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Tennessee Auto Insurance [Rates + Cheap Insurance Guide] The average rate for Tennessee auto insurance is $83/month. Tennessee requires you to have at least 25/50/15 bodily injury and property damage auto insurance.
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As a former insurance producer, Laura understands that education is key to buying insurance. He happily devotes many hours to helping his clients understand how the insurance market works so they can find the best auto, home and life insurance products for their needs.
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Joel Ohman is the CEO of a private equity-backed digital media company. He is a Certified Financial Planner™, author, angel investor and serial entrepreneur who loves creating new things, be it books or businesses. He also previously served as the founder and resident CFP® at Real Time Health Quotes, a national insurance company. He holds an MBA from the University of South Florida. Joe…
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If shopping for car insurance seems like the last thing on your mind, you’re not alone.
The reality is, with so many auto insurance providers on the market, it’s often difficult to explain why they stand out from the competition, and which carriers aren’t worth your consideration.
If you’re one of the approximately 6.72 million people currently living in Tennessee, finding auto insurance in your state to cover all drivers in your home is one of the most important decisions you’ll make.
If your policy renewal is coming up and you’re considering switching auto insurance companies in Tennessee but don’t know where to start, this guide is for you.
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Happy with your current career overall but want to make sure you’re getting the best value and know what your options are? Or you might think:
You won’t want to miss our complete guide to Tennessee auto insurance coverage, carrier rates, driving laws, road safety information and more.
So let’s get down to business! Want to start comparing and shopping for auto insurance providers in Tennessee in seconds? Just enter your zip code in our free online tool above to get started.
Between the incredible music of Nashville and Memphis, the amazing outdoors like the Great Smoky Mountains National Park, tourist hotspots like Graceland, and endlessly beautiful trails and valleys, Tennessee has no shortage of things to see and enjoy for residents and visitors alike.
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Tennessee is one of the few states in the United States that has no or almost no income tax. Tennessee’s income tax structure, known as the Hall tax, imposes a flat tax on dividends and interest only.
U.S. News & World Report ranked Tennessee 26th out of 50 states in its 2018 rankings, ranking the state 30th overall in criteria such as infrastructure, economy, opportunity and financial stability.
Tennessee’s infamous nickname, the “Volunteer State,” dates back to the War of 1812, when the state’s volunteer soldiers displayed extraordinary courage and perseverance at the Battle of New Orleans.
Whether you’re considering moving to the volunteer state or are a lifelong resident, it’s important to understand your Tennessee auto insurance requirements and options so you can make the best choice for your needs.
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Tennessee’s financial responsibility law requires all drivers in the state to purchase and maintain at least the minimum level of liability auto insurance listed in the table below. You must be able to show proof of insurance if you are stopped by law enforcement. Tennessee is one of 48 states that currently accepts electronic proof of insurance.
These minimum liability coverages are effective to cover medical expenses, property damage, and other losses suffered by passengers or pedestrians as a result of an accident caused by you. Your insurance will cover these costs up to your coverage limit.
If you go over your limit and the other party’s bill continues to accrue, you may be personally liable to pay the remaining amount. That’s why it’s important to consider policy limits higher than state-required minimum limits to protect your assets in the event of a serious crash.
Your liability coverage also applies to authorized persons or family members whom you allow to drive your vehicle. However, your liability insurance does not cover the damages or injuries you may suffer after a car accident.
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It’s worth considering adding other coverage, such as collision coverage, to your policy to protect yourself in the event of damage in a car accident.
It is worth noting that Tennessee adheres to the traditional car accident fault allocation system and assumes financial liability for damages (such as lost wages, injuries, property damage, etc.).
In short, this simply means that the person who caused the accident is also responsible for any resulting damage or injury. Technically, the at-fault driver’s Tennessee auto insurance company will cover these damages until the policy limits expire.
Under Tennessee auto insurance law, you must not only maintain the above minimum coverage, but you must also provide proof of financial responsibility to law enforcement upon request.
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If you are involved in a collision that results in injury, death or property damage of more than $400, or if you are pulled over for a routine traffic stop, you must be prepared to show proof of insurance.
Failure to provide proof of financial responsibility upon request is classified as a Class C misdemeanor. Penalties include suspension of your driver’s license, fines, and the possibility of not being able to renew your vehicle registration if your vehicle is “stopped.”
You may also need to file an SR-22 auto insurance document with the Tennessee Department of Motor Vehicles, which is basically a promise from your insurance company that you will carry and maintain state-mandated insurance for at least five years.
If you do not receive an additional suspension during this period, your SR-22 filing requirement may be waived after three years.
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Have you ever wondered how much of your annual income is eaten up by Tennessee auto insurance rates? See the table below for residents’ average disposable income as a percentage of annual premium income between 2012 and 2014.
As can be seen from the table above, the disposable income of residents did not increase much during this three-year period, but the cost of insurance increased by 0.11% between 2012 and 2014. Your disposable income is the rest of your income that you can spend or save after taxes are deducted.
But if you look at the statistics on premiums as a percentage of disposable income for residents bordering Mississippi, you’ll see that Tennessee’s numbers aren’t that high.
As of 2014, the average Mississippian had an average gross disposable income of $31,365.00, about $5,500 less than the average Tennessee worker earned that year. Additionally, Mississippi workers paid an estimated $957.59 for comprehensive coverage in 2014, meaning premiums accounted for about 3.05 percent of the average worker’s earnings.
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The table above shows the most recent data collected by the National Association of Insurance Commissioners on the average cost of auto insurance in Tennessee. You should expect interest rates to rise in 2019 and beyond.
Our table here shows the average loss ratios for Tennessee insurance companies based on the latest research conducted by the National Association of Insurance Commissioners. A company’s loss ratio is the percentage of losses compared to their insured premiums.
If a car insurance company in Tennessee shows a loss ratio of over 100, it means that they are paying out more in claims to insureds than they are recovering in premiums. It is conceivable that if this trend continues, it could spell disaster for insurance companies.
The loss ratios shown in the table above show that auto insurers in Tennessee made an overall profit on MedPay and uninsured/underinsured motorist insurance.
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Uninsured/underinsured motorist insurance, comprehensive auto insurance, and collision insurance are all optional add-ons in Tennessee.
Tennessee currently has the fifth-highest number of uninsured drivers in the nation, with nearly 20 percent of the state’s total motorists driving without insurance.
In fact, you may end up paying higher premiums in the short term