Wouldn’t it be so easy if you could just know the best company that has the best auto insurance prices for used cars? It’s not quite that easy, unfortunately, as there are many unknown aspects like the crash test ratings of your vehicle, the area you live in, your marital status, and the annual mileage you drive. We know insurance is not everyone’s favorite topic, but in this article we will cover some of these things and will hopefully give you a good start to your coverage search.
The vehicle model you are insuring is probably the largest consideration when shopping for the cheapest coverage for used cars. Vehicles with more horsepower, poor safety features, or an increased likelihood of liability claims will cost much more to insure than more economical and safe models. The next table showcases car insurance costs for a number of the more affordable automobiles to buy insurance for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape Limited 2WD | $966 |
| Hyundai Elantra SE Touring Station Wagon | $1,023 |
| Ford F-150 XLT Regular Cab 4WD | $1,058 |
| Honda CR-V LX 2WD | $1,082 |
| Honda Accord LX 4-Dr Sedan | $1,087 |
| Ford Focus S 4-Dr Sedan | $1,093 |
| Chevrolet Impala LS | $1,102 |
| Chevrolet Equinox LT AWD | $1,115 |
| Chevrolet Malibu LS | $1,120 |
| Jeep Wrangler Unlimited Sport 4WD 4-Dr | $1,155 |
| Toyota Corolla S | $1,173 |
| Honda Odyssey EX-L | $1,179 |
| Ford Fusion SEL 4-Dr Sedan | $1,193 |
| Toyota Prius | $1,195 |
| Honda Civic EX-L 4-Dr Sedan | $1,232 |
| Toyota Tacoma 2WD | $1,254 |
| Hyundai Sonata Limited 4-Dr Sedan | $1,274 |
| Toyota RAV4 Sport 2WD | $1,276 |
| Dodge Ram 3500 Mega Cab SLT 2WD | $1,296 |
| Dodge Grand Caravan CV | $1,301 |
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Data rating is based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, safe-driver, claim-free, multi-policy, and multi-vehicle. Table data does not factor in your specific Nashville, TN location which can influence premiums noticeably.
Looking at the numbers, we can infer that makes and models like the Ford Escape, Hyundai Elantra, Ford F-150, and Honda CR-V are most likely going to be a few of the less-costly vehicles to insure for pre-owned vehicles.
One of the many factors that help determine car insurance rates is where your residence is. More populated areas tend to have higher rates, whereas areas with lower crime rates and fewer weather claims have the luxury of cheap car insurance rates.
The information below ranks the priciest cities in Tennessee for used cars to purchase a policy in. Nashville makes the list at #13 with a yearly cost of $1,177 for the average insured, which is around $98 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Memphis | $1,490 |
| 2 | Bartlett | $1,419 |
| 3 | Germantown | $1,334 |
| 4 | Collierville | $1,323 |
| 5 | Jackson | $1,292 |
| 6 | Knoxville | $1,230 |
| 7 | Columbia | $1,226 |
| 8 | Oak Ridge | $1,210 |
| 9 | Maryville | $1,208 |
| 10 | Smyrna | $1,183 |
| 11 | Murfreesboro | $1,183 |
| 12 | Brentwood | $1,179 |
| 13 | Nashville | $1,177 |
| 14 | Franklin | $1,175 |
| 15 | Cookeville | $1,171 |
| 16 | Clarksville | $1,170 |
| 17 | Hendersonville | $1,158 |
| 18 | Spring Hill | $1,157 |
| 19 | La Vergne | $1,151 |
| 20 | Morristown | $1,125 |
| 21 | Gallatin | $1,121 |
| 22 | Chattanooga | $1,115 |
| 23 | Cleveland | $1,091 |
| 24 | Kingsport | $1,057 |
| 25 | Johnson City | $1,031 |
| Compare Prices Now Go | ||
Price information shown is approximated as the specific garaging location can lower or raise price quotes considerably.
Buying affordable auto insurance is hard enough, and determining which company has the best auto insurance rates for used cars will take even more shopping around. Every insurance provider has their own process for establishing rates, so let’s begin by taking a look at the most affordable auto insurance companies in Nashville.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $737 |
| 2 | Auto-Owners | $836 |
| 3 | Cincinnati Insurance | $884 |
| 4 | Penn National | $899 |
| 5 | USAA | $947 |
| 6 | Tennessee Farmers | $961 |
| 7 | Erie | $967 |
| 8 | Nationwide | $1,032 |
| 9 | Westfield | $1,047 |
| 10 | Allied | $1,049 |
| 11 | GEICO | $1,144 |
| 12 | Travelers | $1,177 |
| 13 | Progressive | $1,178 |
| 14 | State Farm | $1,201 |
| 15 | Direct General | $1,201 |
| 16 | The Hartford | $1,221 |
| 17 | Shelter | $1,235 |
| 18 | State Auto | $1,254 |
| 19 | 21st Century | $1,261 |
| 20 | Chubb | $1,277 |
| Quote Your Rates Go | ||
Utica National generally has some of the lowest car insurance rates in Nashville at around $737 annually. Auto-Owners, Cincinnati Insurance, Penn National, and USAA are also some of the more affordable Nashville, TN car insurance companies.
As illustrated above, if you are a policyholder with Penn National and switched to Utica National, you might realize an annual savings of approximately $162. Insureds with USAA could save as much as $210 a year, and Tennessee Farmers insureds might realize rate reductions of up to $224 a year.
To find out how much you can save, click here to get a free quote or feel free to get quotes from the companies below.
Be aware that those premiums are averaged across all insureds and vehicles and and are not calculated with an exact vehicle garaging location for used cars. So the auto insurance company that fits your needs best may not even be in the top 30 companies shown above. That points out the importance of why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.
Types of discounts on Nashville auto insurance rates
Insurance companies that offer quotes for used cars may also offer premium discounts that could reduce prices by as much as 35% or more if you meet certain criteria. A list of auto insurance companies and a selection of discounts are outlined below.
- American Family may offer discounts for accident-free, defensive driver, good driver, TimeAway discount, mySafetyValet, and bundled insurance.
- Farm Bureau offers discounts including good student, 55 and retired, renewal discount, safe driver, youthful driver, and multi-policy.
- State Farm offers premium reductions for Drive Safe & Save, student away at school, safe vehicle, multiple policy, defensive driving training, and good driver.
- Travelers discounts include new car, save driver, driver training, hybrid/electric vehicle, payment discounts, continuous insurance, and home ownership.
- The Hartford may have discounts that include good student, vehicle fuel type, bundle, air bag, anti-theft, driver training, and defensive driver.
- GEICO has savings for emergency military deployment, federal employee, air bags, multi-vehicle, and seat belt use.
- Progressive includes discounts for good student, multi-policy, multi-vehicle, continuous coverage, online signing, online quote discount, and homeowner.
The example below visualizes the comparison of insurance costs with and without discounts applied to the policy premium. The premiums assume a female driver, a clean driving record, no claims, Tennessee state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The lower bar shows the rates with claim-free, vehicle safety, multiple policy, safe-driver, defensive driving course, and anti-theft discounts applied. When these discounts are applied, theamount saved on auto insurance for used cars is 28% or $433.
Liability only or full coverage
Saving money on auto insurance should be important to most drivers, and one good way to pay lower rates for insurance for used cars is to not insure for full coverage. The chart below shows the comparison of premium costs with liability coverage only compared to full coverage. The costs are based on no claims, a clean driving record, $500 deductibles, drivers are single, and no discounts are applied to the premium.
On average, comprehensive and collision coverage on your policy costs an extra $1,819 per year more than just buying liability insurance. That proposes the question when is it safe to stop buying full coverage. There is no definitive guideline for excluding comp and collision coverage, but there is a guideline you can consider. If the annual cost of having full coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might want to think about dropping full coverage.
For example, let’s say your vehicle’s replacement cost is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, you would only receive $8,000 after paying your policy deductible. If you are paying over $800 annually for physical damage coverage, then it might be time to consider dropping full coverage.
There are some scenarios where eliminating full coverage is not a good plan. If you still owe a portion of the original loan, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should keep full coverage on your policy.
How to find the cheapest car insurance for used cars
The list below shows some of the better penny-pinching solutions that can help Tennessee drivers find low-cost coverage.
- Save money by obeying traffic laws and keeping a clean driving record
- Save money by bundling your home and auto policies
- Prevent rate increases by staying accident-free
- Vehicles with good safety ratings are usually cheaper to insure
- Pay for small claims rather than turning them in to your insurance company
- Shop around and save
That last piece of advice is incredibly vital, as we stressed in this article. Prices charged by companies fluctuate constantly, so don’t be tentative to switch to a new company if a better rate can be found.
Being loyal to a particular company is commendable, but it’s not a good idea if that loyalty ends up costing hundreds of dollars a year. In just a few minutes you could shop around and find cheaper auto insurance for used cars in Nashville.