The words “cheap” and “auto insurance” really should not be used together, especially when looking for the best price on coverage for felons. Let’s familiarize you with some things that help determine auto insurance rates, and find a way to reduce the price of the next policy you buy.
One of the more important factors that aid in calculating car insurance rates is where you live in Charlotte. Cities with larger populations or higher claim trends tend to have more expensive car insurance rates, whereas areas with less crime or weather claims profit from lower rates.
The information below rates the most expensive areas in North Carolina for felons to purchase car insurance in. Charlotte comes in at #3 with the yearly price of $808 on average, which is around $67 monthly.
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Rate quotes are estimated as the vehicle garaging location can increase or decrease coverage rates greatly.
Finding good, low-cost insurance is difficult, and determining which company offers the best car insurance rates for felons may require a little more work.
Each auto insurance company uses their own formula to determine rates, so let’s begin by examining the lowest cost car insurance companies in North Carolina. It’s a good idea to be aware that North Carolina car insurance rates are determined by lots of factors which can substantially decrease or increase the price you pay. Simply turning a year older, getting married, or getting a DUI can trigger price changes resulting in some rates now being more expensive than competitors.
Find Cheaper Car Insurance for Felons
Progressive generally has some of the best car insurance rates in Charlotte at around $658 annually. This is $214 less than the average policy premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, GEICO, and NC Farm Bureau also rank well as some of the more affordable Charlotte, NC car insurance companies.
As depicted above, if you are a policyholder with GEICO and switched to Utica National, you might realize a yearly price reduction of in the vicinity of $66. Drivers with NC Farm Bureau might save as much as $68 a year, and Penn National policyholders might realize rate reductions of up to $77 a year.
Bear in mind that those premium estimates are averaged for all insureds and vehicles and do not take into consideration a specific location for felons. So the auto insurance company that fits your needs best may not even be in the list above. That helps illustrate why you need to get rate quotes from many companies using your own personalized driver profile and vehicle information.
Safe drivers Charlotte pay cheaper rates
The easiest method to get the cheapest car insurance rates in North Carolina for felons is to be an attentive driver and avoid accidents and traffic citations. The information below demonstrates how speeding tickets and at-fault claims can increase insurance rates for each age group. The rates are based on a married female driver, comp and collision included, $500 deductibles, and no discounts are taken into consideration.
In the prior example, the average cost of an auto insurance policy in North Carolina per year with a clean driving record and no accidents is $911. Add in one speeding ticket and the average cost surges to $1,059, an increase of $148 each year. Then include one accident along with the one speeding ticket and the annual cost of car insurance for felons jumps again to an average of $1,474. That’s an increase of $563, or $47 per month, just for being a less-than-perfect driver!
Difference between liability only and full coverage rates
Finding the cheapest car insurance is probably important to most drivers, and one great way to save on the cost of insurance for felons is to not insure for full coverage. The information below shows the difference between annual premium costs with and without full coverage. The data is based on no claims or driving violations, $1,000 deductibles, single marital status, and no discounts are factored in.
If we average the cost for all age groups, physical damage coverage costs $1,053 per year over and above liability coverage. Many people question if buying full coverage is a good investment. There is no clear-cut rule for dropping comp and collision coverage, but there is a general convention. If the annual cost of comprehensive and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
For example, let’s assume your vehicle’s claim settlement value is $10,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company would pay you is $9,000 after the policy deductible has been paid. If it’s costing you more than $900 annually for physical damage coverage, then it’s probably a good time to buy liability coverage only.
Here’s why you should compare rates often
North Carolina car insurance rates are impacted by many factors that can increase the cost of your policy. Simply having a birthday, moving to a new city, or getting a ticket for running a stop sign can trigger price changes that may make certain companies cheaper than others. In addition to those changes, insurance companies change prices as often as every three months in order to remain profitable. Higher than normal claim frequency or severity may result in more expensive prices, while a lower level of claims can result in cheaper Charlotte car insurance rates.
To help illustrate this point, the data below compares the cheapest car insurance in Charlotte, NC for a 30-year-old female driver with no prior claims, no tickets, and good credit. When quoting prices based on her current risk profile, Utica National may offer the best car insurance rates in Charlotte at $801 a year. This is $71 less than the average premium paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and Penn National are the rest of the cheapest Charlotte, NC auto insurance companies.
Let’s now give the driver in the first chart an at-fault accident, a little lower credit rating, and a speeding ticket. Due to the fact that each insurance company has a different process for setting rates, comparing rates may now show a different list of the cheapest companies as shown below.
Titan now has the best car insurance rate in Charlotte with State Farm, Auto-Owners, Progressive, and Travelers now rounding out the top five. This example demonstrates why consumers need to take the time to perform an extensive rate comparison when trying to find the best auto insurance rates for felons. Prices are calculated by many different factors and can change substantially, so the most economical option the last time you checked may now be one of the higher cost companies.