers are considered among the least risky. Here are the average rates for good drivers in Memphis according to NerdWallet’s most recent analysis.
| Company | Median annual rate |
|---|---|
| Travelers | $1,479 |
| Erie | $1,518 |
| Westfield | $1,691 |
| Tennessee Farm Bureau | $1,776 |
| Geico | $1,832 |
| Auto-Owners | $1,842 |
| Grange | $2,281 |
| Penn National | $2,480 |
| Chubb | $2,480 |
| USAA* | $1,244 |
*USAA is only available to military, veterans and their families.
Drivers with a DUI
Drivers with a DUI can struggle to find affordable insurance and may need to turn to a high-risk car insurance company. A DUI on your record means you should expect to pay substantially more than a driver without one.
Here are the average rates for drivers with a DUI in Memphis according to NerdWallet’s most recent analysis.
| Company | Median annual rate |
|---|---|
| Travelers | $2,159 |
| Erie | $2,507 |
| Tennessee Farm Bureau | $2,833 |
| American National | $3,234 |
| Grange | $3,237 |
| Progressive | $3,334 |
| Geico | $3,522 |
| Westfield | $3,994 |
| State Farm | $4,227 |
| USAA* | $2,475 |
*USAA is only available to military, veterans and their families.