The words “bargain” and “insurance” really don’t belong together, specifically when shopping around for the cheapest car insurance for drivers requiring a SR22. Because it’s so expensive, let’s familiarize you with some things that significantly impact car insurance prices, and figure out some ways to take a little off the next policy you buy.
The make and model of vehicle requiring coverage is probably the largest consideration when consumers are trying to find low-cost insurance for drivers requiring a SR22. Vehicles with high performance engines, a lack of modern safety features, or a history of substantial liability claims will cost quite a bit more to insure than safer models. The information below illustrates insurance costs for a number of the most economical automobiles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$3,604|
|Honda CR-V EX 2WD||$3,865|
|Honda Accord LX 4-Dr Sedan||$3,870|
|Ford F-150 STX Super Cab 2WD||$4,036|
|Honda Odyssey EX||$4,227|
|Ford Explorer Eddie Bauer 2WD||$4,265|
|Dodge Grand Caravan CV||$4,270|
|Volkswagen Jetta S 4-Dr Sedan||$4,268|
|Toyota RAV4 Limited 4WD||$4,275|
|Chevrolet Malibu LS||$4,268|
|Chevrolet Impala LS||$4,424|
|Ford Fusion SEL 4-Dr Sedan||$4,502|
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Table data assumes single female driver age 40, two speeding tickets, two at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include homeowner, multi-vehicle, and multi-policy. Premium costs do not factor in the specific area where the vehicle is garaged which can alter premium rates greatly.
Based upon the rates shown, we can infer that makes and models like the Ford Escape, Honda CR-V, Honda Accord, and Toyota Prius are likely to be the most affordable vehicles to insure for high risk drivers. The price for an auto insurance policy will trend higher just because there is more liability risk for drivers requiring a SR22, but overall those particular models will have the cheapest auto insurance rates compared to other vehicles.
For high risk drivers, one of the big things that determine the annual cost of car insurance is where you choose to live. Areas with more people or higher crime rates will most likely pay more, whereas areas with lower crime rates and fewer weather claims profit from lower rates.
The following table lists the most expensive places in Tennessee for drivers requiring a SR22 in which to buy car insurance. Nashville ranks #9 with an annual cost of $1,213 for the average insurance policy, which is about $101 each month.
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Table data uses comparative as specific location information can decrease or increase premiums substantially.
Determining which company quotes the cheapest auto insurance rates for drivers requiring a SR22 takes more time in order to find a policy that fits your budget.
Each auto insurer has a unique formula for determining rates, so we’ll take a look at the auto insurance companies with the overall best prices in Nashville, TN. Keep in mind that Nashville, TN auto insurance rates are impacted by many things that may substantially change the price you pay for coverage. Simply having a birthday, becoming a homeowner, or getting caught speeding can trigger changes in premium resulting in some companies being cheaper than before.
Cheap Insurance Rates for SR22 Drivers
Utica National generally has some of the cheapest car insurance rates in Nashville at around $744 a year. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers also are some of the best Nashville, TN insurance companies.
As shown in the rates above, if you buy coverage from Cincinnati Insurance and switched to Utica National, you could realize a yearly savings of approximately $140. Drivers with Penn National could save as much as $164 a year, and Tennessee Farmers insureds might reduce rates by $179 a year.
To find the cheapest rates for your vehicle, click here to begin a quote or click through to the companies below.
These policy rates are averages across all types of insureds and vehicles and are not factoring in a specific vehicle garaging location for drivers requiring a SR22. So the car insurance company that is best for you may not even be in the list above. That helps illustrate why you need to quote rates from as many companies as possible using your own driver data and vehicle information.
How accidents and tickets impact rates
The recommended way to snag affordable auto insurance rates for high risk drivers is to pay attention while driving and avoid accidents and traffic violations. The illustration below highlights how speeding tickets and at-fault accidents drive up auto insurance costs for each age group. The price estimates are based on a single female driver, comp and collision included, $100 deductibles, and no policy discounts are applied.
In the prior example, the average cost of auto insurance in Nashville per year with no accidents and a clean driving record is $1,747. Factor in one speeding ticket and the average cost rises to $1,978, an increase of $231 each year. Then throw in one accident along with the one speeding ticket and the yearly cost of auto insurance for drivers requiring a SR22 jumps again to an average of $2,635. That’s an increase of $887, or $74 per month, just for not paying attention while driving!
Price comparison of only insuring for liability
Saving money when shopping for auto insurance is the goal of the majority of vehicle owners, and one of the quickest ways to find cheaper insurance for drivers requiring a SR22 is to buy only liability coverage. The example below visualizes the comparison of yearly insurance costs with and without physical damage coverage. Data assumes no violations or claims, $100 deductibles, drivers are single, and no additional discounts are factored in.
Averaged for all age groups, physical damage coverage on your policy costs an additional $1,847 per year more than just buying liability only. That is a big expense that brings up the question if buying full coverage is worth the money. There is no written rule of when to exclude comp and collision coverage, but there is a guideline you can use. If the annual cost of coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it could be time to drop full coverage.
You are probably paying too much for car insurance
Tennessee auto insurance rates are influenced by many factors which can substantially change your annual premium. Simply having another birthday, increasing liability limits, or getting a speeding ticket can produce rate changes resulting in some rates now being more affordable than others. Not only may your risk profile change, but car insurance companies file new rates as often as every quarter to adjust for heavy claims or excess profits. Significantly higher losses may cause increased policy costs, while better underwriting can cause more affordable Nashville car insurance rates.
To illustrate this point, the graph below shows the cheapest car insurance in Nashville, TN for a 35-year-old female driver with no prior accidents, a clean driving record, and great credit. If we compare prices based on her personal risk profile, Utica National has the most affordable car insurance rates in Nashville at $837 a year. This is $491 less than the average rate paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, USAA, and Tennessee Farmers round out the rest of the best Nashville, TN auto insurance companies.
Now let’s give the driver from the first rate comparison a claim surcharge, slightly worse credit, and a traffic citation. Since each auto insurance company uses their own method for setting prices, comparing prices will most likely result in a substantially altered list of the cheapest Nashville car insurance companies as shown below.
Erie now has the best car insurance rate in Nashville, TN with Nationwide, Allied, Westfield, and GEICO now being in the top five. This shows why Tennessee drivers need to compare as many rates as possible to get affordable insurance rates for drivers requiring a SR22. Insurance rates can be determined by many factors and can increase or decrease at any time, so the most affordable company the last time you compared rates may now be quite expensive.
How to find economical car insurance for drivers requiring a SR22
It is possible to find better rates, and here are some of the better money-saving suggestions that can help drivers find cheap auto insurance.
- Pay lower rates with good credit
- Increase deductibles to save money
- Drive attentively and avoid accidents
- Violations and traffic tickets increase rates
- Vehicles with safetly features generally cost less to insure
- Shop around for cheaper prices
That last piece of advice is incredibly necessary, as was noted in this piece. Rates change constantly, so drivers shouldn’t be resistant to buy a policy from a new company if a better rate can be found. Many drivers tend to have loyalty to a certain company, but we do not recommend it if your bullheadedness ends up costing you a fortune every year. It only take a few minutes to compare prices and find cheaper insurance for drivers requiring a SR22 in Nashville.
The agencies below are a good start to provide answers to your questions and help you determine which auto insurance policy would work best for you, since lots of people like to have a consultation when shopping around for cheaper insurance for drivers requiring a SR22. It’s not always simple to find the best rates on your own, and getting advice from a licensed agent can give you peace of mind knowing you have sufficient coverage at claim time. To find an auto insurance agency close to you, click the button at the bottom.
65 Parris Ave – Nashville, TN 37210 – (615) 254-8343
Mike Maclean – State Farm Insurance Agent
3922 Gallatin Pike – Nashville, TN 37216 – (615) 891-1241
Prince Insurance Agency, Inc.
1101 Kermit Dr #205 – Nashville, TN 37217 – (615) 823-6987