Car Insurance Cost in Memphis, TN – Cheapest Rates + Rankings

• The average cost of car insurance in Memphis is 22.4% more than the national average rate of $2,221.
• Memphis auto insurance costs an average of $390 per year more than the Tennessee state average rate and $561 per year more than the rate average for the entire United States.
• Monthly car insurance rates for a few popular vehicles in Memphis include the Hyundai Elantra at $252, Toyota Highlander at $211, and Nissan Altima at $251.
• For cheap car insurance in Memphis, SUV models like the Subaru Crosstrek, Chevrolet Trailblazer, and Kia Soul cost less than most other makes and models.

How much does car insurance cost in Memphis?

Average car insurance cost in Memphis is $2,782 per year, which is 22.4% more than the U.S. average rate of $2,221. Average car insurance cost per month in Memphis is $232 for a policy that provides full coverage.

The average car insurance cost in Tennessee is $2,392 per year, so Memphis drivers pay an average of $390 more per year than the overall Tennessee state-wide average rate. When compared to other cities in Tennessee, the cost to insure a car in Memphis is approximately $344 per year more than in Nashville, $398 per year more expensive than in Clarksville, and $382 per year more than in Knoxville.

The chart below shows examples of average Memphis auto insurance cost broken out for a variety of driver ages, policy deductibles, and driver risk scenarios. Rates are averaged for all 2024 model year vehicles including luxury models.

Average rates in the prior chart range from $2,310 per year for a 40-year-old driver who shops around for the cheapest Memphis car insurance rates to $6,394 per year for a 20-year-old driver who has a subpar driving record and has to buy high risk car insurance. The rate used in this article to compare different vehicles or locations is the 40-year-old safe driver rate, which has an average cost of $2,782 per year.

As a monthly expense, average car insurance cost in Memphis ranges from $193 to $533 for the same deductible limits and driver ages shown in the prior chart.

Memphis car insurance rates vary considerably and can also be significantly different between companies. The potential for large premium differences emphasizes the need for accurate auto insurance quotes when shopping for the cheapest car insurance in Memphis.

The age of the rated driver is one of the largest factors in the price of auto insurance. The list below illustrates this point by breaking down average car insurance rates in Memphis depending on driver age.

Average car insurance cost for Memphis drivers age 16 to 60

• 16-year-old rated driver – $9,903 per year or $825 per month
• 17-year-old rated driver – $9,593 per year or $799 per month
• 18-year-old rated driver – $8,598 per year or $717 per month
• 19-year-old rated driver – $7,830 per year or $653 per month
• 20-year-old rated driver – $5,594 per year or $466 per month
• 30-year-old rated driver – $2,966 per year or $247 per month
• 40-year-old rated driver – $2,782 per year or $232 per month
• 50-year-old rated driver – $2,466 per year or $206 per month
• 60-year-old rated driver – $2,306 per year or $192 per month

The rates in the list above for teen drivers were based on the driver being male. The chart below goes into more detail regarding the cost of insuring teen drivers and illustrates average teen driver rates in Memphis by gender. Females generally have cheaper auto insurance rates, especially as teenagers.

Car insurance for a 16-year-old female in Memphis costs an average of $653 less per year than the cost for a 16-year-old male, while at age 19, the cost difference is less but males still pay an average of $1,209 more per year.

The cost to insure popular vehicles in Memphis

The car insurance rates mentioned above are averaged for all 2024 vehicle models, which is handy when making overall comparisons such as the cost difference between two locations. Average auto insurance rates are great when presented with a question like “are Memphis car insurance rates cheaper than in Murfreesboro?” or “is car insurance cheaper in Tennessee or Illinois?”.

For more useful auto insurance rate comparisons, however, it makes sense to analyze the exact vehicle being insured. Every model has it’s own risk profile for liability and physical damage claims, and this data allows us to make cost projections and comparisons.

The next list breaks down both annual and monthly average car insurance rates in Memphis for the more popular vehicles. At the end of this article, there is a section that examines car insurance rates for some of these models even more in-depth.

Average annual and monthly car insurance cost for popular models in Memphis

• Hyundai Elantra – $3,236 per year or $270 per month
• Toyota Highlander – $2,712 per year or $226 per month
• Nissan Altima – $3,230 per year or $269 per month
• Jeep Grand Cherokee – $2,985 per year or $249 per month
• Ram Truck – $3,450 per year or $288 per month
• Toyota Corolla – $2,902 per year or $242 per month
• Honda CR-V – $2,542 per year or $212 per month
• Subaru Outback – $2,542 per year or $212 per month
• Chevrolet Equinox – $2,744 per year or $229 per month
• Honda Civic – $2,642 per year or $220 per month

What vehicles have the cheapest car insurance in Memphis?

When comparing rates for all vehicle models, the models with the cheapest average insurance rates in Memphis, TN, tend to be compact SUVs and crossovers like the Chevrolet Trailblazer, Kia Soul, and Nissan Kicks.

Average auto insurance quotes for those small SUVs cost $2,417 or less per year ($201 per month) for a full coverage policy.

A few other vehicles that have low-cost auto insurance rates in the comparison table below are the Honda CR-V, Volkswagen Tiguan, Kia Niro, and Buick Encore.

Average auto insurance rates are a little bit more for those models than the cheapest compact SUVs that rank near the top, but they still have an average cost of $2,591 or less per year, or $216 per month.

The following table shows the 30 models with the cheapest car insurance in Memphis, sorted by average cost.

A table of 30 vehicle models with cheap Memphis car insurance really is not a great way to present an overall summary of the cost of auto insurance. A more thorough way to look at rates for more vehicles is by breaking them out by automotive segment.

This next section further discusses the cost of car insurance based on automotive segment. This will give you a good idea of the types of vehicles that have the overall cheapest Memphis auto insurance rates. Then the sections after the chart break out and rank the specific models that have the cheapest insurance rates for each automotive segment.

Memphis auto insurance rates by vehicle segment

When shopping for a new or used vehicle, it’s very useful to know which types of vehicles have cheaper car insurance rates. To illustrate this, maybe you’re curious if compact SUVs are cheaper to insure than minivans or if regular SUVs are more affordable to insure than luxury SUVs.

The next chart displays the average car insurance cost in Memphis for each automotive segment. Typically, compact SUVs and midsize pickup trucks have the most affordable average auto insurance rates, while exotic high-performance models have the most expensive overall rates.

Rates by different vehicle segments are precise enough for getting an initial comparison, but cost ranges substantially within each automotive segment listed in the above chart.

For example, in the small luxury car segment, rates range from the Acura Integra costing $2,470 per year for a full coverage policy to the BMW M340i costing $3,396 per year, a difference of $926 within that segment.

Also, in the midsize truck segment, average rates range from the Chevrolet Colorado at $2,446 per year to the Rivian R1T costing $3,468 per year.

In the following sections, we will eliminate a lot of this variability by looking at the cost of car insurance in Memphis for specific vehicles.

Cheapest cars to insure in Memphis

Ranking at the top for the most affordable Memphis auto insurance rates in the non-luxury sedan or hatchback segment are the Toyota GR Corolla, Nissan Leaf, Honda Civic, Nissan Sentra, and Subaru Impreza. Auto insurance prices for these 2024 models average $213 or less per month.

Not the cheapest in the list, but still ranking well, are models like the Toyota Prius, Chevrolet Malibu, Honda Accord, and Toyota Corolla, with average annual insurance rates of $2,708 per year or less.

Auto insurance in this segment starts at an average of $201 per month, depending on the company.

The rate comparison table below ranks the cars with the cheapest car insurance rates in Memphis, starting with the Toyota GR Corolla at $2,416 per year ($201 per month) and ending with the Mazda 3 at $2,874 per year ($240 per month).

See our guides for compact car insurance, midsize car insurance, and full-size car insurance to compare rates for all makes and models.

Don’t see insurance rates for your vehicle? That’s no problem! Enter your zip code at the bottom of the above table and click the orange ‘GO’ button to get free Memphis car insurance quotes from top companies in Tennessee.

Cheapest SUV insurance rates in Memphis

The four highest ranking SUVs with the most affordable auto insurance rates in Memphis are the Subaru Crosstrek at $2,052 per year, Chevrolet Trailblazer at $2,088 per year, Kia Soul at $2,170 per year, and Nissan Kicks at $2,190 per year.

Not the cheapest in the list, but still ranking well, are SUVs like the Ford Bronco Sport, Toyota Corolla Cross, Mazda CX-5, and Hyundai Venue, with average annual insurance rates of $2,276 per year or less.

As a cost per month, full-coverage auto insurance on this segment in Memphis starts at around $171 per month, depending on your company and location.

The lowest-cost non-luxury compact SUV to insure in Memphis is the Subaru Crosstrek at $2,052 per year. For midsize SUVs, the Honda Passport is cheapest to insure at $2,216 per year. And for full-size non-luxury SUVs, the Chevrolet Tahoe is most affordable to insure at $2,610 per year.

The rate comparison table below ranks the twenty SUVs with the most affordable average car insurance rates in Memphis, starting with the Subaru Crosstrek at $2,052 per year ($171 per month) and ending with the Subaru Ascent at $2,422 per year ($202 per month).

See our comprehensive guides for compact SUV insurance, midsize SUV insurance, and full-size SUV insurance to view data for vehicles not featured in the table.

Looking for rates for a different SUV? No sweat! Enter your zip code at the bottom of the table and click the orange ‘GO’ button to get free Memphis car insurance quotes from the best companies in Tennessee.

Cheapest luxury cars to insure in Memphis

Ranking #1 in Memphis for cheapest auto insurance in the luxury car segment is the Acura Integra, at an average of $2,470 per year. Second place is the BMW 330i at $2,830 per year, coming in third is the Mercedes-Benz CLA250, costing an average of $2,860 per year, and the fourth cheapest is the Lexus IS 300, costing an average of $2,866 per year.

Also ranking well in our comparison are luxury cars like the Genesis G70, Cadillac CT4, Lexus RC 300, and Lexus ES 350, with an average car insurance cost of $2,922 per year or less.

Additional 2024 models worth mentioning include the BMW 330e, Audi S3, BMW 230i, Lexus IS 350, and Lexus ES 250, which cost between $2,922 and $3,118 per year to insure in Memphis.

As a cost per month, car insurance rates on this segment in Memphis can cost as low as $206 per month, depending on where you live and the company you use.

The comparison table below ranks the cars with the most affordable average car insurance rates in Memphis, starting with the Acura Integra at $2,470 per year ($206 per month) and ending with the Audi S3 at $3,118 per year ($260 per month).

See our comprehensive guide for luxury car insurance to view data for vehicles not featured in the table.

Don’t see your luxury car in the list? Enter your zip code at the bottom of the table and click the orange ‘GO’ button to get cheap Memphis car insurance quotes from the best auto insurance companies in Tennessee.

Cheapest luxury SUV insurance rates in Memphis

Ranking highest for the most affordable Memphis car insurance rates in the luxury SUV segment are the Acura RDX, Cadillac XT4, Lexus NX 250, Cadillac XT5, and Jaguar E-Pace. Rates for these vehicles average $2,622 or less per year.

Additional models that rank well in our comparison include the Lexus NX 350h, Mercedes-Benz GLB 250, Lexus NX 450h, and Lexus UX 250h, with average annual insurance rates of $2,680 per year or less.

As a cost per month, auto insurance rates in Memphis on this segment for a middle-age safe driver starts at around $194 per month, depending on the company.

If vehicle size is considered, the most affordable compact luxury SUV to insure in Memphis is the Acura RDX at $2,324 per year, or $194 per month. For midsize 2024 models, the Jaguar E-Pace has the cheapest rates at $2,600 per year, or $217 per month. And for full-size luxury SUV models, the Infiniti QX80 has the cheapest car insurance rates at $3,118 per year, or $260 per month.

The next table ranks the SUVs with the lowest-cost car insurance rates in Memphis, starting with the Acura RDX at $2,324 per year ($194 per month) and ending with the Lexus RX 350 at $2,790 per year ($233 per month).

For all luxury SUV comparisons, see our complete guide for luxury SUV insurance.

Looking for rates for a different luxury SUV? Enter your zip code at the bottom of the table and click the orange ‘GO’ button to get free car insurance quotes from top auto insurance companies in Tennessee.

Cheapest sports car insurance rates in Memphis

Taking the top spot in Memphis for the lowest-cost insurance in the sports car segment is the Mazda MX-5 Miata, at an average of $2,572 per year. Second place is the Toyota GR86 at $2,930 per year, third place goes to the Ford Mustang, costing an average of $3,056 per year, and ranking fourth is the BMW Z4, costing an average of $3,072 per year.

Also ranking in the top 10 are models like the Toyota GR Supra, BMW M2, Lexus RC F, and Subaru BRZ, with an average cost to insure of $3,324 per year or less.

Full-coverage auto insurance for this segment in Memphis starts at around $214 per month, depending on the company.

The rate comparison table below ranks the twenty sports cars with the cheapest insurance rates in Memphis, starting with the Mazda MX-5 Miata at $2,572 per year ($214 per month) and ending with the Porsche Taycan at $4,708 per year ($392 per month).

Looking for a different vehicle? Enter your zip code at the bottom of the above table and click the orange ‘GO’ button to get free car insurance quotes from top auto insurance companies in Memphis.

Cheapest pickup truck insurance rates in Memphis

The top five most affordable pickup trucks to insure in Memphis are the Chevrolet Colorado, Nissan Titan, Nissan Frontier, Ford Ranger, and Ford Maverick. Average insurance rates for for these five models range from $2,446 to $2,696 per year.

Not the cheapest, but still very affordable, are models like the Toyota Tacoma, GMC Sierra 2500 HD, Honda Ridgeline, and GMC Canyon, with average annual insurance rates of $2,860 per year or less.

On a monthly basis, full-coverage car insurance on this segment in Memphis will start around $204 per month, depending on your location. The comparison table below ranks the pickups with the cheapest car insurance rates in Memphis, starting with the Chevrolet Colorado at $204 per month and ending with the Ram Truck at $268 per month.

For more pickup insurance comparisons, see our guides for midsize pickup insurance and large pickup insurance.

Don’t see insurance cost for your pickup? Enter your zip code at the bottom of the table and click the orange ‘GO’ button to get free car insurance quotes from the best auto insurance companies in Tennessee.

Memphis car insurance rate variability

To help clarify the extent to which the cost of auto insurance can vary from one person to the next (and also emphasize the importance of accurate rate quotes), the sections below present a wide range of rates for five popular models in Memphis: the Ford F150, Nissan Sentra, Honda CR-V, Honda Pilot, and Toyota Supra.

Each illustration displays average rates for different driver profiles to demonstrate the difference in cost when changes are made to the rated driver.

Ford F150 insurance rates

With sticker prices ranging from $46,195 to $100,090, average Memphis insurance rates for a Ford F150 cost from $2,612 per year on the F150 XL Super Cab 4WD model up to $3,612 per year for the F150 Lightning Platinum Black Special Edition trim level.

From a cost per month standpoint, full-coverage auto insurance on the Ford F150 for a good driver can cost from $218 to $301 per month, depending on the company and where you live in Memphis.

The next chart demonstrates how the cost of car insurance on a Ford F150 can change based on driver age, policy physical damage deductibles, and risk scenarios.

The Ford F150 is a full-size truck, and other similar models include the Toyota Tundra, Chevrolet Silverado, GMC Sierra, and Nissan Titan.

Nissan Sentra insurance rates

In Memphis, the cheapest car insurance rates for a 2024 Nissan Sentra are on the S trim model, costing an average of $2,490 per year, or around $208 per month. This model sells for $20,630.

The most expensive 2022 Nissan Sentra to insure in Memphis is the SR model, costing an average of $2,618 per year, or around $218 per month. The sticker price for this trim level is $23,720, before destination and documentation fees.

When Memphis car insurance rates on a Nissan Sentra are compared to the national average cost for the same vehicle, the cost is $392 to $412 more per year in Memphis, depending on the trim level being insured.

The next chart might be helpful in explaining how the cost of car insurance for a Nissan Sentra can range significantly based on a number of different driver ages and risk profiles.

The Nissan Sentra is part of the compact car segment, and other similar models that are popular in Memphis include the Volkswagen Jetta, Chevrolet Cruze, and Hyundai Elantra.

Honda CR-V insurance rates

In Memphis, the least-expensive insurance rates for a 2024 Honda CR-V are on the LX trim, costing an average of $2,248 per year, or around $187 per month. This model has a retail price of $29,500.

The most expensive 2022 Honda CR-V model to insure in Memphis is the Sport Touring Hybrid AWD model, costing an average of $2,502 per year, or around $209 per month. The MSRP for this model is $39,850, before destination charges and documentation fees.

When Memphis auto insurance rates on a Honda CR-V are compared to the overall national average cost for the same model, the cost is anywhere from $354 to $396 more per year in Memphis, depending on the exact trim being insured.

As a cost per month, auto insurance on a Honda CR-V for a middle-age safe driver can cost from $187 to $209 per month, but your actual rate can vary based on your address in Memphis.

The next rate chart shows how the cost of car insurance on a Honda CR-V can be very different based on a number of different driver ages, policy deductibles, and potential risk scenarios. For our example, prices range from $1,970 to $5,450 per year, which is a cost difference of $3,480 for insurance on the same vehicle with different rated drivers.

The Honda CR-V is classified as a compact SUV, and additional models from the same segment that are popular in Memphis include the Mazda CX-5, Chevrolet Equinox, Nissan Rogue, and Subaru Forester.

Honda Pilot insurance rates

The average cost for Honda Pilot insurance in Memphis is $2,706 per year. With sticker prices ranging from $37,090 to $52,480, average car insurance quotes for a Honda Pilot range from $2,530 per year for the Pilot LX model up to $2,874 per year for the Pilot Elite AWD trim level.

When Memphis auto insurance rates for a Honda Pilot are compared with the national average cost for the same model, the cost is anywhere from $398 to $452 more per year in Memphis, depending on the exact model being insured.

The rate chart below demonstrates how the cost of car insurance for a Honda Pilot can vary for different drivers and possible risk profiles.

The Honda Pilot belongs to the midsize SUV segment, and additional similar models include the Jeep Grand Cherokee, Kia Telluride, Ford Explorer, and Kia Sorento.

Toyota GR Supra insurance rates

Toyota GR Supra insurance in Memphis averages $3,122 per year, ranging from a low of $2,952 per year on the GR Supra 2.0 Coupe model (MSRP of $45,540) up to $3,354 per year on the GR Supra 45th Anniversary Edition model (MSRP of $64,375).

When Memphis auto insurance rates on the Toyota GR Supra are compared to the average cost for the entire U.S. for the same model, rates are anywhere from $464 to $528 more expensive per year in Memphis, depending on the exact model being insured.

The chart displayed below can help visualize how insurance rates for a Toyota GR Supra can be quite different based on different driver ages and possible risk profiles.

The Toyota Supra is considered a sports car, and additional models from the same segment that are popular in Memphis include the Nissan 370Z, Subaru BRZ, and Chevrolet Camaro.

Money-saving tips for finding cheaper Memphis auto insurance

Smart drivers are often looking to save money on car insurance So study the tips below and it’s very possible you can save a few bucks when buying auto insurance.

• If your car is older, remove unneeded coverages. Deleting physical damage coverage from vehicles that are older will cut the cost of auto insurance substantially.
• Avoid tickets to save money. If you want to get affordable car insurance in Memphis, it pays to be a conservative driver. In fact, just a few moving violations could result in increasing car insurance rates as much as $740 per year. Being convicted of a crime like DUI and hit-and-run could raise rates by an additional $2,584 or more.
• Careless drivers pay more for car insurance. Having a few at-fault accidents can really raise rates, possibly by an additional $3,968 per year for a 20-year-old driver and even as much as $1,156 per year for a 40-year-old driver. So drive safe and save!
• Research policy discounts to save money. Savings may be available if the insured drivers sign their policy early, are military or federal employees, take a defensive driving course, are claim-free, are loyal customers, or many other policy discounts which could save the average Memphis driver as much as $472 per year on the cost of car insurance
• Compare car insurance quote before buying a car. Different cars can have significantly different car insurance premiums, and car insurance companies can sell coverages with a wide range of costs. Check rates before you buy a new car in order to prevent price shock when you get your first insurance bill.