The words “low-priced” and “insurance” really shouldn’t be used in the same sentence, in particular when shopping around for the best car insurance for nurses. To save some money, let’s introduce you to some situations that have a considerable impact on car insurance rates, and see how we can help you reduce the price of the next policy you buy.
Comparing quotes for reasonably-priced insurance is not the easiest thing to accomplish, and deciding which companies offer the cheapest auto insurance rates for nurses calls for even more shopping around. Every insurance company has their own process for determining prices, so let’s begin by taking a look at the auto insurance companies with the most affordable rates in Charlotte.
It’s important to know that Charlotte auto insurance rates are calculated based on many things which can substantially decrease or increase the price you pay. This price fluctuation is why consumers need to take the time to do a thorough rate comparison when trying to get the most budget-friendly insurance quotes for nurses. Prices are impacted by many things and can change substantially, so the cheapest company two years ago may now be wasting a lot of money.
Best Insurance Companies for Health Occupations
Progressive has some of the best car insurance rates in Charlotte at around $632 per year. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National also qualify as some of the most economical Charlotte, NC insurance companies.
As shown above, if you currently have coverage with NC Farm Bureau and switched to Utica National, you could realize savings of about $68. Customers with Penn National could save as much as $77 a year, and GEICO customers might reduce prices by as much as $88 a year.
It’s important to note that these estimates are averaged for all types of drivers and the different vehicles they drive and are not factoring in a specific zip code for nurses. So the company that can offer you the best price may not even be in the list above. That illustrates why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
One of the many criteria that are looked at to determine the amount you pay each year for auto insurance is your address in Charlotte. More populated areas tend to pay slightly more, whereas areas that tend to be more rural tend to receive slightly lower rates.
The table below shows the most expensive cities in North Carolina for nurses to purchase a policy in. Charlotte comes in at #3 with a yearly cost of $816 for car insurance, which is approximately $68 monthly.
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Premium amounts are comparative as the specific geographic location can decrease or increase prices significantly.
Drive responsibly or pay higher rates
The easiest method to obtain the cheapest auto insurance prices in Charlotte for health professionals is to be an attentive driver and not have accidents or get tickets. The illustration below highlights how traffic violations and accident claims drive up auto insurance costs for different age categories. The premiums are based on a married female driver, comp and collision included, $250 deductibles, and no discounts are factored in.
In the example above, the average cost of a car insurance policy per year with a clean driving record and no accidents is $1,017. Factor in one speeding ticket and the average cost swells to $1,181, an increase of $164 each year. Then include two accidents along with the one speeding ticket and the 12-month cost of auto insurance for nurses jumps again to an average of $2,611. That’s an increase of $1,593, or $133 per month, just for being a little careless behind the wheel!
The illustration below shows how different deductible levels can impact annual premium costs when getting quotes for cheap insurance for nurses. Data assumes a married female driver, full physical damage coverage, and no discounts are applied.
As shown above, a 40-year-old driver could save $238 a year by changing from a $100 deductible to a $500 deductible, or save $358 by selecting a $1,000 deductible. Even younger insureds, such as the 20-year-old chart data, can cut up to $588 annually by selecting a higher deductible.
When insureds make the decision to increase the deductibles on their policy, it is essential to have enough savings set aside to cover the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Rate comparison of full coverage and liability-only
Saving on auto insurance is probably important to most drivers, and one great way to save on the cost of insurance for nurses is to only buy liability coverage. The example below shows the comparison of car insurance rates with and without physical damage coverage. The data assumes no claims or driving violations, $100 deductibles, marital status is single, and no additional discounts are factored in.
If averaged for all ages, comp and collision coverage costs an extra $1,918 per year over liability only. Many drivers may wonder if paying for full coverage is a waste of money. There is no specific rule to stop paying for comp and collision coverage, but there is a general guideline. If the annual cost of coverage is more than 10% of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s pretend your vehicle’s replacement cost is $3,000 and you have $1,000 deductibles. If your vehicle is destroyed, the most your company will settle for is $2,000 after paying the physical damage deductible. If it’s costing you more than $200 annually for physical damage coverage, then it’s probably a good time to buy liability coverage only.
There are some conditions where dropping physical damage coverage is not recommended. If you still have a lienholder on your title, you have to keep full coverage as part of the loan conditions. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.
Why you should be shopping around
Charlotte auto insurance rates are based on many factors which can substantially decrease or increase the price of your policy. Simply having another birthday, buying a different vehicle, or getting a speeding ticket can cause premium changes resulting in some companies being affordable when they were higher priced.
Also, car insurance companies modify rates every year or even multiple times each year in order to remain profitable. An extended period of higher than normal claims may cause more expensive premiums, while lower claim expenses can produce cheaper Charlotte car insurance rates.
The graph below compares the cheapest car insurance in Charlotte, NC for a 35-year-old female driver with a clean driving record, no accidents, and solid credit. If we compare prices based on her current situation, Progressive quotes the most affordable car insurance rates in Charlotte at $804 annually. This is $68 less than the average price paid by North Carolina drivers of $872. Utica National, NC Farm Bureau, Liberty Mutual, and Penn National are also included in the best Charlotte, NC auto insurance companies.
Now we will give the driver from the first rate comparison a claim or two, bad credit, and a blemish on her driving record. Because every insurance company uses their own formula to determine rates, comparing insurance quotes may now show a significantly different list of companies as shown below.
Titan now has the cheapest price in Charlotte, NC with State Farm, Auto-Owners, National General, and Erie now rounding out the top five. This illustrates why consumers need to take the time to spend some time comparing rates when trying to get cheap auto insurance rates for nurses. Insurance prices can be altered by many things and change substantially, so the most economical company the last time you checked may now be quite expensive.