Trying to find cost effective car insurance is not always easy, and deciding which insurers offer the lowest-priced auto insurance rates for teenagers will involve even more work. Each insurance company uses their own formula for setting prices, so let’s rank the most affordable auto insurance companies in North Carolina.
It’s a good idea to know that Raleigh, NC auto insurance rates are based on many factors that control the price of coverage. This price fluctuation is why consumers need to take the time to take the time to shop around when trying to find the most budget-friendly car insurance quotes for teenagers. Insurance prices are calculated by many risk factors and can increase or decrease at any time, so the cheapest rate the last time you shopped around may now not even be in the top five.
Find Cheaper Car Insurance for Teens
Progressive has some of the cheapest car insurance rates in Raleigh at around $651 annually. This is $221 less than the average premium paid by North Carolina drivers of $872. Utica National, NC Farm Bureau, Liberty Mutual, and Penn National also rank well as some of the cheaper Raleigh, NC car insurance companies.
As the rates illustrate above, if you have coverage with NC Farm Bureau and switched to Progressive, you could realize yearly savings of in the vicinity of $58. North Carolina drivers with Liberty Mutual might save as much as $70 a year, and Penn National insureds might reduce rates by $74 a year.
To get a fast rate comparison, click here to start your custom quote or visit several of the following companies.
Bear in mind that those prices are averaged for all drivers and vehicles in North Carolina and are not factoring in an exact vehicle garaging location for teenagers. So the auto insurance company that is best for you may not even be in the list above. That’s why you need to quote rates from many companies using your own specific driver and vehicle information.
The type of vehicle driven is probably the biggest factor that determines whether or not you find economical coverage for teenagers. Vehicles with more horsepower, a lack of modern safety features, or a high likelihood of having liability claims will cost more to insure than safer, lower-performance models.
The data below showcases auto insurance rates for a number of the most budget-friendly vehicles to buy coverage for.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$4,613|
|Ford Escape XLT 4WD||$4,657|
|Volkswagen Jetta S 2.5 Station Wagon||$4,939|
|Ford Edge SE 2WD||$5,142|
|Honda Odyssey LX||$5,148|
|Ford F-150 XLT Regular Cab 4WD||$5,185|
|Jeep Wrangler Sahara 4WD 2-Dr||$5,193|
|Toyota Tacoma 2WD||$5,425|
|Ford Focus S 4-Dr Sedan||$5,435|
|Dodge Grand Caravan Hero||$5,468|
|Chevrolet Silverado LT Extended Cab 4WD||$5,476|
|Jeep Grand Cherokee Laredo 4WD||$5,468|
|Chevrolet Impala LT||$5,473|
|Toyota RAV4 Limited 2WD||$5,468|
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Premium data assumes single male 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. Table data does not factor in vehicle garaging location which can affect coverage rates substantially.
Based upon the rates shown, we can presume that vehicles like the Honda CR-V, Ford Escape, Volkswagen Jetta, Toyota Prius, and Ford Edge are most likely going to be some of the most budget-friendly vehicles to insure for teen drivers. Auto insurance rates will be higher anyway because there is more liability risk for teenagers, but overall those specific models will probably have the best rates that you’ll find.
Does full coverage make sense?
Finding cheaper auto insurance is the goal of the majority of people, and one way to find cheap insurance for teenagers is to not insure for full coverage. The chart below visualizes the comparison of insurance costs with and without full coverage. The rate quotes are based on no tickets, no at-fault accidents, $1,000 deductibles, single status, and no discounts are factored in.
If we average the cost for all age groups, full coverage costs $1,053 per year more than carrying just liability coverage. That brings up the question if buying full coverage is a good investment. There is no set guideline of when to phase out physical damage insurance, but there is a general guideline you can use. If the yearly cost of full coverage is more than about 10% of the settlement you would receive from your company, then it could be time to drop full coverage.
The diagram below illustrates how choosing a deductible can impact insurance premiums when getting quotes for cheap insurance for teenagers. The premium estimates are based on a single female driver, full coverage, and no discounts are taken into consideration.
A 30-year-old driver could lower their car insurance rates by $268 a year by increasing from a $100 deductible to a $500 deductible, or save $406 by selecting a $1,000 deductible. Youthful drivers, like the Age 20 chart data, could drop their prices $602 or more by choosing a larger deductible amount. When choosing a higher deductible, it will be required to have emergency funds available to enable you to pay the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
Tips for buying budget-friendly insurance for teenagers
The list below summarizes some of the recommended penny-pinching suggestions that can help North Carolina drivers quote more affordable auto insurance.
- At-fault accidents can raise rates significantly
- Multi-policy discounts save money
- Be a cautious driver
- Drop full coverage on older vehicles
- Vehicles with good safety ratings are usually cheaper to insure
- Try to not file small claims
- Compare rates regularly to ensure the best deal
That last piece of advice is particularly critical, as was noted in this piece. Car insurance rates can change significantly in a year, so drivers shouldn’t hesitate to switch companies if a better rate can be found. Staying with the same company for years is fine, but it isn’t a good idea if that devotion results in you overpaying money that could be going to better use. It only takes a couple minutes to shop around and find cheaper car insurance for teenagers in Raleigh.