Wouldn’t it be so easy if we could wave our magic wand and tell you the single best company that has the cheapest rates for good drivers? It’s just not that simple, as there are a ton of unknowns such as if you have a tendency to get pulled over, how well you maintain your credit, and the crash test ratings of your vehicle, that help determine the price you have to pay. We will try to teach you about the types of things that cause high car insurance rates and will hopefully give the reader a good start in finding the cheapest insurance.
For safe drivers, one of the largest criteria that aid in calculating car insurance rates is your zip code in Raleigh. Regions with more people or even just more weather-related claims tend to have more expensive auto insurance rates, whereas areas with fewer weather claims and lower vehicle theft rates have the luxury of lower rates.
The following table lists the highest-priced areas in North Carolina for good drivers to purchase auto insurance in. Raleigh shows up at #9 having an annual price of $760 for the average insurance policy, which is about $63 monthly.
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Premium amounts are estimated as vehicle location can increase or decrease prices noticeably.
Finding dependable, cheap insurance is not easy, and deciding which company quotes the cheapest insurance rates for good drivers will involve even more work. Each auto insurer uses a slightly different approach to set their prices, so to begin we’ll rank the overall cheapest insurance companies in North Carolina.
Best Car Insurance Prices for Good Drivers
|Rank||Company||Cost Per Year|
|3||NC Farm Bureau||$716|
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Progressive may offer some of the most affordable car insurance rates in Raleigh at around $632 each year. This is $240 less than the average policy premium paid by North Carolina drivers of $872. Utica National, NC Farm Bureau, Liberty Mutual, and Penn National also are some of the lowest-priced Raleigh, NC car insurance companies.
As the rates illustrate above, if you are currently insured with Liberty Mutual and switched to Utica National, you might see annual savings of upwards of $85. North Carolina drivers with Penn National may save as much as $103 a year, and GEICO policyholders might reduce rates by $106 a year.
To find the cheapest coverage for you, click here or feel free to get quotes from the companies below.
Bear in mind that those rates are averages across all types of insureds and vehicles and are not factoring in a specific zip code for good drivers. So the insurer that fits your needs best may not even be in the top 20 companies shown above. That emphasizes why you need to get auto insurance quotes using your own personalized driver profile and vehicle information.
Drive responsibly or pay higher rates
In a perfect world, the best way to score the best insurance prices for safe drivers is to be a safe driver and avoid accidents and keep your driving record clean. The diagram below demonstrates how traffic citations and accidents can raise insurance premiums for different insured age categories. The data is based on a married male driver, full coverage, $100 deductibles, and no other discounts are factored in.
The data in the chart shows the average cost of a car insurance policy in North Carolina per year with a clean driving record and no accidents is $1,668. Get two speeding tickets and the average cost hikes up to $2,307, an increase of $638 each year. Now throw in one accident along with the two speeding tickets and the yearly cost of insurance for good drivers goes up to an average of $2,954. That’s an increase of $1,285, or $107 per month, just for being a careless driver!
Does full coverage make sense?
Saving money when shopping for insurance is probably important to most vehicle owners, and one good way to pay lower rates for insurance for good drivers is to not buy full coverage. The diagram below compares auto insurance costs with full physical damage coverage compared to only buying the minimum liability limits required in North Carolina. Data assumes no accidents, no driving violations, $100 deductibles, drivers are not married, and no policy discounts are applied.
If we average the cost for all age groups, comp and collision coverage costs an additional $1,434 per year more than carrying just liability coverage. That brings up the question when is the right time to remove full coverage. There is no clear-cut formula of when to phase out full coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is 10% or more of any settlement you would receive from your insurance company, then you might want to consider buying only liability coverage.
For example, let’s say your vehicle’s claim settlement value is $4,000 and you have $1,000 physical damage deductibles. If your vehicle is totaled in an accident, the most you would receive is $3,000 after you pay the deductible. If you are paying over $300 annually for your policy with full coverage, then it might be time to buy liability only.
There are some scenarios where removing full coverage is not financially feasible. If you still have a loan on your vehicle, you are required to maintain full coverage as part of the loan conditions. Also, if your savings is not enough to buy a different vehicle if your current one is damaged, you should not remove full coverage.
Last year’s bargain might be this year’s rip off
North Carolina insurance rates are influenced by many factors which can substantially change your annual premium. Improving your credit score, increasing deductibles, or getting a ticket for running a stop sign may prompt premium changes resulting in some companies being more affordable than the competition. Additionally, companies change their prices as needed in order to offset underwriting gains or losses. Heavy losses may result in additional premium costs, while lower claims may cause lower-cost Raleigh car insurance rates.
The data below shows rates for the cheapest car insurance in Raleigh, NC for a 35-year-old male driver with a clean driving record, no accidents, and a good credit rating. When quoting prices based on his current risk profile, Progressive may offer the most affordable car insurance rates in Raleigh at $703 a year. This is $169 less than the average premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, Penn National, and GEICO are the rest of the best Raleigh, NC auto insurance companies.
In this next rate comparison, we will give the driver from above a claim, bad credit, and a few traffic violations. Since each auto insurance company has a unique approach to determine rates, analyzing rates may now present a different list of the cheapest car insurance companies in Raleigh as shown below.
NC Farm Bureau now has the cheapest auto insurance in Raleigh with State Farm, Auto-Owners, Utica National, and Allied now being in the top five. This demonstrates why drivers need to compare lots of rates to get the best auto insurance quotes for good drivers. Insurance prices are calculated by many risk factors and can change without notice, so the cheapest company two years ago may now be quite expensive.
The auto insurance agents in Raleigh shown below are willing to provide answers to your questions and help you determine which auto insurance policy fits you best, as some people prefer to have some advice when trying to find lower insurance rates for good drivers. It’s not always easy to find the cheapest rates, so getting advice from a licensed agent can give comfort knowing your coverage gives you sufficient coverage for your assets.
To find an auto insurance agency by location nearest to you, click the link after the list.
- Marcus L Davis Agency
3901 Barrett Dr Suite 312 – Raleigh, NC 27609 – (919) 772-7698
- John Hill – State Farm Insurance Agent
7320 Six Forks Rd #200 – Raleigh, NC 27615 – (919) 848-0644
- Independent Insurance Agents of North Carolina Inc
101 Weston Oaks Ct – Cary, NC 27513 – (919) 828-4371
- Gina Tickle – State Farm Insurance Agent
8212 Creedmoor Rd #101 – Raleigh, NC 27613 – (919) 847-9774
How to find cheaper insurance for good drivers
The list below shows many money-saving solutions that can help drivers find cheaper car insurance.
- Drive a car with a high safety rating
- Bundle car and home insurance and save money
- Drop full coverage on older vehicles
- Good credit scores may make rates cheaper
- Do not get into accidents
- Shop around and save
The last item on the list is particularly necessary, as was discussed in the article above. Auto insurance rates in Raleigh change a lot, so don’t be unwilling to buy a different policy if you find a cheaper price.
Having a favorite company is great, but it’s not recommended if that dedication is costing a wad of cash every year. It only take a few minutes to compare prices to find cheaper insurance for good drivers.