Wouldn’t this article be short if we could tell you instantly the company that has the cheapest car insurance rates for low credit scores? Regrettably, it’s not quite that easy, as there are a whole slew of unknown aspects such as the level of liability coverage you want, if you want full coverage, how high your deductibles should be, and the safety features built into your vehicle, that all have an effect on the price of a policy. This article delves into the best ways to save on auto insurance and will hopefully give you a good start in finding the cheapest car insurance in Nashville.
The type of vehicle on the policy is a large factor when looking for cheap auto insurance for low credit scores. Vehicles with higher performance, a lack of safety features, or a history of substantial liability claims will cost quite a bit more to insure than safer models.
The next list features insurance prices for some of the more affordable automobiles to insure in Tennessee.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Hyundai Elantra GLS Touring Station Wagon | $1,056 |
| Honda CR-V EX 4WD | $1,079 |
| Ford Escape XLS 4WD | $1,158 |
| Toyota Prius | $1,172 |
| Dodge Grand Caravan CV | $1,181 |
| Ford Edge Limited 2WD | $1,225 |
| Volkswagen Jetta 2.0T Station Wagon | $1,239 |
| GMC Sierra SLE Regular Cab 2WD | $1,248 |
| Chevrolet Equinox LT 2WD | $1,256 |
| Honda Accord EX-L 4-Dr Sedan | $1,260 |
| Honda Odyssey LX | $1,267 |
| Toyota Camry XLE | $1,316 |
| Nissan Rogue SL 2WD | $1,339 |
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Cost estimates assume single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Tennessee minimum liability limits. Discounts applied include multi-vehicle, safe-driver, claim-free, multi-policy, and homeowner. Prices do not factor in Nashville, TN location which can decrease or increase rates substantially.
By looking at the data, we can expect vehicles like the Hyundai Elantra, Honda CR-V, and Ford Escape are most likely to be some of the most budget-friendly vehicles to insure for bad credit.
Figuring out which company offers the best auto insurance rates for low credit scores takes a bit more effort than just quoting one company’s rates. Each insurer uses their own calculation to set their prices, so to begin we’ll rank the overall cheapest auto insurance companies in Tennessee.
Find Cheaper Auto Insurance in Tennessee
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $760 |
| 2 | Auto-Owners | $861 |
| 3 | Cincinnati Insurance | $876 |
| 4 | Penn National | $899 |
| 5 | Tennessee Farmers | $933 |
| 6 | USAA | $947 |
| 7 | Erie | $957 |
| 8 | Nationwide | $1,002 |
| 9 | Allied | $1,029 |
| 10 | Westfield | $1,079 |
| 11 | GEICO | $1,144 |
| 12 | Travelers | $1,177 |
| 13 | Progressive | $1,178 |
| 14 | State Auto | $1,204 |
| 15 | State Farm | $1,213 |
| 16 | Direct General | $1,214 |
| 17 | Shelter | $1,223 |
| 18 | The Hartford | $1,258 |
| 19 | 21st Century | $1,313 |
| 20 | Chubb | $1,329 |
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Utica National offers some of the best car insurance rates in Nashville at around $760 each year. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers would also be considered some of the most economical Nashville, TN auto insurance companies.
As shown in the table above, if you are insured with Tennessee Farmers and switched to Auto-Owners, you might realize savings of in the neighborhood of $72. Customers with USAA may save as much as $86 a year, and Erie insureds might reduce prices by as much as $96 a year.
To get a quick, customized rate comparison, click here to get a free quote or click several companies below for low rates.
Understand that those prices are averages for all drivers and vehicles and do not take into consideration a specific location for low credit scores. So the car insurance company that fits your situation best may not even be in the list above. That’s why you need to compare prices as often as possible using your own personal information and vehicle type.
Get discounts on Nashville auto insurance rates
Auto insurance companies that provide coverage for low credit scores may provide discounts that may potentially lower prices by 35% or more if you meet eligibility requirements. The best auto insurance companies and some of their more popular discounts are outlined below.
- GEICO may offer discounts for military active duty, defensive driver, anti-theft, air bags, anti-lock brakes, and daytime running lights.
- SAFECO has savings for teen safe driver, multi-car, anti-lock brakes, accident prevention training, safe driver, and anti-theft.
- State Farm may have discounts that include Steer Clear safe driver discount, good driver, good student, anti-theft, and accident-free.
- MetLife may include discounts for multi-policy, claim-free, accident-free, good driver, and good student.
- 21st Century includes discounts for homeowners, driver training, air bags, defensive driver, early bird, 55 and older, and student driver.
- Progressive offers premium reductions for homeowner, multi-vehicle, good student, multi-policy, continuous coverage, online quote discount, and online signing.
The diagram below shows the difference between auto insurance costs with and without discounts applied. The information is based on a female driver, no accidents or driving violations, Tennessee state minimum liability limits, full physical damage coverage, and $1,000 deductibles.
The first bar for each age group shows premium with no discounts. The lower bar shows the rates with anti-theft, accident-free, safe-driver, multiple vehicle, passive restraint, and vehicle safety discounts applied. In this example, theaverage amount saved on auto insurance for low credit scores is 28% or $323.
Finding the right car insurance company can be difficult considering how many different insurance companies sell coverage in Nashville. The information shown next may help you decide which auto insurers to look at when comparing auto insurance rates for low credit scores. These rankings are for companies who write in the majority of U.S. states, so companies that have a smaller presence are not factored into this list.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Full coverage rates compared to liability-only
Lowering the price of auto insurance is important to most vehicle owners, and one of the easiest ways to reduce the cost of insurance for low credit scores is to not pay for full coverage. The illustration below shows the comparison of premium costs with full coverage and liability only. The premiums assume no violations or accidents, $1,000 deductibles, drivers are not married, and no discounts are taken into consideration.
As an average, physical damage coverage costs an additional $1,642 per year over liability only. That may make you wonder when is it safe to stop buying full coverage. There is no set rule of when to eliminate comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
Shop around and save
Tennessee auto insurance rates are based on many factors which can substantially change the price of coverage. Turning one year older, buying a home instead of renting, or getting a couple of tickets may cause policy rate changes that can make some companies cheaper than competitors. Not only may your risk profile change, but auto insurance companies file new Tennessee auto insurance rates multiple times each year in order to offset underwriting gains or losses. Higher than usual claims may cause more expensive prices, while better underwriting can cause cheaper Nashville car insurance rates.
The graph below shows which companies 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 personal profile, Utica National has the best car insurance rates in Nashville at $862 annually. This is $466 less than the average price paid by Tennessee drivers of $1,328. Auto-Owners, Cincinnati Insurance, Penn National, and Tennessee Farmers also make the list of the most affordable Nashville, TN auto insurance companies.
Now we will give the driver from above a claim, a lower credit score, and a speeding citation. Due to the fact that each insurance company has their own process for filing rates in each state, analyzing rate quotes may now result in a significantly different list of affordable companies as shown below.
Erie now has the cheapest price in Nashville, TN with Nationwide, Westfield, Allied, and GEICO now rounding out the top five. This example shows why consumers need to shop around with many companies when trying to find cheap auto insurance rates for low credit scores.
Rates can be altered by many risk factors and change dramatically, so the most affordable company six months ago may now be wasting a lot of money.