Home Car insurance Average car insurance cost Car insurance rates by state Tennessee Memphis, TN Average car insurance cost in Memphis, TN Car insurance rates in Memphis, Tennessee are $2,161 per year. At $1,666 per year, Farm Bureau Insurance of Tennessee offers the cheapest rates in Memphis View Carriers Please enter valid zip Compare top carriers in your area Written by Prachi Singh Prachi Singh Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry. Updated on: September 30, 2024 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. According to data from Insure.com, the average annual cost of car insurance in Memphis, Tennessee is $2,161. The auto insurance rates in Memphis is $484 more than the state average and $266 more than the national average.City average ratesState average ratesNational average cost$2,161$1,677$1,895 Car insurance premiums vary significantly based on where they are filed. Factors such as city demographics, population density and average resident age, accident rates, theft, and vandalism rates will influence the amount of premiums you pay.This article talks in detail about the most affordable car insurance companies in Memphis, the average car insurance rates by age and gender, and how much car insurance cost in Memphis depending on coverage limits. Whether you’re a new driver or an experienced one, this article will help you to find the most affordable car insurance in Memphis. Keep reading to learn more.Key TakeawaysCar insurance in Memphis, Tennessee costs $2,161 per year.At $1,666 per year, Farm Bureau Insurance of Tennessee offers the cheapest car insurance in Memphis.Car insurance for young adults in Memphis costs $3,420 per year.Cheap car insurance companies in MemphisFarm Bureau Insurance of Tennessee offers the cheapest car insurance in Memphis, at an average of $1,666 per year with full coverage limits of 100/300/100.The second cheapest company in Memphis is Travelers, offering car insurance rates at $1,751 per year.As mentioned earlier, car insurance rates vary from one company to another because the factors used to calculate rates vary by insurer. Therefore, comparing quotes from multiple insurers is recommended to find cheap car insurance rates in Memphis before deciding on the policy that matches your requirements.The table below lists the average annual and monthly costs for the various car insurance companies providing coverage in Memphis, Tennessee:Company NameAverage annual costAverage monthly costFarm Bureau Insurance of Tennessee$1,666$139Travelers$1,751$146Erie Insurance$2,040$170Progressive$2,045$170Nationwide$2,065$172State Farm$2,112$176Geico$2,137$178Farmers$2,676$223Allstate$3,783$315USAA$1,336$111Read about the best car insurance companies.Average car insurance cost in Memphis by coverage limitsIn Memphis, the average car insurance rates the coverage levels are as follows:State minimum coverage: $616 per year (limits are 25/50/25)Liability only coverage: $785 per year (limits are 50/100/50)Full coverage: $2,161 per year (limits are 100/300/100)Non-owners coverage: $529 per yearIn most states, drivers are required to have state minimum coverage to drive legally, although these requirements vary by state. However, it’s important to note that state minimum coverage does not provide coverage for any vehicles listed on your policy in the event of an at-fault accident.To prevent compromising on coverage and out-of-pocket expenses, it’s advisable to opt for full coverage or non-owner coverage if you frequently borrow or rent a car but do not own one.Average car insurance rates by gender in MemphisBased on an analysis by Insure.com, female drivers in Memphis, Tennessee pay an average annual car insurance premium of $2,173. In comparison, male drivers pay $2,149 annually, which is $24 less than what female drivers pay.According to the Insurance Information Institute, statistics indicate that women are generally considered safer drivers than men. Also, women pay less for car insurance due to the lower rate of severe accidents.Read more on how gender affects car insurance rates.Average car insurance rates by age in MemphisCar insurance rates in Memphis, are highest for teens at $6,707 per year or $559 per month. According to the Insurance Information Institute, the rates are higher for teens (16- to 19-year-olds) as they are more prone to road accidents due to their lack of experience on the road. To address this, there are specific driving laws for teens to help them drive better. Additionally, parents can potentially reduce teen insurance rates by adding them to their existing auto insurance policy.As teens age and build a positive driving history, it’s common for car insurance rates to decline. Young adults typically pay $3,420 annually for their car insurance, which is $3,287 less than what teens pay for their insurance coverage.In Memphis, adult drivers pay an average of $2,144 per year for car insurance, while senior drivers pay $2,094 annually.The rates for adults and seniors are notably lower compared to the rates for teens and young adults as they are more likely to obey the speed limits and follow the rules of the road, as per the Insurance Information Institute.Read more on auto insurance for seniors.The table below depicts the average annual rates for drivers of different age groups:Teens (16- to 19-year-olds)Young adults (20- to 24-year-olds)Adults (25- to 55-year-olds)Seniors (60- to 75-year-olds)$6,707$3,420$2,144$2,094Car insurance rate trends in MemphisExamining the trends in car insurance rates in Memphis, Tennessee it was on an upward swing from 2022 to 2023. From 2022 to 2023 rates increase overall by 25%, or $429.The table below shows the trend for last four years:2016 rates2019 rates2022 rates2023 rates$1,570$1,942$1,732$2,161ConclusionIn conclusion, the insurance rates in Memphis, are higher than the average insurance cost in Tennessee. Shopping around and taking advantage of available discounts, drivers in Memphis can find affordable car insurance options. Many car insurance companies offer discounts for customers who purchase multiple policies through the same company.SourcesInsurance Information Institute. “What determines the price of my auto insurance policy,” Accessed September 2024.Insurance Information Institute. “Auto insurance for teen drivers,” Accessed September 2024.Insurance Information Institute. “Senior driving safety and tips,” Accessed September 2024.MethodologyInsure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes.The insurance rates are based on a sample profile of a 40-year-old male and female driver with a clean driving record and a good insurance score. Quotes premiums are for a full coverage policy with limits:$100,000 bodily injury per person$300,000 bodily injury per accident$100,000 property damage per accident$500 comprehensive and collision deductibleThe quoted insurance rates are for comparison purposes, and your individual rates may vary. How much is car insurance in other citiesChattanoogaClarksvilleKnoxvilleMurfreesboroPrachi SinghContributing Researcher  . .Prachi is an insurance writer with a master’s degree in business administration. Through her writing, she hopes to help readers make smart and informed decisions about their finances. She loves to travel and write poetry. 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Part 1: How insurance companies spot bogus claims Insurance options for rideshare drivers 10 things that are illegal but shouldn’t be 1/1 On this page Cheap car insurance companies in MemphisAverage car insurance cost in Memphis by coverage limitsAverage car insurance rates by gender in MemphisAverage car insurance rates by age in MemphisCar insurance rate trends in MemphisConclusionSourcesMethodology ZIP Code Please enter valid ZIP See rates