The make and model of vehicle you are seeking coverage for is probably the largest consideration when shopping around for low-cost insurance for college graduates. Vehicles with limited top-end speed, a plethora of safety features, or a low likelihood of liability claims will cost much less to insure than higher performance models.
The data below features auto insurance rates for a selection of the cheaper vehicles to insure in North Carolina.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$1,328|
|Ford Escape Limited 4WD||$1,448|
|Dodge Grand Caravan SE||$1,453|
|Chevrolet Silverado LS Regular Cab 4WD||$1,473|
|Ford Edge Limited AWD||$1,480|
|GMC Sierra SLT Extended Cab 4WD||$1,507|
|Chevrolet Impala LS||$1,513|
|Nissan Altima Hybrid 4-Dr Sedan||$1,507|
|Chevrolet Malibu Hybrid||$1,536|
|Toyota RAV4 Limited 4WD||$1,543|
|Ford Focus S 4-Dr Sedan||$1,546|
|Ford Explorer Limited 2WD||$1,566|
|Toyota Tacoma Double Cab 4WD||$1,576|
|Hyundai Sonata SE 4-Dr Sedan||$1,578|
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Data variables include single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, multi-vehicle, safe-driver, multi-policy, and homeowner. Rate quotes do not factor in specific zip code location which can influence prices noticeably.
Looking at the numbers, you can expect vehicles like the Toyota Prius, Honda CR-V, and Ford Escape are most likely going to be some of the more affordable vehicles to insure for college grads.
For college grads, one of the largest criteria that help determine insurance cost is where your car is garaged. Areas with a lot of weather claims or more people tend to have higher auto insurance costs, whereas areas with less congestion profit from lower rates.
The table below ranks the highest-priced areas in North Carolina for college graduates to purchase auto insurance in. Charlotte shows up at #3 with the yearly price of $832 for the average policy, which is about $69 monthly.
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Price information shown is approximated as the garaging address in Charlotte can modify premium rates noticeably.
Get discounts on Charlotte insurance
Insurance providers that provide coverage for college graduates could also offer premium discounts that could reduce prices by as much as 40% or more if you qualify for them. Larger insurance companies and their offered discounts are outlined below.
- GEICO may include discounts for multi-policy, federal employee, military active duty, membership and employees, seat belt use, and good student.
- Travelers offers discounts including save driver, multi-car, IntelliDrive, payment discounts, driver training, and multi-policy.
- Nationwide discounts include anti-theft, family plan, easy pay, Farm Bureau membership, defensive driving, and business or organization.
- Farmers Insurance may offer discounts for homeowner, teen driver, electronic funds transfer, good student, and mature driver.
- Esurance policyholders can earn discounts including anti-lock brakes, safety device, Switch & Save, Pac-12 alumni, and renters.
- State Farm has savings for driver’s education, anti-theft, defensive driving training, good driver, student away at school, passive restraint, and good student.
- Progressive offers discounts for multi-vehicle, multi-policy, online signing, continuous coverage, homeowner, and good student.
- Mercury Insurance includes discounts for good student, annual mileage, multi-car, accident-free, anti-theft, and good driver.
The illustration below shows the comparison of premium costs with and without discounts applied to the premium. The premiums are based on a female driver, no claims or violations, North Carolina state minimum liability limits, full physical damage coverage, and $250 deductibles.
The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with multiple vehicle, anti-theft, safe-driver, marriage, multiple policy, and defensive driving course discounts applied. When discounts are factored in, the average amount saved each year on insurance for college graduates is 27% or $343.
How violations and accidents impact rates
In a perfect world, the ideal way to snag good insurance rates in Charlotte for college grads is to be a cautious driver and avoid at-fault accidents and violations. The information below illustrates how traffic citations and accidents can influence insurance costs for different age groups. The data assumes a married female driver, comprehensive and collision coverage, $500 deductibles, and no discounts are factored in.
In the chart above, the average cost of an auto insurance policy in Charlotte per year with a clean driving record and no accidents is $997. Get written up for two speeding tickets and the average cost jumps to $1,414, an increase of $416 each year. Now include one accident along with the two speeding tickets and the annual cost of insurance for college graduates goes up to an average of $1,831. That’s an increase of $833, or $69 per month, just for being a less-than-perfect driver!
Selecting the top insurance company is difficult considering how many companies sell coverage in North Carolina. The ranking information shown next may help you analyze which companies you want to consider when trying find the best insurance for college graduates.
The rankings below only include large, nationwide insurance companies, so companies that only write business in North Carolina or surrounding areas are not taken into consideration for the list. To view rates from the insurers below and more, click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
The agents below are willing to help you determine which coverages and limits you need, as some drivers aren’t sure which coverage they need and prefer to have professional advice when shopping for the best coverage for college grads. It’s not always simple to find the cheapest rates, and agents can provide peace of mind knowing your policy gives you sufficient coverage for your assets.
To locate an agency nearest to you, click the link after the list or click here to compare prices now.
- Roger Craig – State Farm Insurance Agent
1427 Emerywood Dr – Charlotte, NC 28210 – (704) 553-2327
- Joe Pomykacz – State Farm Insurance Agent
2730 E W.T. Harris Blvd #202 – Charlotte, NC 28213 – (704) 535-3700
- Craig and Preston Insurance Agency
2210 Coronation Blvd Suite A – Charlotte, NC 28227 – (704) 321-2900
- Denis Wilson – State Farm Insurance Agent
1850 E 3rd St #360 – Charlotte, NC 28204 – (704) 376-4088
How to find budget-friendly auto insurance for college graduates
The list below shows some of the recommended penny-pinching solutions that can help you buy lower-cost auto insurance.
- At-fault accidents can raise rates significantly
- Increase physical damage deductibles
- Higher credit scores can equal lower rates
- Buy safe vehicles
- Save money by obeying traffic laws and keeping a clean driving record
- Shop around for lower rates once a year
The last tip in the list is certainly significant, as we noted in this piece. Rates change frequently, so don’t be hesitant to switch to a new company if a better rate can be found.
Having a favorite company is great, but it’s not a good idea if that inflexibility results in costing you a considerable chunk of change every month. If you have a few minutes, now is a great time to compare rates to find cheaper insurance for college graduates in Charlotte.