You have probably seen the commercials from car insurance companies like Progressive and Nationwide that make claims of dirt cheap rates, so drivers should just select the one with the best jingle, right?
It’s not quite that easy, unfortunately, as there are a whole bunch of unknown factors like the area you live in, your annual mileage driven, if you own your own home, and how well you maintain your credit. We are going to cover the types of situations that result in high rates and hopefully give you enough understanding to have a good start in finding the cheapest car insurance.
One of the many considerations that aid in calculating the amount you pay for auto insurance is where you call home. Areas with high crime rates or more dense population tend to have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims have the luxury of cheap car insurance rates.
The following table ranks the most expensive areas in Tennessee after a speeding ticket to purchase car insurance in. Nashville is listed at #16 with an annual premium of $1,165 for the average policyholder, which is around $97 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Memphis | $1,490 |
| 2 | Bartlett | $1,405 |
| 3 | Collierville | $1,363 |
| 4 | Germantown | $1,360 |
| 5 | Jackson | $1,253 |
| 6 | Oak Ridge | $1,247 |
| 7 | Knoxville | $1,218 |
| 8 | Columbia | $1,214 |
| 9 | Clarksville | $1,194 |
| 10 | Murfreesboro | $1,194 |
| 11 | Spring Hill | $1,193 |
| 12 | La Vergne | $1,186 |
| 13 | Cookeville | $1,182 |
| 14 | Franklin | $1,175 |
| 15 | Maryville | $1,172 |
| 16 | Nashville | $1,165 |
| 17 | Smyrna | $1,159 |
| 18 | Hendersonville | $1,158 |
| 19 | Gallatin | $1,155 |
| 20 | Morristown | $1,137 |
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Premium amounts are estimated as the specific zip code location can modify premiums greatly.
The make and model of vehicle you are insuring is a significant factor when comparing the best cheap coverage after a speeding ticket. Vehicles with higher performance, a lack of modern safety features, or a track record of large liability claims will cost quite a bit more to insure than safer, lower-performance models. The data below showcases car insurance premiums for some of the cheaper automobiles to insure in Tennessee.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $1,538 |
| Ford Escape XLS 2WD | $1,544 |
| Honda CR-V LX 4WD | $1,641 |
| Hyundai Elantra GLS Touring Station Wagon | $1,679 |
| Ford Explorer XLT AWD | $1,718 |
| Toyota RAV4 Limited 2WD | $1,821 |
| Volkswagen Jetta S 4-Dr Sedan | $1,831 |
| Chevrolet Malibu LT | $1,854 |
| Toyota Prius | $1,864 |
| Honda Civic LX-S 4-Dr Sedan | $1,887 |
| Toyota Tacoma 2WD | $1,903 |
| Chevrolet Impala LTZ | $1,922 |
| Chevrolet Equinox LS AWD | $1,941 |
| Honda Odyssey EX | $1,943 |
| Ford Edge SE AWD | $1,951 |
| Ford Fusion SE 4-Dr Sedan | $1,955 |
| Jeep Grand Cherokee Limited 4WD | $1,963 |
| Jeep Wrangler Unlimited Sport 4WD 4-Dr | $1,981 |
| Dodge Grand Caravan Crew | $2,027 |
| Toyota Camry XLE | $2,051 |
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Data based on single male driver age 40, two speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, and multi-policy. Price estimates do not factor in Nashville, TN location which can change coverage prices significantly.
Based upon the table data, we can tell that cars like the Honda Accord, Ford Escape, and Honda CR-V will definitely be a few of the most budget-friendly vehicles to insure after a few driving violations.
Get discount Nashville auto insurance
Auto insurance companies that sell policies after a speeding ticket may also give you premium discounts that can reduce rates by 40% or more if you are eligible to receive them. Larger auto insurance companies and a summarized list of policyholder discounts are shown below.
- Farm Bureau offers discounts including driver training, 55 and retired, renewal discount, safe driver, youthful driver, multi-vehicle, and good student.
- Liberty Mutual policyholders can earn discounts including new vehicle discount, new graduate, teen driver discount, exclusive group savings, preferred payment discount, and multi-policy.
- State Farm offers discounts for defensive driving training, Drive Safe & Save, multiple autos, good student, passive restraint, multiple policy, and anti-theft.
- Auto-Owners Insurance includes discounts for multi-policy, safe vehicle, air bags, anti-lock brakes, and student away at school.
- GEICO discounts include military active duty, defensive driver, seat belt use, multi-vehicle, driver training, multi-policy, and membership and employees.
- SAFECO may offer discounts for accident prevention training, multi-car, teen safety rewards, safe driver, bundle discounts, drive less, and anti-theft.
The example below illustrates the comparison of yearly insurance costs with and without discounts applied to the policy premium. The data assumes a female driver, no at-fault accidents and three violations, Tennessee state minimum liability limits, comp and collision included, and $100 deductibles. The first bar for each age group shows premium with no discounts. The lower bar shows the rates with homeowner, continuous coverage, multiple vehicle, passive restraint, marriage, and anti-theft discounts applied. With discounts applied, the average savings per year on auto insurance after a speeding ticket is 28% or $910.
Rate difference between full and liability-only coverage
Lowering the price of auto insurance is important to most people, and one of the fastest ways to buy cheaper insurance after a speeding ticket is to only buy liability coverage. The information below illustrates the comparison of insurance rates when comparing full coverage to liability only. The data is based on a clean driving record, no at-fault accidents, $1,000 deductibles, single marital status, and no policy discounts are applied.
As an average, comprehensive and collision coverage on your policy costs $1,620 per year more than buying just liability insurance. Many drivers may wonder if buying full coverage is worth the money. There is no clear-cut formula for phasing out physical damage coverage, but there is a general guideline. If the annual cost of having full coverage is about 10% or more of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
For example, let’s say your vehicle’s replacement cost is $5,500 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $4,500 after paying your policy deductible. If premium cost is more than $450 a year to have full coverage, then it might be time to buy liability only.
There are a few situations where buying only liability insurance is not a good plan. If you haven’t satisfied your loan, you are required to maintain full coverage to protect the lienholder’s interest. Also, if your emergency fund is not enough to purchase a different vehicle in case of an accident, you should not buy liability only.
You are probably paying too much for car insurance
Nashville auto insurance rates are determined by lots of factors that will increase or decrease the price you have to pay for coverage. Improving your credit score, buying higher coverage limits, or having a fender bender can trigger changes in premium resulting in some companies being more affordable than before. And not only may your rating factors change, but insurance companies amend premium rates multiple times each year to help ensure profitability. A period of higher than normal claims may result in additional premium costs, while profitable underwriting may cause lower-cost Nashville car insurance rates.
To help illustrate this point, the data below shows the companies that have the cheapest car insurance in Nashville, TN for a 35-year-old female driver with no violations or accidents, and great credit. If we estimate rates based on her current rating profile, Utica National has the cheapest car insurance rates in Nashville at $889 annually. This is $439 less than the average premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, USAA, and Tennessee Farmers are the remaining top five cheapest Nashville, TN auto insurance companies.
Now we will pretend the driver from the first rate comparison a claim surcharge, a lower credit score, and an imperfect driving record. Due to the fact that every insurance company has a proprietary method to establish rates, analyzing rates may now show a significantly different list of the cheapest car insurance companies in Nashville as shown below.
Erie now has the cheapest insurance rate in Nashville with Allied, Nationwide, Westfield, and Auto-Owners completing the list. This example demonstrates why Nashville drivers need to compare as many rates as possible when trying to find the lowest car insurance rates after a speeding ticket. Insurance prices are made up of many risk factors and change dramatically, so the cheapest rate a year ago may now be an over-priced policy.