How Much are Car Insurance Rates for a Company Car in Charlotte?

See How Much You Can Save

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

Compare Rates Now

North Carolina auto insurance company rankings
Rank Company Cost Per Year
1 Progressive $632
2 Utica National $643
3 Liberty Mutual $707
4 NC Farm Bureau $716
5 GEICO $720
6 Penn National $725
7 State Farm $756
8 Titan $759
9 Auto-Owners $870
10 National General $881
11 Allied $901
12 Erie $931
13 Travelers $936
14 Peerless $992
15 Unitrin $1,012
16 Nationwide $1,031
17 MetLife $1,049
18 Encompass $1,063
19 Safeco $1,066
20 Allstate $1,086
Find Cheaper Rates Go

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.

How much does car insurance cost in Charlotte, NC?
Rank City Annual Rate
1 Fayetteville $905
2 Jacksonville $891
3 Charlotte $832
4 Gastonia $811
5 Greensboro $786
6 Wilmington $781
7 Durham $773
8 Raleigh $760
9 Wilson $754
10 Greenville $752
11 Cary $749
12 Apex $747
13 Rocky Mount $740
14 Goldsboro $735
15 Huntersville $734
16 Indian Trail $731
17 High Point $731
18 Winston Salem $716
19 Salisbury $712
20 Hickory $711
21 Chapel Hill $703
22 Kannapolis $697
23 Asheville $681
24 Burlington $678
25 Concord $676
Compare Rates Now Go

Premium costs are comparative as the specific garaging location can revise premiums noticeably.

Types of discounts on Charlotte auto insurance rates

Save on insurance for your employer's vehicle in CharlotteCar 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:

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.

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.