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If you’re researching car insurance in Memphis or trying to find cheap car insurance quotes in Memphis while shopping for a policy, you’ll find all the information you need here. We provide average car insurance rates for Memphis listed by ZIP code and company. That way you can get a reference point for how much you can expect to pay. We’ll also explain how coverage works, and how much car insurance you need.
No wonder they sing the blues: Memphis has it bad when it comes to car insurance. Not only does it have Tennessee's highest rates, simply crossing the river to Arkansas or the state line to Mississippi could save you hundreds of dollars a year. (The map below shows how ZIP codes in Memphis and its surroundings compare.)
Regardless of where you live, you can save a considerable amount if you compare car insurance quotes for Memphis. This is why:
You'll find more resources and information about Tennessee car insurance on our state profile page.
CarInsurance.com commissioned Quadrant Information Services to provide a report of average auto insurance rates for a 2016 Honda Accord for nearly every ZIP code in the United States. We calculated rates using data for up to six large carriers (Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm).
Averages for the default result are based on insurance for a married 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/100 ($100,000 for injury liability for one person, $300,000 for all injuries and $100,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage. The rate includes uninsured motorist coverage.
Averages for customized rates are based on drivers ages 20, 30, 40, 50, 60 and 70 for the following coverage levels: state minimum liability, liability of 50/100/50 and 100/300/100 with $500 deductible on comprehensive and collision. These hypothetical drivers have clean records and good credit. Average rates are for comparative purposes.
Your own rate will depend on your personal factors and vehicle.
State Minimum:
Required liability coverage to drive legally in your state; some states mandate additional coverage, such as personal injury protection, uninsured motorist, underinsured motorist.
Liability Only 50/100/50:
$50,000 per person/$100,000 maximum per accident for bodily injury; $50,000 for property damage. Liability pays for injuries/damage you cause others.
Full Coverage 100/300/100:
$100,000 per person/$300,000 maximum per accident for bodily injury; $100,000 for property damage; comprehensive and collision coverage with $500 deductible. Liability pays for injuries/damage you cause others. Comprehensive and collision pay for damage to your car.
38132- MEMPHIS: $1,66838109- MEMPHIS: $1,64538126- MEMPHIS: $1,64538116- MEMPHIS: $1,63037692- UNICOI: $1,01937680- LAUREL BLOOMERY: $1,02737688- SHADY VALLEY: $1,02837650- BANNER HILL: $1,038Here's how Memphis’s highest average rate ($1,688) compares to others, for a full coverage policy:
Memphis car insurance requirements | |
|---|---|
| Tennessee state law requires the following minimum car insurance coverage: | |
| Minimum bodily injury liability | $25,000/$50,000 |
| Minimum property damage liability | $15,000 |
Here are the 10 most and least expensive ZIP codes for car insurance in Memphis. You'll see in the chart below that you can save over $1,000 in some cases just by doing a car insurance comparison, no matter which address you call home.
| ZIP code | Average annual rate | Highest rate | Lowest rate |
|---|---|---|---|
| 38132 | $1,668 | $2,521 | $986 |
| 38126 | $1,645 | $2,521 | $983 |
| 38109 | $1,645 | $2,521 | $983 |
| 38116 | $1,630 | $2,521 | $986 |
| 38127 | $1,627 | $2,430 | $955 |
| 38104 | $1,626 | $2,521 | $855 |
| 38107 | $1,620 | $2,521 | $955 |
| 38114 | $1,620 | $2,521 | $986 |
| 38131 | $1,614 | $2,521 | $986 |
| 38111 | $1,609 | $2,423 | $864 |
| Lowest | |||
| ZIP code | Average annual rate | Highest rate | Lowest rate |
| 38137 | $1,392 | $2,091 | $864 |
| 38119 | $1,406 | $2,058 | $864 |
| 38117 | $1,420 | $2,058 | $864 |
| 38120 | $1,428 | $2,058 | $910 |
| 38157 | $1,440 | $2,158 | $864 |
| 38125 | $1,453 | $2,058 | $910 |
| 38141 | $1,465 | $2,058 | $905 |
| 38163 | $1,502 | $2,521 | $855 |
| 38115 | $1,514 | $2,058 | $905 |
| 38152 | $1,545 | $2,423 | $864 |
*Methodology for rates by ZIP code:
CarInsurance.com commissioned Quadrant Information Services to run auto insurance rates for a 2016 Honda Accord for more than 30,000 ZIP codes in the United States using six large carriers -- Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm. (In cases where an insurer’s rate wasn’t available, another major carrier's rate was substituted.) Averages are based on insurance for a single 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/100 ($100,000 for injury liability for one person, $300,000 for all injuries and $100,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage. This hypothetical driver has a clean record and good credit. The rate includes uninsured motorist coverage. Average rates are for comparative purposes. Your own rate will depend on your personal factors and vehicle.
Minimum liability coverage limits of 25/50/15 are required to drive in Tennessee. That means your insurance company will pay up to $25,000 per person injured in an accident you cause, up to $50,000 per accident, and up to $15,000 for damage you cause to another car or other property. Buying the state required limits is definitely the cheapest way to go. But your assets and savings aren’t shielded from lawsuits and you won’t be covered for damage to your own car. Additionally, the cost to pay for damages from even a minor accident can easily exceed these limits, leaving you responsible to pay out-of-pocket for repair and medical bills.
Penny Gusner, CarInsurance.com consumer analyst, recommends buying full coverage unless you have an old car or no assets. It does cost more to buy more protection, but as you’ll see below, additional coverage is typically affordable. Based on an analysis outlined below of rate fielded from six major insurers for Memphis ZIP codes, increasing your insurance from the state minimum to full coverage with a $500 deductible costs, on average, $982 more, or $82 a month. But just hiking to higher liability costs just $41 yearly, or $3 a month.
For more details on how comprehensive insurance, collision coverage and liability work to pay for your injuries and car repairs, as well as damage and injuries you cause to others in an accident, see our Tennessee car insurance page or explanations of the different types of car insurance.
Below you'll see average annual rates for Memphis, ranked cheapest to most expensive, for three coverage levels:
| Company | State minimum |
|---|---|
| Allstate | $904 |
| Geico | $336 |
| Farmers | $798 |
| Nationwide | $426 |
| Progressive | $480 |
| State Farm | $504 |
| Company | 50/100/50 |
| Allstate | $937 |
| Geico | $342 |
| Farmers | $906 |
| Nationwide | $421 |
| Progressive | $497 |
| State Farm | $592 |
| Company | 100/300/100 |
| Allstate | $2,353 |
| Geico | $935 |
| Farmers | $2,155 |
| Nationwide | $953 |
| Progressive | $1,468 |
| State Farm | $1,480 |
