Figuring out which insurers offer the most affordable insurance rates for homeowners will involve a little more sweat in order to find the lowest price quote. Each insurer has a different process to set policy rates, so to begin we’ll rank the insurance companies that tend to have lower prices in Charlotte.
It’s a good idea to know that North Carolina insurance rates are determined by lots of factors which can significantly increase or decrease your annual premium. Simply getting older, moving to a new city, or getting a DUI can trigger rate changes that may make certain companies affordable when they were higher priced.
Find the Cheapest Car Insurance for Homeowners
|Rank||Company||Cost Per Year|
|5||NC Farm Bureau||$737|
|Find Cheaper Rates Go|
Progressive quotes some of the cheapest car insurance rates in Charlotte at around $639 a year. Utica National, Penn National, Liberty Mutual, and NC Farm Bureau also make the cut as some of the most economical Charlotte, NC car insurance companies.
As depicted above, if you are currently insured with Utica National and switched to Progressive, you might achieve annual savings of around $16. Insureds with Penn National could save as much as $78 a year, and Liberty Mutual insureds might cut rates by $89 a year.
Bear in mind that those policy rates are averaged for all drivers and vehicles in North Carolina and do not take into consideration an exact location for homeowners. So the auto insurance company that is best suited for you may not even be in the top 20 companies shown above. That underscores the importance of why you need to get quotes using your own driver and vehicle profiles.
The type of vehicle you are buying coverage for is probably the biggest factor when comparing cheap auto insurance for homeowners. Vehicles with limited top-end speed, excellent safety ratings, or a low likelihood of liability claims will cost significantly less to insure than high performance models. The next list illustrates insurance rates for a selection of the most economical automobiles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$1,165|
|Hyundai Elantra GLS Touring Station Wagon||$1,175|
|Honda Accord EX-L 4-Dr Sedan||$1,262|
|Honda CR-V EX 4WD||$1,350|
|Ford Focus SE 4-Dr Sedan||$1,355|
|Honda Odyssey EX||$1,361|
|Chevrolet Equinox LT AWD||$1,379|
|Ford Explorer Limited 4WD||$1,406|
|Honda Civic EX 4-Dr Sedan||$1,430|
|Toyota Corolla XLE||$1,454|
|Chevrolet Silverado 2500HD LT Crew Cab 4WD||$1,481|
|Nissan Altima Hybrid 4-Dr Sedan||$1,486|
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Data variables include single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, claim-free, and multi-policy. Estimates do not factor in Charlotte, NC location which can influence coverage rates noticeably.
Looking at the data, vehicles like the Ford Escape, Hyundai Elantra, Honda Accord, and Toyota Prius are most likely going to be some of the most economical vehicles to insure for people who own their homes.
One of the more important criteria that are used to help calculate the amount you pay each year for auto insurance is where you live. Larger areas tend to pay more, whereas areas with lower vehicle theft rates and fewer weather claims can boast about having cheaper rates.
The next table ranks the highest-priced places in North Carolina for homeowners to buy auto insurance in. Charlotte ranks #3 with an annual premium of $840 for the average insured, which is around $70 monthly.
|Rank||City||Premium Per Year|
|Find the Best Rates Go|
Premium amounts are comparative as vehicle location can modify insurance rates substantially.
Do you need full coverage?
Saving on insurance is the goal of the majority of drivers, and one good way to reduce the cost of insurance for homeowners is to buy only liability coverage. The chart below shows the difference between auto insurance costs with full coverage and liability only. The premium estimates are based on no claims or violations, $500 deductibles, single marital status, and no other discounts are factored in.
If we average all the age groups together, physical damage coverage on your policy costs $1,573 per year over liability only. Many drivers will wonder if it’s a good idea to buy full coverage. There isn’t a steadfast formula of when to phase out full coverage, but there is a broad guideline. If the yearly cost for physical damage coverage is more than about 10% of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.
For example, let’s pretend your vehicle’s replacement value is $4,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most your company would pay you is $3,500 after paying your policy deductible. If it’s costing in excess of $350 annually to have full coverage, the it may be a good time to stop paying for full coverage.
Driving violations and accidents
A great way to score good insurance prices in North Carolina for people who own their homes is to drive cautiously and have a clean driving record. The example below shows how violations and fender-benders drive up insurance prices for each different age category. The data is based on a single male driver, full physical damage coverage, $100 deductibles, and no discounts are applied.
The data charted above shows the average cost of auto insurance per year with no accidents and a clean driving record is $1,918. Get one speeding ticket and the average cost hikes up to $2,159, an increase of $241 each year. Now get two accidents along with the one speeding ticket and the 12-month cost of insurance for homeowners increases to an average of $4,206. That’s an increase of $2,288, or $191 per month, just for not driving carefully!
Discount Charlotte insurance rates
Auto insurance companies that offer cheap quotes for homeowners may also give you discounts that may potentially lower prices by 30% or more if you meet certain criteria. A list of insurance companies and their offered discounts are:
- Farmers Insurance offers premium reductions for homeowner, alternative fuel, bundle discounts, early shopping, distant student, electronic funds transfer, and youthful driver.
- State Farm may have discounts that include Steer Clear safe driver discount, accident-free, good driver, anti-theft, good student, defensive driving training, and multiple autos.
- Liberty Mutual offers discounts for preferred payment discount, good student, teen driver discount, newly retired, new graduate, newly married, and multi-policy.
- MetLife policyholders can earn discounts including claim-free, multi-policy, good driver, good student, defensive driver, accident-free
- Progressive has discounts for online signing, multi-vehicle, continuous coverage, multi-policy, online quote discount, and homeowner.
The information below illustrates the comparison of auto insurance rates with and without some available policy discounts. The premium estimates are based on a female driver, no claims, a clean driving record, North Carolina state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows the price with no discounts. The second shows the rates with passive restraint, multiple vehicle, accident-free, homeowner, claim-free, and marriage discounts applied. With discounts applied, theamount saved on insurance for homeowners is 27% or $378.
Ideas for buying economical insurance for homeowners
The list below summarizes some of the better thrifty ideas that can help Charlotte drivers quote cheaper coverage.
- Do not pay for comprehensive and collision coverage on older vehicles
- Increase deductibles to save money
- Do not get into accidents
- Drive safely
- If possible, do not file small claims
- Look for cheaper rates once a year by shopping around
The last suggestion is notably critical, as was discussed in this article. Coverage prices in Charlotte can change considerably based on profitability, so don’t be unwilling to buy a different policy if a better deal can be had. Many drivers prefer to stick with one company, but is isn’t recommended if your bullheadedness ends up costing you hundreds of dollars year after year. If you have a few minutes, now is a great time to shop around and find cheaper insurance for homeowners.
If you have coverage questions and would like to have a little guidance when shopping around for cheaper insurance for people who own their homes, the agents shown below can most likely provide answers to your questions and help you determine which car insurance policy is best. To locate an agency close to where you live, click the button below the list.
537 W Sugar Creek Rd # 104B – Charlotte, NC 28213 – (704) 598-4442
Swimmer Insurance Agency
725 Providence Rd #100 – Charlotte, NC 28207 – (704) 333-6694
Mark McDuffie Insurance Agency
6101 Carnegie Blvd #415 – Charlotte, NC 28209 – (704) 364-9227
O H Walker Insurance Agency Inc
2210 Crownpoint Executive Dr – Charlotte, NC 28227 – (704) 814-4343
Honeycutt Insurance Agency
3121 Springbank Ln F – Charlotte, NC 28226 – (704) 752-8233