Updated: May 20, 2024
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The best company for you will depend on your personal driver profile and needs. Auto-Owners Insurance is the best option for full coverage and minimum coverage policies, as well as for teen drivers. Chubb is the best company for customer service. Young adults and seniors may find the best policy from Cincinnati Insurance, and Erie ranked first for drivers with offenses.
MoneyGeek also determined the cheapest car insurance companies in Memphis for drivers prioritizing affordability.
BestCar InsuranceMemphisTable of Contents (Jump to Your Best Fit)
Why Trust MoneyGeek? We rated auto insurance companies in Memphis using our proprietary scoring system and data from the Tennessee Department of Commerce and Insurance and Quadrant Information Services.
The overall best car insurance providers in Memphis are:
Auto-Owners Insurance came out on top thanks to its high affordability and coverage scores, indicating that Auto-Owners Insurance provides essential coverages for a low cost.
For drivers with a military background and their families, another top option in Memphis is USAA. The company received a MoneyGeek score of 85 out of 100.
Although Auto-Owners Insurance ranked first in Memphis, it’s second to Erie when it comes to the best car insurance in Tennessee.
How was this MoneyGeek score calculated?
MoneyGeek’s score for the overall best car insurance was calculated with the following weights:
Has high coverage and affordability ratings
Offers Diminished Value, Accident Forgiveness and Gap Insurance coverages
Has a below-average claims management rating
Doesn’t offer new car replacement and rideshare insurance coverages
Auto-Owners Insurance MoneyGeek’s top pick for the average driver in Memphis. The insurer offers affordable policies and has three of the most important coverages: roadside assistance, rental car and/or travel reimbursement and gap insurance. It also offers some less common coverages, including diminished value and accident forgiveness.
With diminished value coverage, policyholders will be compensated for a reduction in their vehicle's value if they are involved in an accident. Eligible drivers with accident forgiveness coverage will be able to get the accident surcharge on their premium waived for their first at-fault accident.
Another optional coverage offered by Auto-Owners Insurance is gap insurance, which covers the difference between the car’s current value and the amount you still owe on your loan or lease should you get in an accident.
Auto-Owners Insurance ranked first among the 15 auto insurance providers MoneyGeek evaluated in Memphis, Tennessee. It has the second cheapest average annual premium ($746), a high coverage score and a perfect financial stability rating.
However, it ranks relatively low in customer satisfaction, with Cincinnati Insurance taking the top spot in that category. Chubb wins when it comes to claims management, but its expensive premiums and limited coverage options bring down its overall rating.
Rates used for this comparison are for full coverage policies. In addition, companies only qualified for an overall MoneyGeek score if sufficient data could be found for all individual scoring components.
| Auto-Owners Insurance Co | MoneyGeek Score (out of 100)82 | Annual Premium$746 | Satisfaction Score (out of 5)4 | Claims Score (out of 5)3 | Coverages Score (out of 5)4 | Stability Score (out of 5)5 |
| Erie | MoneyGeek Score (out of 100)80 | Annual Premium$919 | Satisfaction Score (out of 5)5 | Claims Score (out of 5)4 | Coverages Score (out of 5)3 | Stability Score (out of 5)4 |
| Cincinnati Insurance | MoneyGeek Score (out of 100)78 | Annual Premium$1,040 | Satisfaction Score (out of 5)5 | Claims Score (out of 5)3 | Coverages Score (out of 5)4 | Stability Score (out of 5)4 |
| Westfield | MoneyGeek Score (out of 100)77 | Annual Premium$996 | Satisfaction Score (out of 5)5 | Claims Score (out of 5)3 | Coverages Score (out of 5)4 | Stability Score (out of 5)3 |
| State Farm | MoneyGeek Score (out of 100)76 | Annual Premium$743 | Satisfaction Score (out of 5)4 | Claims Score (out of 5)2 | Coverages Score (out of 5)3 | Stability Score (out of 5)5 |
| Chubb | MoneyGeek Score (out of 100)72 | Annual Premium$1,231 | Satisfaction Score (out of 5)5 | Claims Score (out of 5)4 | Coverages Score (out of 5)3 | Stability Score (out of 5)5 |
| Travelers | MoneyGeek Score (out of 100)64 | Annual Premium$1,149 | Satisfaction Score (out of 5)4 | Claims Score (out of 5)3 | Coverages Score (out of 5)4 | Stability Score (out of 5)5 |
| Nationwide | MoneyGeek Score (out of 100)62 | Annual Premium$1,066 | Satisfaction Score (out of 5)3 | Claims Score (out of 5)2 | Coverages Score (out of 5)4 | Stability Score (out of 5)4 |
| Allstate | MoneyGeek Score (out of 100)60 | Annual Premium$1,087 | Satisfaction Score (out of 5)3 | Claims Score (out of 5)2 | Coverages Score (out of 5)4 | Stability Score (out of 5)4 |
| Tennessee Farm Bureau | MoneyGeek Score (out of 100)No Data | Annual Premium$1,106 | Satisfaction Score (out of 5)5 | Claims Score (out of 5)No Data | Coverages Score (out of 5)No Data | Stability Score (out of 5)No Data |
| GEICO | MoneyGeek Score (out of 100)62 | Annual Premium$1,143 | Satisfaction Score (out of 5)4 | Claims Score (out of 5)2 | Coverages Score (out of 5)3 | Stability Score (out of 5)5 |
| American National P&C | MoneyGeek Score (out of 100)59 | Annual Premium$1,429 | Satisfaction Score (out of 5)5 | Claims Score (out of 5)2 | Coverages Score (out of 5)4 | Stability Score (out of 5)3 |
| Farmers | MoneyGeek Score (out of 100)59 | Annual Premium$1,118 | Satisfaction Score (out of 5)3 | Claims Score (out of 5)2 | Coverages Score (out of 5)4 | Stability Score (out of 5)3 |
| Grange Insurance | MoneyGeek Score (out of 100)57 | Annual Premium$1,190 | Satisfaction Score (out of 5)4 | Claims Score (out of 5)2 | Coverages Score (out of 5)4 | Stability Score (out of 5)2 |
| Progressive | MoneyGeek Score (out of 100)44 | Annual Premium$1,617 | Satisfaction Score (out of 5)3 | Claims Score (out of 5)2 | Coverages Score (out of 5)4 | Stability Score (out of 5)4 |
The top auto insurance companies in Memphis for customer service, regardless of cost, are:
Chubb has the highest claims management score and the fourth-highest customer satisfaction rating out of the providers we evaluated, but its quality service doesn't come cheap — the company's average rate is among the most expensive in Memphis.
How was this MoneyGeek score calculated?
MoneyGeek’s score for Best for Customer Service was calculated with the following weights:
Ranked first in claims management
Has a high customer satisfaction rating
Offers original equipment manufacturer coverage and antique/classic car insurance
Has a below-average coverage score
Doesn’t offer roadside assistance and accident forgiveness coverages
Chubb ranked the highest in customer service in our study, mainly driven by high customer satisfaction and claims management ratings. The company also offers less common coverages, such as Original Equipment Manufacturer (OEM) and Antique/Classic car insurance. It also has rental car reimbursement coverage, an essential coverage.
A policy with OEM coverage helps ensure that the safety systems of your vehicle work properly as it covers the cost of replacing damaged parts with original manufacturer parts. Classic car enthusiasts may add antique/classic car insurance to their policy, an optional coverage suitable for vehicles that are at least 30 years old, those that are part of a larger collection or limited production models. To qualify, your car must be garaged and only used for hobby purposes.
Chubb’s rental car reimbursement coverage allows policyholders to be reimbursed up to $5,000 for a rental car if the covered vehicle is being repaired due to an accident.
Having good customer service means the company has an efficient claims process and effectively responds to clients’ concerns. Chubb ranked first in the claims category and fourth in customer service based on data from the NAIC customer complaint index and J.D. Power’s customer satisfaction study, making it our top pick overall for customer service. Although Cincinnati Insurance received the highest score in the customer satisfaction category, it has a lower claims management score.
When considering both affordability and service quality, the best car insurance providers for minimum coverage in Memphis are:
The most affordable minimum coverage auto insurance policies in Memphis have the lowest rates, but they also provide the least protection against liability costs and no protection for damage to your own vehicle.
The minimum coverage requirements in Tennessee are the same across all cities in the state, including Memphis.
How was this MoneyGeek score calculated?
MoneyGeek’s score for the Best Cheap company was calculated with the following weights:
An affordable minimum coverage policy costs an average of $299 per year
Offers bundling, good student and responsible payment discounts
Ranked first for affordability and has a high coverage rating
Doesn’t offer defensive driving and drivers education discounts
Slightly below average for claims management
Auto-Owners Insurance offers the most affordable insurance in our comparison group. It's also among the providers with the highest number of coverages to choose from.
The company offers several opportunities for policyholders to save money through discounts. Qualified drivers can get a significant discount for bundling insurance policies, while students can lower their premium and get up to a 20% discount if they maintain a cumulative “B” or better grade point average.
Auto-Owners Insurance also offers unique discounts, such as a responsible payment discount, which provides a lower rate for policyholders who ensure on-time premium payments for 36 consecutive months.
Prioritizing affordability doesn’t necessarily mean you need to sacrifice quality service. Auto-Owners Insurance has the lowest annual average rate in the city for a minimum coverage policy, contributing to its ranking as the best cheap insurer in the city. While it didn't score as high in customer service as the runners-up, it scored higher for coverage as well as for claims management based on J.D. Power's claims study.
Based on MoneyGeek's analysis, the best car insurance for young adults in Memphis is from:
Cincinnati Insurance earned high customer satisfaction and coverage ratings, meaning that clients can expect quality service and a wide range of coverage options from this company.
How was this MoneyGeek score calculated?
MoneyGeek’s score for Best for Young Adults was calculated with the following weights:
Offers a good student discount
Scored highest for customer satisfaction and coverage
Ranked seventh among 15 companies for affordability, with an average annual premium of $1,319
Slightly below average for claims management and affordability
Of the 15 insurance providers that MoneyGeek analyzed, Cincinnati Insurance ranked first in the customer satisfaction category and is also among the best in terms of coverage options.
Certain young adult drivers who are eligible for the company’s good student discount may be able to get lower car insurance premiums. To qualify, policyholders must be honors students with at least a 3.0 GPA or a B average during their most recent term.
Cincinnati Insurance also offers several coverage options that you can choose from, depending on your needs. The insurer offers common coverages like rental car reimbursement and roadside assistance, as well as rarer coverage offerings, such as lock replacement insurance and glass deductible modification.
With lock replacement insurance, the company will pay up to $1,500 to replace your door locks if your car keys get lost or stolen. Glass deductible modification coverage allows you to waive your deductible if your vehicle's glass needs to be replaced due to a covered incident. Note that the availability of this coverage varies by state.
When shopping for car insurance, young adults should look for providers that offer affordable rates for younger drivers as well as good customer service and discounts specifically tailored for drivers under 30 years old. Cincinnati Insurance was deemed the winner because of its exceptional customer service, various coverage options and saving opportunities. Although State Farm offers the cheapest rates for young adult drivers in Memphis, the company fell short in the claims and coverage categories.
The best car insurance for teens on a family policy in Memphis is from:
MoneyGeek found Auto-Owners Insurance to be the best option for teens and their families in Memphis as it earned high ratings for both affordability and coverage. With Auto-Owners Insurance, teens can choose from several coverage options at a great rate.
Adding a teen driver to a family plan is a great way to save on car insurance as rates are much cheaper than if the teen purchased their own policy. On average, teens in Memphis could save $2,891 per year by joining a family policy.
How was this MoneyGeek score calculated?
MoneyGeek’s score for Best for Teens was calculated with the following weights:
Ranked second for individual policy affordability, with an average individual premium of $4,062
Offers good student and distant student discounts
Has high coverage and affordability scores
Ranked fifth for family policy affordability, with an average family premium of $3,128 per year
Has an average customer satisfaction score and slightly below-average claims management
Auto-Owners Insurance offers the second-most affordable individual teen policy rates in Memphis. The company also offers a high number of coverages compared to other providers in our study.
Teen drivers may be able to take advantage of some of the company’s discounts, several of which are geared towards students. If the teen is able to maintain at least a "B" grade point average, they may qualify for the good student discount. In addition, if they are attending school more than 100 miles away from home without a vehicle, they may qualify for the distant student discount.
Auto-Owners Insurance also has a teen driver monitoring discount, which is available to families that have a permanently installed GPS in the vehicle their teen drives or are enrolled in an eligible smartphone app.
Teen drivers may have different insurance needs compared to adult drivers. Teens and their parents looking for the best car insurance should consider affordability, quality service and age-specific discounts. It's also a good idea to look for coverages focusing on safety and security, such as accident forgiveness and roadside assistance.
With high scores across all categories, Auto-Owners Insurance is the top-rated provider for teens and their families in Memphis.
The best car insurance companies for seniors in Memphis are:
Cincinnati Insurance was named the top option for senior drivers in Memphis thanks to its high ratings for customer satisfaction and affordability. Policyholders can expect great customer service at a fair price.
Drivers in their 60s typically pay similar car insurance rates to drivers in their 30s through 50s. However, premiums tend to increase for drivers in their 70s. Seniors prioritizing affordability may be able to find cheap car insurance in Memphis by shopping around and comparing quotes from different companies.
How was this MoneyGeek score calculated?
MoneyGeek’s score for Best for Seniors was calculated with the following weights:
Ranked third in affordability, with an average rate of $847 per year
Offers gap insurance and new car replacement coverage
Has high customer satisfaction and affordability ratings
Has average coverage and slightly below average claims management scores
Cincinnati Insurance was the third-most affordable auto insurance provider for seniors in Memphis in our evaluation of 15 providers. The company also came out on top for customer satisfaction in the city.
Cincinnati Insurance offers both roadside assistance and rental car and/or travel reimbursement, which are useful add-ons if you get into an accident. It also provides other essential coverages, such as gap insurance and new car replacement coverage.
Gap insurance helps pay for the difference between your vehicle’s current value and any unpaid balance on your loan or lease in the event of total loss due to a covered accident. Meanwhile, new car replacement insurance will pay to replace your car if it is totaled in a covered collision or non-collision incident.
Generally, seniors in their 60s pay lower car insurance rates because they’re considered very safe drivers, but they are more susceptible to serious injuries if they get into an accident. Insurers that offer personal injury protection (PIP) or medical payments coverage could therefore be good options for seniors.
Based on MoneyGeek’s analysis, Cincinnati Insurance is the best option for seniors in Memphis, with high affordability and customer service scores.
The best car insurance for drivers with poor records in Memphis are:
Erie has the second-most affordable average annual premium in the city for drivers with offenses and earned a high customer satisfaction score. Overall, the company is a good choice for drivers with traffic violations and who are looking for a balance of service quality and affordability.
Depending on the severity of the offense, you may pay significantly more for auto insurance. For instance, a full coverage policy after a DUI in Memphis costs $988 more than the average annual rate for a driver with a clean record. Meanwhile, a speeding ticket only increases the average annual premium by $242.
How was this MoneyGeek score calculated?
MoneyGeek’s score for Best for Drivers With Offenses was calculated with the following weights:
Ranked second for affordability, with an average annual premium of $1,451 per year
Offers rental car and/or travel reimbursement, accident forgiveness and new/better car replacement coverages
Has high customer satisfaction and affordability scores
Ranked last for coverage and has an average claims management score
Doesn't offer roadside assistance
Erie is the second-cheapest car insurance company in Memphis for drivers with bad driving records. It also received high ratings for customer satisfaction, so drivers with offenses can expect good customer service and an affordable rate.
Erie offers various coverages that may be useful for drivers with offenses, including accident forgiveness and rental car reimbursement. With accident forgiveness, policyholders who have been claims-free for three years won’t have their premium increased after their first at-fault accident. Meanwhile, rental car reimbursement covers the cost of a rental car if your vehicle needs to be repaired following an accident.
If you choose to add new car replacement coverage to your policy, Erie will replace your vehicle if it gets totaled due to a covered incident. If you've had the vehicle for less than two years, the company will replace it with the newest model year. For vehicles over two years old, you will receive a model that’s two years newer.
A car insurance company may be a good option for drivers who have violations on their record if it offers reasonably priced policies and discounts since bad records usually lead to higher premiums. Erie's combination of good customer satisfaction, affordability and claims management scores makes it the best option in Memphis for drivers with poor records. Cincinnati Insurance offers better coverage options and customer service, but it is much more expensive.
The best car insurance providers for drivers with new cars in Memphis are:
Travelers ranked first for affordability in our comparison and also received a high coverage score.
In order to find the best car insurance companies for new cars, we focused on affordability and service quality for drivers with a 2022 model car in Tennessee. In addition, we only included insurers that offer new or better car replacement coverage. New car replacement covers the cost of buying a new car of the same make and model if the covered car is totaled.
How was this MoneyGeek score calculated?
MoneyGeek’s score for Best for New Cars was calculated based on insurers offering new or better car replacement coverage and the following weights:
Ranked first for affordability, with an average annual premium of $1,211
Offers new car replacement coverage
Has high affordability and coverage scores
Has an average customer satisfaction score
Doesn’t have deductible modification coverage
Travelers offers the most affordable policies for drivers with a new car in Memphis and also has a high number of coverages available.
In particular, the company’s Premier New Car Replacement coverage option makes it a good option for those with newer cars. With this add-on coverage, Travelers will replace the covered car with a brand new car of the same make and model if it gets totaled in the first five years of ownership. This coverage is only available for full coverage policies, and the covered vehicle must be the current or a future model year when the coverage is added.
Travelers also offers accident forgiveness coverage, which ensures that your premium won't increase after your first at-fault accident within a specified period, and roadside assistance, which is very useful if you get stranded due to car trouble.
Drivers with a new car may want to find an auto insurance company that offers new or better car replacement coverage as this add-on coverage helps protect your new purchase.
Based on MoneyGeek's evaluation of providers in Memphis offering new or better car replacement coverage, Travelers was the top option for drivers with a new car and ranked the highest in all categories.
When searching for the best car insurance companies in Memphis, consider important factors like cost, service reputation and financial stability. We collected this data for Memphis auto insurance providers to help you get started, but you may also conduct your own research by following these steps.
MoneyGeek gathered data to evaluate the customer service reputations of auto insurance providers in Memphis. However, you can also look up J.D. Power satisfaction scores and NAIC complaint ratios for the specific insurance companies you're looking at. In addition, we recommend visiting the Tennessee Department of Commerce and Insurance website to view more customer service data for insurance providers in Tennessee.
Rates in our study are averages for sample driver profiles, but they may vary depending on factors unique to you. For a more accurate idea of your expected rate, we recommend getting personalized quotes from at least three different companies. Comparing quotes will also help you make sure you're getting the best rate.
Insurers don't necessarily offer all of their advertised coverages and discounts in every state. As you do your research, be sure to confirm that the insurance companies you're considering offer the coverages or discounts you need in your area.
Financial stability is another important factor to consider when choosing an auto insurance provider. Financial strength indicates the company’s ability to fulfill claims. Larger insurance companies tend to be financially stronger than regional companies, but it's always best to check the ratings of whatever company you're considering.
The best car insurance in Memphis will vary depending on your driver profile and specific needs. MoneyGeek answers commonly asked questions to help you with your search for the top provider in Memphis.
The best car insurance company in Memphis is Auto-Owners Insurance. The company received a MoneyGeek score of 82 out of 10 and has an average annual premium of $746. Auto-Owners Insurance is also the top option in Memphis for a minimum coverage policy and for teens and their families. In our analysis, it ranked very high for affordability and financial stability and also earned good coverage and customer service scores.
MoneyGeek analyzed 15 car insurance companies in Memphis and found that Auto-Owners Insurance offers the best cheap car insurance companies in Memphis. When evaluated for both affordability, Auto-Owners Insurance received a total MoneyGeek score of 84 out of 100, and its average rate for a minimum coverage policy is $299 per year. The company earned high ratings for affordability and financial stability.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
