The words “affordable” and “auto insurance” really shouldn’t be used together, specifically when trying to find the lowest insurance rates for low income drivers. Because it’s not cheap, let’s go over some of the factors that significantly impact insurance premiums, and see if we can help you lower the cost of your next policy.
For poor drivers, one of the more important things that are looked at to help calculate the amount you pay for auto insurance is the neighborhood you call home in Charlotte. Areas with high crime rates or more dense population tend to pay slightly more, whereas areas with fewer weather claims and lower vehicle theft rates have the benefit of cheaper auto insurance prices.
The following table sorts the most expensive places in North Carolina for low income drivers to purchase auto insurance in. Charlotte is ranked #3 with the yearly price of $808 for coverage, which is about $67 per month.
|Rank||City||Average Per Year|
|Quote Best Rates Go|
Prices are approximated as specific Charlotte zip code can alter price quotes noticeably.
The type of vehicle on the policy is one of the primary factors that determines the availability of the most affordable coverage for low income drivers. Vehicles with reasonable performance levels, a plethora of safety features, or a positive history of liability claims will cost significantly less to insure than high performance models.
The next list features car insurance prices for a number of the most budget-friendly vehicles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$1,161|
|Chevrolet Impala LS||$1,347|
|Ford Escape XLT 4WD||$1,359|
|Toyota RAV4 Sport 4WD||$1,374|
|Volkswagen Jetta S 4-Dr Sedan||$1,381|
|Chevrolet Malibu LT||$1,401|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$1,411|
|Ford Edge Sport 2WD||$1,445|
|GMC Sierra SL Crew Cab 2WD||$1,472|
|Chevrolet Equinox LTZ AWD||$1,482|
|Jeep Wrangler Unlimited Rubicon 4WD 4-Dr||$1,521|
|Honda Accord EX 2-Dr Coupe||$1,543|
|Ford Focus S 4-Dr Sedan||$1,545|
|Chevrolet Silverado Crew Cab Hybrid 4WD||$1,567|
|Chevrolet Silverado 2500HD LTZ Crew Cab Diesel 4WD||$1,574|
|Start a Quote Go|
Cost estimates assume single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include homeowner, safe-driver, multi-vehicle, multi-policy, and claim-free. Price information does not factor in specific zip code location which can increase or decrease premium rates substantially.
Based upon the table data, we can assume that vehicles like the Honda CR-V, Chevrolet Impala, Ford Escape, Toyota RAV4, and Volkswagen Jetta will be the most affordable vehicles to insure for poor drivers.
The information below illustrates how choosing a deductible can impact annual premium costs when researching cheap insurance for low income drivers. The costs are based on a single female driver, comp and collision included, and no discounts are taken into consideration.
As shown above, a 50-year-old driver could lower their car insurance rates by $196 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $298 by using a $1,000 deductible. Youthful drivers, like the Age 20 category, can cut up to $502 or more just by choosing higher deductibles. When raising deductibles, it will now be necessary to have emergency funds available to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.
Discount Charlotte car insurance
Insurers that provide coverage for low income drivers could also offer policy discounts that can lower rates by 30% or more if you qualify for them. Large insurance companies and the discounts they provide are detailed below.
- 21st Century may include discounts for driver training, defensive driver, teen driver, 55 and older, air bags, homeowners, and good student.
- Progressive may offer discounts for homeowner, good student, continuous coverage, multi-vehicle, multi-policy, online quote discount, and online signing.
- State Farm may have discounts that include defensive driving training, anti-theft, good driver, Steer Clear safe driver discount, student away at school, accident-free, and passive restraint.
- Nationwide offers premium reductions for good student, anti-theft, business or organization, Farm Bureau membership, defensive driving, and multi-policy.
- Esurance has discounts for homeowner, good student, renters, Switch & Save, and multi-car.
- The Hartford has savings for bundle, driver training, air bag, defensive driver, anti-theft, vehicle fuel type, and good student.
The diagram below shows the comparison of premium costs with and without some available policy discounts. The prices are based on a female driver, no driving violations, no at-fault accidents, North Carolina state minimum liability limits, full coverage, and $250 deductibles.
The first bar for each age group shows premium with no discounts. The lower bar shows the rates with homeowner, marriage, vehicle safety, claim-free, multiple policy, and accident-free discounts applied. When these discounts are applied, theaverage amount saved on insurance for low income drivers is 27% or $343.
Does full coverage make sense?
Lowering the price of insurance is probably important to most people, and one common way to reduce the cost of insurance for low income drivers is to only buy liability coverage. The information below compares car insurance costs with liability coverage only compared to full coverage. The data assumes no violations or accidents, $500 deductibles, drivers are single, and no discounts are applied to the premium.
If all age groups are averaged, full coverage on your policy costs $1,181 per year more than buying just liability insurance. That raises the question if full coverage is worth the money. There is no written rule of when to eliminate physical damage coverage, but there is a general guideline you can use. If the annual cost of coverage is more than 10% of the replacement cost minus the deductible, then you might consider buying liability only.
For example, let’s assume your vehicle’s settlement value is $7,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled, you would only receive $6,500 after paying your deductible. If it’s costing you more than $650 a year for physical damage coverage, then it might be time to buy liability only.
Ideas to find the cheapest auto insurance for low income drivers
Below you’ll find some of the recommended money-saving solutions that can help Charlotte drivers get cheap auto insurance.
- Raise your deductibles
- Do not pay for full coverage if not needed
- Accidents can significantly increase rates
- If possible, pay for small claims out-of-pocket
- Keep your driving record clean
- Shop your coverage around for the best deal
The last suggestion is particularly vital, as we discussed in the article above. Auto insurance rates fluctuate considerably, so drivers shouldn’t be reluctant to switch companies if a lower-cost policy is available.
Many drivers have brand loyalty and that’s fine, but is isn’t recommended if that devotion results in you overpaying major coinage every year. If you have a few minutes, now is a great time to compare prices to find cheaper auto insurance for low income drivers in Charlotte.
The auto insurance agents in Charlotte shown below can aid you in deciding which coverage fits your budget, since many people would rather get help from a professional when shopping around for cheaper insurance for poor drivers. It can be difficult to find the best coverage yourself, so getting advice from a licensed agent can give peace of mind knowing your policy gives you adequate protection in case of an accident or claim.
To find a Charlotte insurance agent using an interactive map, click the link after the list or click here to compare rates now.
- Gene Haynes – State Farm Insurance Agent
8316 Medical Plaza Dr a – Charlotte, NC 28262 – (704) 549-1515
- Charlotte Insurance
5113 Piper Station Dr #207 – Charlotte, NC 28277 – (704) 536-0995
- Uwem Equan – State Farm Insurance Agent
5412 Central Ave b – Charlotte, NC 28212 – (704) 535-4090