One of the more important things that are looked at to help calculate car insurance rates is your zip code. Cities with larger populations or higher claim trends tend to have more expensive auto insurance rates, whereas areas with lower crime rates and fewer weather claims receive better rates.
The table below lists the highest-priced places in North Carolina for electric cars to buy an auto insurance policy in. Charlotte makes the list at #3 with an annual cost of $840 for car insurance, which is approximately $70 monthly.
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Premium amounts are comparative as the specific garaging location can raise or lower price quotes considerably.
Finding cheap car insurance is tough enough, and finding out which company has the lowest-priced auto insurance rates for electric cars requires even more work.
Each insurer uses a little different formula for determining rates, so we’ll go over the auto insurance companies that tend to be cheaper in Charlotte, NC. It’s a good idea to know that North Carolina auto insurance rates are influenced by many factors that can increase the cost of a policy. This price fluctuation is why drivers need to perform an extensive rate comparison when trying to get the most affordable insurance rates for electric cars. Rates are made up of many factors and change frequently, so the best price the last time you shopped around may now be priced much higher than other options.
Find Cheaper Car Insurance for EV’s
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$737|
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Utica National has some of the cheapest car insurance rates in Charlotte at around $643 annually. This is $229 less than the average price paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and Penn National also qualify as some of the most economical Charlotte, NC auto insurance companies.
As the rates illustrate above, if you currently buy coverage from Liberty Mutual and switched to Utica National, you could see yearly savings of about $85. Drivers with NC Farm Bureau could save as much as $94 a year, and Penn National insureds might cut rates by $96 a year.
Bear in mind that those premiums are averaged for all types of drivers and the different vehicles they drive and and are not calculated with an exact vehicle garaging location for electric cars. So the car insurance company that fits your situation best may not even be in the top 20 companies in the list above. That is why you need to get rate quotes using your own specific driver and vehicle information.
The vehicle model driven is one of the biggest factors that determines the availability of low-cost auto insurance for electric cars. Vehicles with lots of speed or power, poor safety features, or a track record of large liability claims will cost substantially more to insure than safer, lower-performance models.
The next table showcases car insurance premiums for a handful of the most budget-friendly vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape Limited 2WD||$1,243|
|Honda CR-V LX 2WD||$1,335|
|Jeep Grand Cherokee Laredo 4WD||$1,439|
|Chevrolet Impala LT||$1,447|
|Hyundai Elantra SE Touring Station Wagon||$1,484|
|Dodge Grand Caravan CV||$1,489|
|Ford Edge Limited AWD||$1,516|
|Nissan Altima 2.5 S 4-Dr Sedan||$1,526|
|Toyota Camry XLE||$1,516|
|GMC Sierra SLE Extended Cab 4WD||$1,543|
|Chevrolet Equinox LTZ AWD||$1,550|
|Ford Explorer XLT AWD||$1,546|
|Chevrolet Silverado LS Extended Cab 4WD||$1,576|
|Chevrolet Malibu Hybrid||$1,583|
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Data variables include single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, safe-driver, multi-vehicle, multi-policy, and homeowner. Table data does not factor in specific garaging location which can lower or raise premiums substantially.
Based on these rates, vehicles like the Ford Escape, Honda CR-V, and Toyota Prius should be the most affordable vehicles to insure for eco-friendly vehicles.
How accidents and tickets impact rates
The easiest way to receive affordable auto insurance prices in Charlotte for eco-friendly vehicles is to drive safely and avoid tickets and accidents. The illustration below shows how traffic citations and at-fault claims can affect auto insurance rates for different age groups. The premiums are based on a married female driver, comp and collision included, $100 deductibles, and no additional discounts are factored in.
In the example above, the average cost of auto insurance in North Carolina per year with no accidents or violations is $1,108. Add in two speeding tickets and the average cost surges to $1,576, an increase of $468 each year. Now get one accident along with the two speeding tickets and the 12-month cost of auto insurance for electric cars jumps again to an average of $2,043. That’s an increase of $935, or $78 per month, just for not being a responsible driver!
Discounts on Charlotte auto insurance
Insurance providers that offer coverage for electric cars may also offer price discounts that can lower rates by 30% or more if you can meet the requirements. A few popular companies and some of the discounts are included below.
- Progressive offers discounts for continuous coverage, multi-policy, good student, homeowner, online signing, online quote discount, and multi-vehicle.
- AAA policyholders can earn discounts including education and occupation, AAA membership discount, multi-policy, pay-in-full, and good driver.
- Farmers Insurance has discounts for teen driver, business and professional, good student, youthful driver, early shopping, and pay in full.
- GEICO may have discounts that include seat belt use, multi-vehicle, daytime running lights, driver training, federal employee, and five-year accident-free.
- Esurance has savings for online quote, multi-policy, anti-lock brakes, anti-theft, multi-car, and good driver.
- SAFECO discounts include teen safety rewards, safe driver, homeowner, anti-lock brakes, multi-car, and drive less.
- State Farm may include discounts for good student, student away at school, safe vehicle, multiple autos, good driver, anti-theft, and defensive driving training.
The illustration below shows the comparison of insurance prices with and without discounts applied to the rates. Data assumes a male driver, no tickets, no at-fault accidents, North Carolina state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with accident-free, multiple policy, safe-driver, homeowner, marriage, and multiple vehicle discounts applied. When discounts are applied, theamount saved on auto insurance for electric cars is 27% or $355.
The professional agents shown below can probably answer your questions and help you decide which auto insurance policy fits you best, as some drivers wish to have a professional recommendation when trying to find lower insurance rates for eco-friendly vehicles. It can be hard to find the cheapest car insurance policy, so a licensed agent can provide comfort knowing you have decent coverage if you have a claim.
To locate an agency using an interactive map, click the link at the bottom.
Michael Pritchard – State Farm Insurance Agent
8633 Monroe Rd d – Charlotte, NC 28212 – (704) 535-2292
537 W Sugar Creek Rd # 104B – Charlotte, NC 28213 – (704) 598-4442
Uwem Equan – State Farm Insurance Agent
5412 Central Ave b – Charlotte, NC 28212 – (704) 535-4090
Ideas for buying more affordable auto insurance for electric cars
The list below shows some thrifty suggestions that can help Charlotte drivers find cheap coverage.
- Having at-fault accidents will increase rates
- Too many claims can make car insurance unaffordable
- Buying home and auto together can help save money
- Buy a vehicle with excellent safety ratings
- Don’t waste money on full coverage for older vehicles
- Just one traffic violation will increase your rates
- Compare quotes from other companies often
The final tip is especially vital, as was emphasized in this write-up. Car insurance rates vary considerably, so don’t be unwilling to buy a different policy if a lower-cost policy is available. Many consumers stick with the same company and that’s fine, but it isn’t a good idea if that dedication is costing money that could be used for better things. Take a couple minutes and shop around to find cheaper insurance for electric cars in Charlotte.