Things would sure be easy if we could just tell you the one auto insurance company that has the lowest rates in North Carolina. It’s just not that easy, however, as there are a whole bunch of unknown elements like your date of birth, the area where you live, if you have a spouse, and citations or tickets, that all go into determining the rate you pay. This article delves into these factors and others that can influence the price of auto insurance and hopefully give you enough understanding to have a jump start in finding the best auto insurance in North Carolina.
The vehicle you are trying to insure is one of the largest considerations in finding cheaper insurance for young drivers. Vehicles with higher performance, poor crash test ratings, or high incidents of liability claims will cost much more to insure than safer models. The next list showcases coverage premiums for a number of the most economical vehicles to buy insurance for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $4,776 |
| Ford Escape XLS 4WD | $4,784 |
| Honda CR-V EX 2WD | $4,776 |
| Toyota Prius | $5,151 |
| Ford Explorer XLT AWD | $5,373 |
| Jeep Wrangler Sahara 4WD 2-Dr | $5,382 |
| Honda Odyssey EX | $5,621 |
| Ford Focus S 4-Dr Sedan | $5,630 |
| Chevrolet Equinox LS AWD | $5,664 |
| Volkswagen Jetta S 4-Dr Sedan | $5,671 |
| Toyota Camry LE | $5,664 |
| Toyota RAV4 Sport 2WD | $5,669 |
| Chevrolet Impala LT | $5,664 |
| Toyota Tacoma Double Cab TRD Off-Road Package 4WD | $5,706 |
| Dodge Grand Caravan SXT | $5,715 |
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Data rating is based on single female driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium amounts do not factor in specific location which can impact price quotes significantly.
Looking at the numbers, we can assume that models like the Honda Accord, Ford Escape, and Honda CR-V are likely to be some of the most affordable vehicles to insure for youthful drivers. The price for car insurance will tend to be more expensive because of the fact that there is more exposure for young drivers, but overall those particular vehicles will have the best rates available.
Deciphering which companies have the best auto insurance rates for young drivers requires a little more effort than just picking a company at random.
Each auto insurance company uses their own formula to set their prices, so we need to take a look at the most budget-friendly auto insurance companies in Charlotte, NC.
Best Auto Insurance Prices for Teens
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Progressive | $632 |
| 2 | Utica National | $636 |
| 3 | Liberty Mutual | $707 |
| 4 | Penn National | $717 |
| 5 | GEICO | $720 |
| 6 | NC Farm Bureau | $730 |
| 7 | Titan | $751 |
| 8 | State Farm | $779 |
| 9 | Auto-Owners | $870 |
| 10 | Allied | $892 |
| 11 | Erie | $895 |
| 12 | National General | $908 |
| 13 | Travelers | $936 |
| 14 | Peerless | $992 |
| 15 | Nationwide | $1,001 |
| 16 | Unitrin | $1,012 |
| 17 | MetLife | $1,018 |
| 18 | Encompass | $1,041 |
| 19 | Safeco | $1,044 |
| 20 | Allstate | $1,097 |
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Progressive quotes some of the best car insurance rates in Charlotte at around $632 each year. Utica National, Liberty Mutual, Penn National, and GEICO also are some of the best Charlotte, NC insurance companies.
As illustrated above, if you currently buy coverage from Penn National and switched to Progressive, you might realize annual savings of around $85. Insureds with GEICO could save as much as $88 a year, and NC Farm Bureau insureds might lower prices by $98 a year.
To get a fast rate comparison, click here to get quotes or visit several of the following companies.
Remember that these premium estimates are averages for all types of insureds and vehicles and are not factoring in a specific location for young drivers. So the insurer that fits your needs best may not even be in the top 20 companies shown above. That helps illustrate why you need to get quotes using your own driver information and specific vehicle type.
For youthful drivers, one of the more important things that help determine the amount you pay each year for auto insurance is where you normally keep your vehicle in Charlotte. Cities with larger populations or higher claim trends will most likely pay more, whereas areas with lower crime rates and fewer weather claims have the luxury of cheap car insurance rates.
The following table sorts the most expensive places in North Carolina for young drivers to purchase auto insurance in. Charlotte comes in at #4 with the yearly price of $808 for car insurance, which is about $67 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Fayetteville | $905 |
| 2 | Jacksonville | $873 |
| 3 | Gastonia | $811 |
| 4 | Charlotte | $808 |
| 5 | Durham | $789 |
| 6 | Wilmington | $788 |
| 7 | Cary | $765 |
| 8 | Huntersville | $764 |
| 9 | Greensboro | $763 |
| 10 | Raleigh | $760 |
| 11 | Indian Trail | $753 |
| 12 | Apex | $747 |
| 13 | High Point | $745 |
| 14 | Rocky Mount | $740 |
| 15 | Greenville | $738 |
| 16 | Goldsboro | $735 |
| 17 | Wilson | $732 |
| 18 | Chapel Hill | $717 |
| 19 | Salisbury | $712 |
| 20 | Hickory | $711 |
| Compare Prices Now Go | ||
Premium costs are approximated as zip code location can decrease or increase price quotes significantly.
Rate comparison of full coverage and liability-only
Buying cheaper auto insurance should be important to most drivers, and a great way to pay lower rates for insurance for young drivers is to not buy comprehensive and collision coverage. The illustration below illustrates the difference between insurance rates when comparing full coverage to liability only. The data assumes no claims or driving citations, $1,000 deductibles, drivers are not married, and no discounts are factored in.
If averaged for all ages, comprehensive and collision coverage on your policy costs $1,401 per year more than insuring for liability only. Many drivers will wonder if paying for full coverage is worth it. There is no exact formula for eliminating physical damage coverage, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is about 10% or more of replacement cost minus your deductible, then it’s probably a good time to buy liability coverage only.
For example, let’s assume your vehicle’s book value is $5,500 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would get paid by your company is $4,500 after the deductible is paid. If you are currently paying more than $450 annually for comprehensive and collision coverage, then you might want to consider buying only liability coverage.
There are some circumstances where dropping physical damage coverage is not in your best interest. If you still have a loan on your vehicle, you are required to maintain full coverage to satisfy the loan requirements. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should maintain full coverage.
Auto insurance companies ranked
Selecting a good quality insurance provider can be challenging considering how many different companies there are to choose from in Charlotte. The information in the lists below may help you decide which car insurance companies to look at when insurance shopping for young drivers. The rankings below only include the largest auto insurers in America, so companies that only write business in North Carolina or surrounding areas are not taken into consideration for the list.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
| Liberty Mutual | 79 | 87 | 95 | 78% | A | 85.3 |
| Farmers Insurance | 77 | 80 | 80 | 84% | A | 80.3 |
| Compare Rates Now Go | ||||||
Data Source: Insure.com Best Car Insurance Companies
Charlotte car insurance rates
North Carolina auto insurance rates are calculated based on many things that may substantially change the cost of having a policy. Turning one year older, marrying your spouse, or getting a few speeding tickets can trigger price changes that can now make some companies cheaper than competitors.
Also, auto insurance companies modify rates without warning to help ensure profitability. Significantly higher losses may cause increased policy costs, while a better loss history can result in cheaper Charlotte car insurance rates.
To help illustrate this point, the graph below shows rates for the cheapest car insurance in Charlotte, NC for a 45-year-old male driver with no accidents, a clean driving record, and solid credit. When quoting prices based on his personal profile, Utica National quotes the best car insurance rates in Charlotte at $791 per year. This is $81 less than the average rate paid by North Carolina drivers of $872. Progressive, NC Farm Bureau, GEICO, and Liberty Mutual are the remainder of the top five cheapest Charlotte, NC auto insurance companies.
Let’s now give the driver from above some claims, a lower credit rating, and a few blemishes on his driving record. Because every insurance company has a different formula for filing rates in each state, comparing prices may now result in a completely different list of the cheapest Charlotte car insurance companies as shown below.
Penn National now has the cheapest auto insurance in Charlotte, NC with State Farm, Auto-Owners, Progressive, and Erie now being in the top five. This demonstrates why North Carolina drivers need to spend some time comparing rates when trying to get the most affordable insurance quotes for young drivers.
Insurance rates are influenced by many different factors and change substantially, so the most economical option the last time you shopped around may now not even be in the top five.
If you aren’t sure which coverage you need and prefer to have a little guidance when trying to find the best insurance rates for youthful drivers, the agencies below can help you determine which auto insurance policy fits you best. To find a Charlotte insurance agency using an interactive map, click the button following the list.
- The Jordan Insurance Agency,LLC
13860 Ballantyne Corporate Pl #120 – Charlotte, NC 28277 – (704) 926-7565 - Lawing – Elvington Insurance Agency
6132 Brookshire Blvd b – Charlotte, NC 28216 – (704) 391-8483 - State Farm: Happy Mullen
2201 South Blvd #420 – Charlotte, NC 28203 – (704) 362-0800 - AAA Carolinas
6600 A A A Dr – Charlotte, NC 28212 – (704) 569-3600 - Joe Pomykacz – State Farm Insurance Agent
2730 E W.T. Harris Blvd #202 – Charlotte, NC 28213 – (704) 535-3700