Things would sure be easy if we could just tell you the one best company that has the cheapest coverage in North Carolina. It's just not that simple, as there are a whole bunch of unknown elements such as citations or tickets, if you have ever had a coverage lapse, and what level of deductibles you wish to have. This article will cover the types of things that cause high car insurance rates and should give you a good start in finding the cheapest car insurance in North Carolina.
Figuring out which companies quote the most affordable insurance rates for a company car calls for a tad more effort in order to find the lowest price quote. Each auto insurance company has a different process to determine rates, so let's examine the insurance companies with the overall best prices in Charlotte, NC.
It's important to understand that Charlotte insurance rates are based on many factors that control the policy premium. Simply turning a year older, becoming a homeowner, or having an accident can trigger rate changes that can now make some companies cheaper than others.
Lowest Insurance Price Quotes in North Carolina
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$716|
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Progressive normally has some of the lowest car insurance rates in Charlotte at around $632 annually. Utica National, Liberty Mutual, NC Farm Bureau, and GEICO also are some of the cheaper Charlotte, NC auto insurance companies.
As the rates illustrate above, if you are a policyholder with Liberty Mutual and switched to Progressive, you could realize a yearly price reduction of about $75. Customers with NC Farm Bureau may save as much as $84 a year, and GEICO policyholders might lower prices by up to $88 a year.
To get a quick, customized rate comparison, click here or click through to the companies below.
Remember that these premium estimates are averaged for all types of insureds and vehicles and and are not calculated with a specific location for a company car. So the car insurance company that can offer the best rates for your situation may not even be in the top 20 companies shown above. That affirms the importance of why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.
For your employer's vehicle, one of the largest considerations that determine the amount you pay for auto insurance is your address in Charlotte. Cities with more crime and/or more people will most likely have higher rates, whereas more rural areas get the luxury of paying less.
The illustration below lists the most expensive places in North Carolina for a company car in which to buy car insurance. Charlotte is ranked #3 with an annual cost of $832 for car insurance, which is about $69 monthly.
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Premium costs are comparative as the specific garaging location can revise premiums noticeably.
Types of discounts on Charlotte auto insurance rates
Car insurance companies that provide coverage for a company car may have premium discounts that could potentially reduce rates by 35% or more if you can meet the requirements. Large insurance companies and some of the discounts include:
- State Farm offers premium reductions for multiple policy, Steer Clear safe driver discount, driver's education, safe vehicle, and multiple autos.
- American Family may have discounts that include air bags, multi-vehicle, mySafetyValet, defensive driver, Steer into Savings, good student, and early bird.
- AAA offers discounts including multi-car, anti-theft, AAA membership discount, good driver, education and occupation, and pay-in-full.
- GEICO has savings for good student, defensive driver, military active duty, multi-vehicle, five-year accident-free, and air bags.
- Mercury Insurance includes discounts for annual mileage, ease of repair, multi-car, good student, and low natural disaster claims.
- Farmers Insurance has discounts for early shopping, youthful driver, teen driver, bundle discounts, distant student, mature driver, and switch companies.
- Progressive may include discounts for good student, homeowner, multi-policy, continuous coverage, multi-vehicle, and online quote discount.
The illustration below illustrates the difference between car insurance rates with and without policy discounts. The premiums assume a male 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 second shows the rates with claim-free, vehicle safety, passive restraint, multiple policy, defensive driving course, and multiple vehicle discounts applied. With discounts applied, the average savings per year on insurance for a company car is 27% or $361.
Liability only or full coverage
Paying less for insurance is probably important to the majority of people, and one good way to reduce the cost of insurance for a company car is to only buy liability insurance. The diagram below compares insurance costs with and without physical damage coverage. The costs are based on no violations or accidents, $1,000 deductibles, single status, and no discounts are factored in.
As an overall average, full coverage on your policy costs $1,053 per year over and above liability coverage. Many drivers will wonder when is the right time to remove full coverage. There is no definitive formula that is best for determining when to drop physical damage insurance, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.
Low rates today, overpriced tomorrow
North Carolina insurance rates are influenced by many factors that control the price you have to pay. Improving your credit rating, increasing liability limits, or getting a few speeding tickets can cause premium changes resulting in some companies being cheaper than competitors. Also, auto insurance companies modify pricing as often as every quarter as an adjustment for underwriting gains or losses. Heavier than normal losses can result in high rates, while lower claim levels may cause cheaper Charlotte car insurance rates.
To help illustrate this point, the chart below shows the company with the cheapest car insurance in Charlotte, NC for a 40-year-old male driver with a clean driving record, no accidents, and a decent credit rating. When quoting prices based on his current risk profile, Progressive might quote the cheapest car insurance rates in Charlotte at $773 a year. This is $99 less than the average policy premium paid by North Carolina drivers of $872. Utica National, NC Farm Bureau, GEICO, and Liberty Mutual are also on the list of the cheapest Charlotte, NC auto insurance companies.
In this example, we will give the driver from the above example an at-fault accident, a lower credit rating, and a couple of points charged on his driving record. Since each insurance company has a proprietary formula for setting prices, comparing insurance quotes most likely will result in a new list of the cheapest car insurance companies in Charlotte as shown below.
Titan now has the best price on car insurance in Charlotte, NC with State Farm, Auto-Owners, Utica National, and Travelers also being competitive. This example proves why it is critical to compare lots of rates to get the most affordable car insurance quotes for a company car.
Auto insurance prices can be determined by many factors and change frequently, so the cheapest option when you last compared rates may now be priced much higher than other options.
How to find low-cost insurance for a company car
It is possible to find better rates, and here are many penny-pinching solutions that can help North Carolina drivers get cheap coverage.
- Clean up your credit
- Speeding tickets and other violations increase rates
- Increase your deductibles
- Buy vehicles with good safety ratings
- Remain accident-free and save
- Shop around for lower rates once a year
The last tip in the list is particularly vital, as was pointed out in this write-up. Coverage rates can change significantly in a year, so drivers shouldn't be resistant to switch carriers if a cheaper rate is available. Sticking with a specific company is fine, but it's not a good idea if that loyalty results in overpaying thousands of dollars over the life of your policy. In just a couple of minutes you could compare prices and find cheaper insurance for a company car in Charlotte.