Feel like you have high-priced Tesla Model X insurance in Charlotte? Believe me, many Charlotte drivers have buyer’s remorse.
A recent car insurance study revealed that a large majority of drivers have stayed with the same insurance company for well over three years, and approximately 38% of consumers have never even shopped around for cheap coverage. Charlotte insurance shoppers could cut their rates by $94 a year just by shopping around, but they mistakenly think it’s difficult to compare other rate quotes.
Insurance companies such as State Farm, Farmers Insurance, GEICO and Allstate all claim big savings with fancy advertisements and it is challenging if not impossible to ignore the flying pigs and cute green geckos and find the best price available.
It’s important to compare rates quite often because insurance rates go up and down regularly. If you had the best premium rates on Tesla Model X insurance in Charlotte six months ago there is a good chance you can find better prices now. Forget all the misinformation about car insurance because I’m going to teach you the fastest way to find lower rates on car insurance.
The Tesla Model X Insurance Premium Equation
Many factors are part of the calculation when pricing auto insurance. Some are obvious such as your driving record, although others are not quite as obvious such as your marital status or how safe your car is.
The following are some of the most common factors insurance companies consider when setting your premiums.
Buy a safe car and pay less – Vehicles that have high safety ratings can get you lower premiums. Vehicles built for safety have better occupant injury protection and fewer serious injuries translates into fewer and smaller insurance claims which can mean better rates for you. If your Tesla has at least four stars on Safercar.gov it is probably cheaper to insure.
Consolidate policies and save money – Most larger insurance companies will give discounts to buyers who buy several policies from them such as combining an auto and homeowners policy. Even with this discount, it’s still a good idea to comparison shop to confirm you are receiving the best rates possible.
Policy add-ons add up – There are quite a few additional coverages you can purchase if you aren’t diligent. Coverages for replacement cost coverage, towing, and Farm Bureau memberships are some examples. They may seem like a good idea when you first buy your policy, but if you’ve never needed them in the past consider taking them off your policy.
Age of drivers impacts prices – More experienced drivers are more cautious drivers, cost insurance companies less in claims, and usually have better credit. Teenage drivers have a tendency to be inattentive in a vehicle therefore insurance rates are much higher.
You might pay higher premiums if you are single – Walking down the aisle may earn you lower rates on insurance. Having a significant other translates into being more financially stable and it’s statistically proven that married couples file fewer claims.
More traffic equals higher prices – Living in small towns and rural areas is a good thing when buying insurance. Fewer drivers and short commutes means less chance of accidents as well as less vandalism and auto theft. Drivers who live in large North Carolina cities have to deal with more traffic problems and more time behind the wheel. Spending more time driving means more chances of being involved in an auto accident.
High physical damage deductibles cost less – Comprehensive and collision coverage deductibles define how much you are required to pay if the claim is covered. Insurance for physical damage, aka comp and collision, covers damage that occurs to your car. Some instances where coverage would apply would be colliding with a stationary object, collision with a deer, and damage from wind. The more you have to pay, the better rate you will receive.
You might want pay the small claims yourself – If you are the type of insured that files lots of claims don’t be surprised to see higher premiums or even policy non-renewal. Car insurance companies in North Carolina generally give most affordable rates to policyholders who do not file claims often. Your car insurance is meant to be used in the event of claims that you cannot pay yourself.
When comparison shopping, there are several ways to get quotes from different Charlotte insurance companies. The best way to find the cheapest Tesla Model X insurance rates is to use the internet to compare rates.
It’s so simple to compare auto insurance rate quotes online makes it a waste of time to drive around to all the different Charlotte insurance agencies. The fact that you can get quotes online reduces the need to sit down with an agent unless you prefer the peace of mind that can only be provided by a licensed insurance agent. It is possible with some companies price shop online and get advice from an agent in your area. Just remember that comparing a wide range of rates provides better odds of finding a lower rate than you’re paying now.
The companies shown below provide free quotes in Charlotte, NC. To find the cheapest car insurance in Charlotte, we recommend you visit several of them in order to find the most affordable rates.
Best reasons to buy auto insurance in North Carolina
Despite the potentially high cost of Tesla Model X insurance, paying for auto insurance may be required for several reasons.
First, most states have minimum mandated liability insurance limits which means you are required to carry a specific level of liability coverage if you drive a vehicle. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
Second, if your vehicle has a loan, almost all lenders will have a requirement that you have physical damage coverage to protect their interest in the vehicle. If you do not keep the policy in force, the bank will be required to insure your Tesla at a more expensive rate and require you to pay a much higher amount than you were paying before.
Third, insurance protects not only your Tesla Model X but also your assets. It will also reimburse you for most medical and hospital costs for you, your passengers, and anyone else injured in an accident. As part of your policy, liability insurance also covers legal expenses if you are named as a defendant in an auto accident. If your Tesla gets damaged, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.
The benefits of insuring your car are definitely more than the cost, especially if you ever need it. According to a recent study, the average American driver is wasting up to $800 each year so it’s recommended you shop around every year to be sure current rates are still competitive.
These discounts can lower Tesla Model X insurance rates
Auto insurance companies don’t always publicize all possible discounts very clearly, so the list below details both the well known in addition to some of the lesser obvious credits available to bring down your rates.
- Discount for Life Insurance – Larger insurance carriers have lower car insurance rates if you buy auto and life insurance together.
- Lower Rates for Military – Having a deployed family member could mean lower car insurance rates.
- Home Ownership Discount – Owning a home in Charlotte can help you save on car insurance since home ownership shows financial diligence.
- Save over 55 – If you qualify as a senior citizen, you may receive a small discount on rates.
- Air Bags and Passive Restraints – Vehicles equipped with air bags or automatic seat belts can qualify for discounts of 25 to 30%.
- Employee of Federal Government – Active or retired federal employment could qualify for a slight premium decrease but check with your company.
- Defensive Driver – Successfully completing a class that teaches driver safety techniques can save you 5% or more and also improve your driving technique.
- Discounts for Responsible Drivers – Insureds without accidents can get discounts for up to 45% lower rates than drivers with accidents.
- Student Discounts – Maintaining excellent grades can be rewarded with saving of up to 25%. The good student discount can last well after school through age 25.
Discounts reduce rates, but you should keep in mind that most of the big mark downs will not be given to the entire policy premium. Some only apply to the price of certain insurance coverages like comp or med pay. So even though you would think you can get free auto insurance, it just doesn’t work that way. Any qualifying discounts will bring down the amount you have to pay.
If you would like to choose from a list of insurers that offer many of these discounts in Charlotte, click this link.
Buying from auto insurance agents
Many drivers would rather get advice from a local agent and that is not a bad decision One of the best bonuses of comparing rate quotes online is that you can obtain cheap auto insurance quotes and still buy from a local agent. And providing support for neighborhood insurance agencies is definitely important in Charlotte.
To find an agent, once you fill out this form (opens in new window), the coverage information is instantly submitted to participating agents in Charlotte who will gladly provide quotes for your coverage. It simplifies rate comparisons since you won’t have to contact an agency since rate quotes are delivered to your email. You can get cheaper auto insurance rates AND a local agent. If you wish to compare prices from a specific insurance company, feel free to visit that company’s website and complete a quote there.
If you want to buy auto insurance from an insurance agent, it helps to know the two different agency structures that you can select. Auto insurance agencies can be classified as either independent or exclusive.
Independent Auto Insurance Agents
Agents that elect to be independent do not write with just one company so as a result can place your coverage amongst many companies enabling the ability to shop coverage around. If you are not satisfied with one company, an independent agent can move your coverage and the insured can keep the same agent.
When shopping rates, we highly recommend that you get some free quotes from at least one independent agent in order to compare the most rates.
The following are independent agencies in Charlotte that can give you comparison quotes.
Agents that elect to be exclusive can only provide pricing for a single company and examples are Farmers Insurance, State Farm, Allstate, and AAA. Exclusive agencies are unable to place coverage with different providers so if the price isn’t competitive there isn’t much they can do. They are usually well trained on sales techniques which can be an advantage.
Shown below is a short list of exclusive agents in Charlotte who can help you get price quote information.
Finding the right auto insurance agent requires more thought than just a cheap price. Agents should be asked these questions:
- When do they do policy reviews?
- What will you get paid if your car is a total loss? How is that amount determined?
- How experienced are they in personal risk management?
- Are there any discounts for paying up front?
- Can they help ensure a fair claim settlement?
- Where would your vehicle be repaired?
Your auto insurance coverage should be tailored to you
When it comes to buying coverage for your personal vehicles, there isn’t really a “perfect” insurance plan. Each situation is unique so your insurance should reflect that
For example, these questions could help you determine whether your personal situation will benefit from professional help.
- What is an SR-22 filing?
- Does my liability insurance cover pulling a trailer or camper?
- Is pet coverage available?
- Do I have coverage when making deliveries for my home business?
- When should I remove comp and collision on my Tesla Model X?
- Is there coverage for my trailer?
If you don’t know the answers to these questions but a few of them apply then you might want to talk to an agent. If you don’t have a local agent, fill out this quick form or click here for a list of auto insurance companies in your area.
Compare. Compare. Compare.
When buying insurance coverage, you should never buy less coverage just to save a little money. Too many times, an insured dropped comprehensive coverage or liability limits and learned later that it was a big error on their part. The goal is to buy enough coverage at an affordable rate, not the least amount of coverage.
You just read a lot of ways to get a better price on Tesla Model X insurance in Charlotte. The key thing to remember is the more rate comparisons you have, the higher your chance of finding affordable Charlotte car insurance quotes. Consumers may even find the lowest prices are with some of the lesser-known companies. Regional companies may have significantly lower rates on certain market segments as compared to the big name companies such as Progressive or GEICO.
How to find the cheapest rates for Tesla Model X insurance in Charlotte
The best way to find low-cost Tesla Model X insurance in Charlotte is to compare prices once a year from insurance carriers who sell auto insurance in North Carolina.
- Step 1: Spend a few minutes and learn about what coverages are included in your policy and the changes you can make to keep rates in check. Many policy risk factors that cause rate increases like accidents, traffic violations, and a negative credit history can be amended by making small lifestyle or driving habit changes.
- Step 2: Compare rates from direct carriers, independent agents, and exclusive agents. Exclusive agents and direct companies can only provide price estimates from a single company like GEICO and State Farm, while independent agents can provide prices for a wide range of insurance providers.
- Step 3: Compare the quotes to the price on your current policy to see if switching to a new carrier will save money. If you find better rates and switch companies, make sure the effective date of the new policy is the same as the expiration date of the old one.
- Step 4: Provide proper notification to your current company to cancel the current policy and submit a down payment and signed policy application to your new company or agent. Once received, keep the new proof of insurance certificate along with your vehicle registration.
One important bit of advice is to use similar coverage information on each quote request and and to analyze as many different companies as possible. This provides a fair price comparison and a complete rate analysis.
To read more, take a look at the following helpful articles:
- Uninsured Motorists: Threats on the Road (Insurance Information Institute)
- Who Has Affordable Auto Insurance Quotes for a Toyota Tundra in Charlotte? (FAQ)
- Who Has Cheap Auto Insurance Rates for Low Mileage Drivers in Charlotte? (FAQ)
- What Determines the Price of My Auto Insurance Policy? (Insurance Information Institute)
- Airbag FAQ (iihs.org)
- Side Impact Crash Tests (iihs.org)