Who Has Cheap Auto Insurance for Drivers with Bad Credit in Charlotte?

In an ideal world, we could simply tell you the one company that has the best deal on coverage in North Carolina. It’s not that easy, however, as there are a whole bunch of unknowns like what physical damage coverage deductibles you want, whether or not you are currently insured, whether you are single or married, and how old you are, that all factor into the price you pay. We are going to cover the best ways to save on auto insurance and will hopefully give you a good beginning to your quest for cheaper car insurance in Charlotte.

The car, truck, or SUV you are seeking coverage for is a large factor when comparing the most economical auto insurance for drivers with bad credit. Vehicles with high performance, poor passenger safety features, or a high likelihood of having liability claims will cost significantly more to insure than safer models. The list below shows car insurance premiums for some of the cheaper vehicles to buy insurance for.

Cheapest Vehicles to Insure in Charlotte, NC
Make, Model, and Trim Level Estimated Cost for Full Coverage
Toyota Prius $1,331
Ford Escape XLS 4WD $1,358
Honda CR-V LX 4WD $1,365
Honda Odyssey EX $1,395
GMC Sierra SLE Crew Cab 2WD $1,422
Jeep Wrangler Sport Islander Package 4WD 2-Dr $1,442
Dodge Grand Caravan SXT $1,449
Toyota Camry SE $1,499
Nissan Rogue S 2WD $1,523
Hyundai Sonata GLS 4-Dr Sedan $1,528
Nissan Altima Hybrid 4-Dr Sedan $1,526
Jeep Grand Cherokee SRT-8 4WD $1,533
Chevrolet Malibu LTZ $1,526
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Data rating is based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Premium costs do not factor in Charlotte, NC location which can raise or lower premium rates significantly.

Based upon these rates, cars like the Toyota Prius, Ford Escape, Honda CR-V, Honda Odyssey, and GMC Sierra will be some of the most economical vehicles to insure for people with poor credit. The price for car insurance will be higher anyway because there is a higher risk for drivers with bad credit, but in general those makes and models will probably have the lowest insurance rates that you’ll find.

Comparing rates for budget car insurance is not the easiest thing to do, and figuring out which company has the cheapest auto insurance rates for drivers with bad credit involves a bit more work. Each insurer uses their own formula for determining rates in each state, so let’s rank the auto insurance companies with the overall cheapest rates in Charlotte.

Compare Cheap Insurance Quotes with Bad Credit

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Rankings for the cheapest car insurance companies in North Carolina
Rank Company Cost Per Year
1 Progressive $639
2 Utica National $655
3 Penn National $717
4 Liberty Mutual $721
5 NC Farm Bureau $730
6 Titan $737
7 GEICO $742
8 State Farm $749
9 Auto-Owners $844
10 Travelers $900
11 National General $917
12 Allied $919
13 Erie $931
14 Peerless $1,002
15 Unitrin $1,002
16 Nationwide $1,011
17 Encompass $1,031
18 Safeco $1,044
19 MetLife $1,049
20 Allstate $1,054
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Progressive may have some of the best car insurance rates in Charlotte at around $639 annually. This is $233 less than the average policy premium paid by North Carolina drivers of $872. Utica National, Penn National, Liberty Mutual, and NC Farm Bureau would also make the list of some of the cheaper Charlotte, NC auto insurance companies.

As the example above demonstrates, if you currently have coverage with Liberty Mutual and switched to Progressive, you might see a yearly price reduction of in the neighborhood of $82. Customers with NC Farm Bureau may save as much as $91 a year, and Titan insureds might cut rates by $98 a year.

To get a fast rate comparison, click here to get a free quote or feel free to get quotes from the companies below.

These rates are averaged for all drivers and vehicles and and are not figured with a specific zip code for drivers with bad credit. So the auto insurance company that can offer you the best rate may not even be in the list above. That’s why you need to compare prices as often as possible using your own individual information.

One of the more important factors that are looked at to determine the price you pay for insurance is your address in Charlotte. Areas with more people or even just a higher incidence of claims tend to have higher rates, whereas more rural areas tend to receive slightly lower rates.

The next table ranks the most costly cities in North Carolina for drivers with bad credit to buy an auto insurance policy in. Charlotte makes the list at #3 with an annual cost of $808 for the average insurance policy, which is around $67 monthly.

How much does car insurance cost in Charlotte, NC?
Rank City Annual Premium
1 Fayetteville $923
2 Jacksonville $900
3 Charlotte $808
4 Gastonia $779
5 Cary $772
6 Durham $765
7 Goldsboro $765
8 Huntersville $764
9 Greensboro $763
10 Wilmington $758
11 Wilson $754
12 Greenville $752
13 High Point $745
14 Rocky Mount $740
15 Raleigh $737
16 Indian Trail $731
17 Apex $725
18 Hickory $711
19 Chapel Hill $696
20 Burlington $692
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Premium costs are approximated as the specific zip code location can raise or lower insurance rates significantly.

Choosing the top car insurance company can be a challenge considering how many different companies there are to choose from in North Carolina. The ranking information below could help you decide which car insurance providers to look at when shopping around.

The rankings below include companies who write in the majority of U.S. states, so smaller companies are not included in the list. If you wish to compare rates from these and other top-rated companies, just click here.

Top 10 Major Auto Insurance Companies in Charlotte Ranked by Customer Satisfaction

  1. USAA – 91%
  2. AAA Insurance – 90%
  3. Esurance – 90%
  4. Nationwide – 89%
  5. Travelers – 88%
  6. Progressive – 88%
  7. Safeco Insurance – 88%
  8. State Farm – 88%
  9. Allstate – 88%
  10. The Hartford – 87%

Illustration showing the impact of accidents and violations

The best way to enjoy the most affordable auto insurance rates in North Carolina for people with poor credit is to pay attention while driving and avoid traffic citations and accidents. The information below illustrates how speeding tickets and at-fault fender-benders increase car insurance costs for each different age category. The premiums assume a married male driver, full coverage, $250 deductibles, and no other discounts are factored in.

In the previous chart, the average cost of an auto insurance policy in North Carolina per year with no violations or accidents is $1,125. Get one speeding ticket and the average cost surges to $1,289, an increase of $164 each year. Next add one accident along with the one speeding ticket and the yearly cost of auto insurance for drivers with bad credit increases to an average of $1,751. That’s an increase of $626, or $52 per month, just for not driving safely!

Don’t stick with an overpriced policy

Charlotte, NC auto insurance rates are calculated based on many things which can substantially change the cost of having a policy. Turning one year older, having a claim, or having an at-fault accident can cause premium changes resulting in some companies being more affordable than competitors.

Not only may your risk profile change, but insurers modify pricing without warning to reflect underwriting profits or losses. Significantly higher claims can result in high rates, while better underwriting may result in lower-priced Charlotte car insurance rates.

The data below analyzes the cheapest car insurance in Charlotte, NC for a 30-year-old female driver with no prior claims, no tickets, and good credit. If we estimate prices based on her personal risk profile, Progressive might quote the lowest car insurance rates in Charlotte at $788 a year. This is $84 less than the average price paid by North Carolina drivers of $872. Utica National, GEICO, Liberty Mutual, and NC Farm Bureau also make the list of the top five cheapest Charlotte, NC auto insurance companies.

The example below compares rates after we give the driver in the first example some claims, a lower credit score, and a stop sign violation. Due to the fact that every auto insurer has a different formula to set policy rates, analyzing rates most likely will result in a slightly different list of the cheapest car insurance companies in Charlotte as shown below.

Titan now has the cheapest rate in Charlotte, NC with State Farm, Auto-Owners, National General, and Utica National also having competitive pricing. This illustrates why Charlotte drivers need to spend some time comparing rates to get the cheapest insurance quotes for drivers with bad credit.

Car insurance prices are calculated by many risk factors and can change substantially, so the best price when you bought your policy may now be quite expensive.