Figuring out which company offers the lowest-priced car insurance rates for homeowners involves more time than just quoting one company’s rates.
Each auto insurer uses their own method to establish rates, so we’ll go over the most competitive car insurance companies in Nashville. We do need to point out that Tennessee car insurance rates are influenced by many factors that will increase or decrease the cost of having a policy. Improving your credit rating, having a teenage driver, or getting into an accident can trigger rate changes resulting in some companies being cheaper in comparison to the competition.
Best Cheap Insurance Rates for Homeowners
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Utica National may have some of the lowest car insurance rates in Nashville at around $737 a year. This is $591 less than the average premium paid by Tennessee drivers of $1,328. Cincinnati Insurance, Auto-Owners, Tennessee Farmers, and Penn National would also be considered some of the more affordable Nashville, TN auto insurance companies.
In the rate table above, if you currently buy coverage from Cincinnati Insurance and switched to Utica National, you might achieve yearly savings of in the neighborhood of $113. Insureds with Auto-Owners could save as much as $115 a year, and Tennessee Farmers policyholders might cut rates by $186 a year.
To get a quick, customized rate comparison, click here to get a free quote or visit any of the companies below.
Be aware that those rates are averages across all drivers and vehicles and do not take into consideration a specific vehicle garaging location for homeowners. So the insurer that is best for you may not even be in the top 30 companies shown above. That emphasizes why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
For people who own their homes, one of the more important criteria that aid in calculating the amount you pay each year for auto insurance is where you live. Areas with more people or more claims tend to have more expensive auto insurance rates, whereas areas with lower crime rates and fewer weather claims have the luxury of cheap car insurance rates.
The following table sorts the most expensive cities in Tennessee for homeowners in which to buy car insurance. Nashville comes in at #18 with an annual cost of $1,165 for car insurance, which is about $97 monthly.
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Rate information is estimated as the specific geographic location can raise or lower rates noticeably.
Discount Nashville insurance rates
Insurance companies that offer coverage for homeowners may additionally offer discounts that could lower prices by 40% or more if you meet certain criteria. A list of companies and a summarized list of policyholder discounts are outlined below.
- State Farm may have discounts that include student away at school, multiple autos, driver’s education, defensive driving training, anti-theft, and safe vehicle.
- Nationwide policyholders can earn discounts including family plan, Farm Bureau membership, easy pay, business or organization, accident-free, good student, and anti-theft.
- GEICO offers discounts for emergency military deployment, good student, multi-policy, multi-vehicle, and driver training.
- AAA includes discounts for pay-in-full, good driver, multi-car, multi-policy, anti-theft, AAA membership discount, and good student.
- 21st Century may include discounts for homeowners, 55 and older, air bags, anti-lock brakes, defensive driver, student driver, and automatic seat belts.
- The Hartford has discounts for anti-theft, driver training, air bag, vehicle fuel type, and defensive driver.
The chart below compares auto insurance rates with and without discounts applied to the rates. The costs are based on a female driver, a clean driving record, no at-fault accidents, Tennessee state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with multiple vehicle, marriage, multiple policy, safe-driver, claim-free, and accident-free discounts applied. When taking advantage of discounts, theaverage amount saved on car insurance for homeowners is 28% or $348.
Difference between full coverage and liability only rates
Saving money when shopping for car insurance is important to the majority of people, and one easy way to lower the cost of insurance for homeowners is to not insure for full coverage. The chart below shows the difference between auto insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. The information is based on a clean driving record, no at-fault accidents, $100 deductibles, single status, and no discounts are taken into consideration.
Averaged for all age groups, full coverage costs an additional $2,220 per year over and above liability coverage. That raises the question if physical damage coverage is worth the money. There is no definitive guideline to stop paying for comp and collision coverage, but there is a general school of thought. If the annual cost of coverage is more than 10% of the settlement you would receive from your company, then you might consider buying liability only.
Chances are good that you’re overpaying for Nashville car insurance
Tennessee car insurance rates are impacted by many things which can substantially change the price you pay. Simply having another birthday, filing a claim, or getting a reckless driving citation can trigger price changes resulting in some companies being more affordable than the competition. Not only may your situation change, but auto insurance companies change the rates they charge in Tennessee every year or even multiple times each year in order to be able to pay unexpected claims. An extended period of higher than normal claims may result in high rates, while lower claim levels can produce cheaper Nashville car insurance rates.
To illustrate this point, the graph below shows rates for the cheapest car insurance in Nashville, TN for a 35-year-old female driver with a clear driving record, no claims, and a good credit rating. If we estimate prices based on her personal risk profile, Utica National quotes the lowest car insurance rates in Nashville at $867 each year. This is $461 less than the average premium paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and USAA are also included in the most affordable Nashville, TN auto insurance companies.
In the next rate comparison, we’ll give the driver in the first example a chargeable claim, poor credit, and a speeding citation. Due to the fact that every insurance company has their own guidelines to determining premium rates, getting updated rate quotes may now present a significantly different list of companies as shown below.
Erie now has the cheapest auto insurance in Nashville, TN with Allied, Nationwide, Westfield, and GEICO also being competitive. This illustrates why it is so important to perform an extensive rate comparison to find the most budget-friendly auto insurance quotes for homeowners. Car insurance prices are impacted by many things and can change without notice, so the most economical company three years ago may now be quite expensive.
If you aren’t clear which coverage you need and would like to get some professional advice when trying to find the best insurance rates for homeowners, the insurance agencies listed below are willing to help you determine which coverage fits your budget. To find a Nashville insurance agent close to you, click the button following the list or click here to get price quotes now.
Greater Nashville Insurance
208 McGavock Pike A – Nashville, TN 37214 – (615) 885-5882
Vernon Wells – State Farm Insurance Agent
4704 Nolensville Rd – Nashville, TN 37211 – (615) 833-6333
Eric Osborne – State Farm Insurance Agent
2301 21st Ave S #350 – Nashville, TN 37212 – (615) 837-9000