The vehicle model that needs insurance is one of the primary factors when trying to find affordable auto insurance for teenagers. Vehicles with more horsepower, poor crash test ratings, or an increased likelihood of liability claims will cost much more to insure than safer, lower-performance models. The list below ranks auto insurance prices for some of the more affordable vehicles to buy coverage for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord EX 4-Dr Sedan | $3,860 |
| Honda CR-V LX 4WD | $3,868 |
| Ford Escape Limited 4WD | $4,153 |
| Toyota Prius | $4,193 |
| Dodge Grand Caravan SE | $4,329 |
| Ford Edge SE AWD | $4,539 |
| Honda Odyssey EX | $4,548 |
| Jeep Grand Cherokee Laredo 4WD | $4,581 |
| Volkswagen Jetta LE 4-Dr Sedan | $4,590 |
| Nissan Altima 2.5 4-Dr Sedan | $4,581 |
| Chevrolet Equinox LS 2WD | $4,586 |
| Toyota RAV4 Limited 4WD | $4,581 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $4,620 |
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Cost estimates assume single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include safe-driver, and claim-free. Rates do not factor in Nashville, TN location which can decrease or increase prices noticeably.
Looking at the numbers, makes and models like the Honda Accord, Honda CR-V, Ford Escape, and Toyota Prius are most likely going to be some of the more affordable vehicles to insure for teen drivers. Auto insurance rates will be more expensive just because there is more liability risk for teenagers, but generally speaking those specific models will tend to have the cheapest car insurance rates available.
One of the more important components that help determine auto insurance rates is where you call home. More densely populated places are more likely to pay higher prices, whereas areas with lower vehicle theft rates and fewer weather claims can boast about having cheaper rates.
The following table shows the highest-priced places in Tennessee for teenagers to purchase car insurance in. Nashville is ranked #10 with a yearly premium of $1,201 on average, which is about $100 monthly.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Memphis | $1,490 |
| 2 | Bartlett | $1,377 |
| 3 | Germantown | $1,334 |
| 4 | Collierville | $1,309 |
| 5 | Jackson | $1,305 |
| 6 | Oak Ridge | $1,247 |
| 7 | Knoxville | $1,230 |
| 8 | Columbia | $1,214 |
| 9 | Spring Hill | $1,205 |
| 10 | Nashville | $1,201 |
| 11 | Murfreesboro | $1,194 |
| 12 | Smyrna | $1,194 |
| 13 | La Vergne | $1,186 |
| 14 | Maryville | $1,172 |
| 15 | Clarksville | $1,170 |
| 16 | Gallatin | $1,167 |
| 17 | Franklin | $1,140 |
| 18 | Morristown | $1,137 |
| 19 | Cookeville | $1,136 |
| 20 | Hendersonville | $1,136 |
| 21 | Brentwood | $1,133 |
| 22 | Cleveland | $1,124 |
| 23 | Chattanooga | $1,115 |
| 24 | Johnson City | $1,041 |
| 25 | Kingsport | $1,037 |
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Rate information is estimated as zip code location can lower or raise premiums substantially.
Insuring your vehicle with the best company is hard considering how many companies there are in Tennessee. The information listed below may help you choose which car insurance companies to look at when buying insurance for teenagers.
The ratings below include insurance companies that insure vehicles in the majority of U.S. states, so companies that may only write in Tennessee are not included in the list. To view rates from these and other top-rated companies, click this link.
Top 10 Major Auto Insurance Providers in Nashville Ranked by Value
- Travelers
- American Family
- Safeco Insurance
- AAA Insurance
- The Hartford
- Progressive
- Erie Insurance
- Esurance
- 21st Century
- Titan Insurance
How to get discounts on Nashville insurance
Insurance companies that provide coverage for teenagers could also offer premium discounts that can lower rates by as much as 25% or more if you are eligible to receive them. A few popular companies and the discounts they provide are detailed below.
- Farm Bureau has discounts for multi-vehicle, safe driver, driver training, 55 and retired, and multi-policy.
- MetLife includes discounts for accident-free, good student, multi-policy, claim-free, and good driver.
- Progressive has savings for multi-vehicle, continuous coverage, homeowner, multi-policy, and good student.
- AAA offers discounts for AAA membership discount, anti-theft, multi-car, multi-policy, education and occupation, pay-in-full, and good driver.
- American Family may include discounts for Steer into Savings, bundled insurance, accident-free, early bird, TimeAway discount, and air bags.
- GEICO offers premium reductions for federal employee, seat belt use, emergency military deployment, multi-vehicle, multi-policy, and daytime running lights.
- State Farm policyholders can earn discounts including passive restraint, accident-free, Drive Safe & Save, anti-theft, student away at school, and multiple autos.
The chart below visualizes the comparison of insurance prices with and without discounts applied. The prices are based on a male driver, no claims or driving violations, Tennessee state minimum liability limits, comp and collision included, and $100 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with continuous coverage, paid-in-full, paperless filing, good student, vehicle safety, and anti-theft discounts applied. When drivers take advantage of discounts, the average savings per year on car insurance for teenagers is 28% or $583.
Cost of full coverage in Nashville
Finding the cheapest car insurance is important to the majority of drivers, and a good way to find cheaper insurance for teenagers is to not pay for full coverage. The example below shows the difference between insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in Tennessee. The premiums are based on no driving violations, no at-fault accidents, $1,000 deductibles, drivers are single, and no other discounts are factored in.
Averaged for all ages 20 through 70, physical damage insurance costs an additional $1,217 per year over having just liability coverage. That amount may make you wonder if you should buy full coverage at all. There is no definitive formula for phasing out physical damage coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
For example, let’s pretend your vehicle’s replacement value is $11,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company will settle for is $10,000 after paying the physical damage deductible. If it’s costing in excess of $1,000 a year for physical damage coverage, then you may want to consider only buying liability coverage.
Your cheap policy may actually be overpriced
Nashville car insurance rates are impacted by many things that will increase or decrease your annual premium. Simply turning a year older, moving to a new city, or getting a couple of tickets can cause premium changes that may make certain companies cheaper in comparison to the competition.
Not only that, but insurance companies amend pricing without warning in order to maintain liquidity for claims. Unexpectedly high claims may cause rate increases, while a lower level of claims may cause lower-priced Nashville car insurance rates.
For instance, the bar chart below compares the cheapest car insurance in Nashville, TN for a 45-year-old female driver with no violations or accidents, and a good credit rating. Based on her personal profile, Utica National quotes the most affordable car insurance rates in Nashville at $845 per year. This is $483 less than the average rate paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers round out the rest of the best Nashville, TN auto insurance companies.
Now let’s give the driver from the first example a chargeable claim, slightly worse credit, and a blemish on her driving record. Due to the fact that every auto insurer uses a different method for determining rates, comparing prices most likely will result in a slightly different list of companies as shown below.
Erie now has the best insurance rate in Nashville, TN with Allied, Nationwide, Westfield, and GEICO now rounding out the top five. This shows why it is so important to shop around with many companies to find affordable insurance quotes for teenagers. Auto insurance prices are made up of many things and change dramatically, so the most economical option when you last compared rates may now be one of the more expensive options.