Trying to find low-priced auto insurance is tough enough, and deciding which companies offer the cheapest insurance rates for good students calls for more quotes for comparison.
Each insurance company uses their own formula to set premium rates, so we’ll go over the most affordable insurance companies in Charlotte. It’s important to know that North Carolina insurance rates are impacted by many factors that will increase or decrease the policy premium. This price variation is why it is critical to shop around to find affordable insurance quotes for good students. Insurance rates are determined by many things and change frequently, so the cheapest company when you bought your policy may now be one of the more expensive options.
Find Cheaper Auto Insurance for Students
|Rank||Company||Cost Per Year|
|5||NC Farm Bureau||$730|
|Find Cheaper Rates Go|
Progressive quotes some of the cheapest car insurance rates in Charlotte at around $632 each year. This is $240 less than the average premium paid by North Carolina drivers of $872. Utica National, Penn National, Liberty Mutual, and NC Farm Bureau would also be considered some of the cheapest Charlotte, NC auto insurance companies.
As illustrated above, if you are insured with Liberty Mutual and switched to Progressive, you might realize a yearly price reduction of around $96. Customers with NC Farm Bureau might save as much as $98 a year, and Titan policyholders might realize rate reductions of up to $105 a year.
These prices are averaged across all ages of drivers and types of vehicles and do not take into consideration an exact zip code location for good students. So the company that can offer the best rates for your situation may not even be in the list above. That underscores the importance of why you need to quote rates from as many companies as possible using your own personal information and vehicle type.
The car, truck, or SUV that is being insured is a significant factor when shopping around for the best cheap insurance for good students. Vehicles with more horsepower, a lack of safety features, or a history of substantial liability claims will cost significantly more to insure than more economical and safe models. The list below features car insurance prices for a selection of the more affordable vehicles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$3,978|
|Hyundai Elantra GLS Touring Station Wagon||$3,986|
|Honda CR-V LX 2WD||$3,978|
|Jeep Wrangler Sport Islander Package 4WD 2-Dr||$4,412|
|Volkswagen Jetta SE 2.5 Station Wagon||$4,604|
|Honda Odyssey EX||$4,679|
|Ford Edge SE AWD||$4,687|
|Chevrolet Silverado LT Extended Cab 4WD||$4,725|
|Chevrolet Impala LT||$4,731|
|Chevrolet Malibu LS||$4,725|
|Chevrolet Equinox LS 2WD||$4,731|
|Toyota RAV4 2WD||$4,725|
|Dodge Grand Caravan SXT||$4,767|
|Toyota Tacoma Double Cab 4WD||$4,774|
|Compare Cheap Rates Go|
Price data assumes single female driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, and safe-driver. Rate quotes do not factor in vehicle location which can lower or raise premiums noticeably.
By looking at the data, we can conclude that cars like the Ford Escape, Hyundai Elantra, Honda CR-V, Toyota Prius, and Jeep Wrangler will be the most economical vehicles to insure for student drivers.
Finding the right insurance provider can be a challenge considering how many companies sell insurance in Charlotte. The rank data listed below could help you select which auto insurers to look at comparing rate quotes with.
The rankings below are for the companies with a significant amount of written premium nationwide, so companies with more of a regional focus are not included in this list. To check rates and find cheaper insurance for good students, follow this link.
Top 10 Major Auto Insurance Providers in Charlotte Ranked by Customer Satisfaction
- USAA – 91%
- AAA Insurance – 90%
- Esurance – 90%
- Nationwide – 89%
- Travelers – 88%
- Progressive – 88%
- Safeco Insurance – 88%
- State Farm – 88%
- Allstate – 88%
- The Hartford – 87%
Top 10 Major Auto Insurance Providers in Charlotte Ranked by Claims Service
- State Farm
- Liberty Mutual
- American Family
- Titan Insurance
- AAA Insurance
Full coverage rates compared to liability only
Paying a lower price for insurance should be important to the majority of people, and one way to save on the cost of insurance for good students is to not insure for full coverage. The diagram below visualizes the comparison of car insurance costs with liability coverage only compared to full coverage. Data assumes no violations or claims, $1,000 deductibles, drivers are single, and no discounts are applied.
If averaged for all ages, full coverage costs $1,420 per year over and above liability coverage. Many drivers may wonder if physical damage coverage is worth the money. There is no written rule that works best for making the decision to drop comp and collision coverage, but there is a guideline you can consider. If the annual cost of having full coverage is about 10% or more of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let’s assume your vehicle’s settlement value is $5,500 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $4,500 after the policy deductible has been paid. If premium cost is more than $450 annually for your policy with full coverage, then you might want to think about dropping full coverage.
There are a few situations where eliminating full coverage is not financially feasible. If you still have a lienholder on your title, you have to keep full coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not buy liability only.
The example below illustrates how choosing a deductible can raise or lower annual premium costs when getting quotes for cheap insurance for good students. The premiums assume a married female driver, full coverage, and no discounts are taken into consideration.
The chart above illustrates that a 40-year-old driver could lower their policy premium by $230 a year by switching from a $100 deductible to a $500 deductible, or save $344 by selecting a $1,000 deductible. Even younger insureds, like the 20-year-old example, have the ability to save up to $568 or even more by choosing a higher deductible. When using a larger deductible, it will be important to have enough savings set aside to allow you to cover the extra out-of-pocket expense that deters many people from opting for higher deductibles.
How to find budget-friendly insurance for good students
The list below details a few money-saving ideas that can help Charlotte drivers quote low-cost coverage.
- Violations and traffic tickets increase rates
- Drop full coverage on older vehicles
- Maintaining good credit helps earn cheaper rates
- Higher physical damage deductibles lower rates
- Buy a car with high safety ratings
- Avoid accidents
- Keep rates low by shopping around frequently
The last tip in the list is certainly significant, as we discussed in this article. Insurance rates adjust often, so don’t hesitate to switch to a new company if a lower price can be found. We understand brand loyalty, but we do not recommend it if that devotion results in you overpaying a small fortune year after year. In just a few minutes you could compare prices and find cheaper car insurance for good students in Charlotte.
If you aren’t sure which coverage to buy and prefer to have a consultation when comparing insurance rates for student drivers, the professional agents shown below are willing to help you decide which coverages you need. To find a Charlotte insurance agency near you, click the button after the list.
The Jordan Insurance Agency,LLC
13860 Ballantyne Corporate Pl #120 – Charlotte, NC 28277 – (704) 926-7565
Gene Haynes – State Farm Insurance Agent
8316 Medical Plaza Dr a – Charlotte, NC 28262 – (704) 549-1515
Denis Wilson – State Farm Insurance Agent
1850 E 3rd St #360 – Charlotte, NC 28204 – (704) 376-4088
7810 Ballantyne Commons Pkwy # 300 – Charlotte, NC 28277 – (704) 543-2700
Swimmer Insurance Agency
725 Providence Rd #100 – Charlotte, NC 28207 – (704) 333-6694