Best Insurance for a Ford Escape in Charlotte

The easiest way to find cheaper quotes for car insurance rates is to compare quotes annually from insurers in Charlotte. You can compare prices by following these steps.

First, it will benefit you to learn about how auto insurance works and the things you can change to keep rates in check. Many risk factors that are responsible for high rates like traffic violations, accidents, and a less-than-favorable credit score can be rectified by paying attention to minor details. Read the full article for instructions to get affordable coverage and find additional discounts.

Second, compare rates from direct carriers, independent agents, and exclusive agents. Exclusive and direct companies can give quotes from one company like GEICO or State Farm, while independent agencies can provide price quotes for a wide range of insurance providers.

Third, compare the price quotes to your current policy to see if switching to a new carrier will save money. If you find a lower rate, ensure there is no coverage lapse between policies.

Fourth, tell your current company to cancel your current auto insurance policy. Submit payment and a signed application for the new coverage. Once coverage is bound, place the new certificate verifying coverage in a readily accessible location in your vehicle.

One key aspect of rate comparisons is to make sure you’re comparing the same level of coverage on every price quote and and to get prices from as many auto insurance providers as possible. This enables a level playing field and a better comparison of the market.

Insurance for Ford EscapeAmazingly, the vast majority of consumers renewed their policy with the same company for more than four years, and virtually 40% of consumers have never compared rate quotes at all. Many drivers in Charlotte can save almost 10% each year just by shopping around, but they assume it’s a waste of time to compare rate quotes.

Ford Escape insurance statistics and information

The data table shown below covers estimates of insurance rates for Ford Escape models. Learning a little about how insurance prices are figured is important for making smart choices when comparing insurance quotes.

Ford Escape Insurance Rates in Charlotte, NC
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Escape XLS 2WD $182 $312 $216 $12 $64 $786 $66
Escape XLS 4WD $182 $312 $216 $12 $64 $786 $66
Escape XLT 2WD $182 $312 $216 $12 $64 $786 $66
Escape Limited 2WD $208 $312 $216 $12 $64 $812 $68
Escape XLT 4WD $208 $312 $216 $12 $64 $812 $68
Escape Limited 4WD $208 $380 $216 $12 $64 $880 $73
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Cost estimates assume married female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, multi-policy, homeowner, and claim-free. Rate quotes do not factor in garaging location in Charlotte which can lower or raise auto insurance rates significantly.

Can higher deductibles save money?

One of the most common car insurance questions is what deductibles to buy. The premium rates below show the price difference of buying low and high physical damage coverage deductibles. The first rate table uses a $250 deductible and the second price chart uses a $1,000 deductible.

Ford Escape insurance policy rates with $250 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Escape XLS 2WD $168 $266 $212 $12 $64 $747 $62
Escape XLS 4WD $168 $266 $212 $12 $64 $747 $62
Escape XLT 2WD $168 $266 $212 $12 $64 $747 $62
Escape Limited 2WD $192 $266 $212 $12 $64 $771 $64
Escape XLT 4WD $192 $266 $212 $12 $64 $771 $64
Escape Limited 4WD $192 $324 $212 $12 $64 $829 $69
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Ford Escape insurance policy rates with $1,000 deductibles
Model Comp Collision Liability Medical UM/UIM Annual Premium Monthly Premium
Escape XLS 2WD $104 $168 $212 $12 $64 $560 $47
Escape XLS 4WD $104 $168 $212 $12 $64 $560 $47
Escape XLT 2WD $104 $168 $212 $12 $64 $560 $47
Escape Limited 2WD $118 $168 $212 $12 $64 $574 $48
Escape XLT 4WD $118 $168 $212 $12 $64 $574 $48
Escape Limited 4WD $118 $204 $212 $12 $64 $610 $51
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Prices based on married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-vehicle, and multi-policy. Information does not factor in your specific Charlotte location which can change rates significantly.

We can estimate from the data above that using a $250 deductible would cost the average driver about $16 more each month or $192 a year than selecting the higher $1,000 deductible. Because you would pay $750 more out of your own pocket with a $1,000 deductible as compared to a $250 deductible, if you go at a minimum 47 months between claim filings, you would come out ahead by going with a higher deductible.

How to determine when to raise your deductibles

Average monthly premium for $250 deductibles: $64
Average monthly premium for $1,000 deductibles (subtract): – $48
Monthly savings from raising deductible: $16
Difference between deductibles ($1,000 – $250): $750
Divide difference by monthly savings: $750 / $16
Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible 47 months

The chart below highlights how deductible selection and can raise or lower Ford Escape insurance rates for different insured age categories. The prices are based on a single male driver, full coverage, and no discounts are applied to the premium.

Age, gender, and Ford Escape insurance

The information below illustrates the comparison of Ford Escape insurance costs for male and female drivers. The rate quotes are based on no accidents or driving violations, full coverage, $100 deductibles, drivers are single, and no discounts are applied to the premium.

Rate difference between full and liability-only coverage

The illustration below illustrates the comparison of Ford Escape auto insurance rates when comparing full coverage to state minimum liability only. The premium estimates are based on no accidents or driving violations, $250 deductibles, single status, and no discounts are applied.

Should you pay for full coverage or liability only?

There isn’t a written rule that is best for determining when to drop full coverage, but there is a general guideline you can use. If the yearly cost of full coverage is 10% or more of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.

For example, let’s say your Ford Escape claim settlement value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is destroyed, the most your company would pay you is $8,000 after you pay the deductible. If you are paying in excess of $800 annually for comprehensive and collision coverage, then it might be time to consider dropping full coverage.

There are a few cases where removing full coverage is not a good plan. If you haven’t satisfied your loan, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should keep full coverage in place.

Insurance Rate Influencing Factors

Many different elements are considered when you quote your car insurance policy. Some of the criteria are obvious like an MVR report, but other criteria are not as apparent like your continuous coverage or how financially stable you are. A large part of saving on insurance is knowing the rating factors that help determine your insurance rates. If you know what impacts premium levels, this helps enable you to make changes that may result in better insurance rates.

Improve your credit rating – Having a good credit history can be a huge factor in calculating your insurance rates. Therefore, if your credit history could use some work, you could save money insuring your Ford Escape if you improve your credit rating. Drivers with high credit ratings tend to be more responsible as compared to drivers with worse credit.

Alarms and GPS tracking systems cut insurance rates – Owning a car with a theft deterrent system can save you some money. Anti-theft devices like vehicle immobilizer systems, OnStar, and tracking devices like LoJack can help prevent auto theft and help lower rates.

Multiple policies with one company – The majority of insurance companies will give a discount to insureds that purchase more than one policy, otherwise known as a multi-policy discount. Even if you qualify for this discount already, it’s still a good idea to compare other company rates to help ensure you have the lowest rates. It’s possible to still find a better deal by buying insurance from a different company.

Insurance premiums and vehicle performance – The type of car you drive makes a big difference in your rates. The lowest performance passenger cars usually are quite affordable to insure, but there are many factors that impact the final cost.

The following chart is based on a married male driver age 30, full coverage with $100 deductibles, and no discounts or violations. It compares Ford Escape insurance rates compared to other vehicles that have different performance risks.

Low deductibles can be expensive – Physical damage deductibles state the amount of money you are required to pay if a claim is determined to be covered. Insurance for physical damage to your car, aka comp and collision, insures against damage to your car. Some examples of claims that would be covered are a windshield broken by a bird, vandalism, or theft of your vehicle. The more money the insured is willing to pay, the lower your rates will be.

Add-on coverages can cost a lot – There are many additional extra coverages that can add up but may not be useful. Coverages like roadside assistance, high-cost glass coverage, and extra equipment coverage may not be needed and are just wasting money. The coverages may be enticing initially, but if you’ve never needed them in the past consider taking them off your policy.

Insurance losses for a Ford Escape – Insurance companies factor in insurance loss information when they calculate premium prices for each model. Vehicles that statistically have higher number or severity of losses will have a higher cost to insure.

The next table shows the historical insurance loss data for Ford Escape vehicles. For each type of coverage, the statistical loss for all vehicles averaged together is set at 100. Values under 100 suggest losses that are better than average, while values that are above 100 indicate more frequent losses or a tendency for claims to be larger.

Insurance Loss Ratings for Ford Escape Vehicles
Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury
Ford Escape 4dr 2WD 80 91 83 94 94 92
Ford Escape 4dr 4WD 81 84 94 85 90 77

Data Source: Insurance Institute for Highway Safety for 2013-2015 Model Years

Shop around and save

Throughout this article, we presented some good ideas how to lower your Ford Escape insurance car insurance rates in Charlotte. The key thing to remember is the more quotes you get, the more likely it is that you will get a better rate. Consumers may even find the biggest savings come from some of the smallest insurance companies.

Lower-priced Ford Escape insurance in Charlotte can be purchased on the web and from local insurance agents, and you should be comparing both to have the best selection. A few companies may not offer price quotes online and many times these regional insurance providers sell through local independent agencies.

As you restructure your insurance plan, you should never buy lower coverage limits just to save a few bucks. In too many instances, consumers will sacrifice liability limits or collision coverage and found out when filing a claim that the savings was not a smart move. The proper strategy is to get the best coverage possible at an affordable rate, not the least amount of coverage.

Much more information about insurance in North Carolina is available below: