This would be a real easy article to write if we could simply give you the name of the one auto insurance company that has the cheapest rate quotes in North Carolina. Unfortunately, it’s just not that easy, as there are many unknowns like if you are a homeowner or renter, if you want full coverage included, your financial stability, and the neighborhood you live in. The content below will cover the best ways to find cheap car insurance and will hopefully give you a good beginning to your quest for cheaper car insurance in North Carolina.
The car, truck, or SUV needing coverage is probably the most important factor that determines if you can find the lowest-priced insurance for electric cars. Vehicles with economical engines, excellent safety ratings, or a track record of few liability claims will cost much less to insure than higher performance models.
The next table features insurance rates for some of the cheaper automobiles to buy insurance for.
|Vehicle||Estimated Cost for Full Coverage|
|Ford F-150 STX Super Cab 2WD||$1,129|
|Honda CR-V EX-L 4WD||$1,203|
|Jeep Grand Cherokee Laredo 4WD||$1,214|
|Ford Focus SEL 4-Dr Sedan||$1,256|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$1,263|
|Hyundai Elantra Blue 4-Dr Sedan||$1,256|
|Ford Escape XLS 2WD||$1,260|
|Toyota Camry XLE||$1,279|
|Honda Odyssey EX-L W/Rear Entertainment||$1,287|
|Toyota Corolla XRS||$1,310|
|Hyundai Sonata GLS 4-Dr Sedan||$1,302|
|Ford Edge Limited 2WD||$1,368|
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Prices based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Rate information does not factor in specific garaging location which can modify coverage prices noticeably.
Looking at the data, we can assume that vehicles like the Ford F-150, Honda CR-V, Jeep Grand Cherokee, and Ford Focus are most likely to be the most economical vehicles to insure for eco-friendly vehicles.
Establishing which company has the most affordable insurance rates for electric cars will require a bit more work than just quoting one company’s rates. Every auto insurer uses their own method to set policy rates, so let’s examine the most competitive insurance companies in Raleigh, NC.
Find the Cheapest Auto Insurance for EV’s
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$709|
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Utica National may offer some of the lowest car insurance rates in Raleigh at around $636 per year. This is $236 less than the average price paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and Penn National would also be considered some of the more affordable Raleigh, NC insurance companies.
As shown above, if you are currently insured with NC Farm Bureau and switched to Progressive, you might achieve a yearly savings of upwards of $51. Policyholders with Penn National may save as much as $59 a year, and GEICO policyholders might realize rate reductions of up to $70 a year.
These rates are averages across all types of drivers and the different vehicles they drive and and are not figured with a vehicle location for electric cars. So the insurer that fits your age and vehicle best may not even be in the list above. That points out the importance of why you need to get rate quotes using your own driver data and vehicle information.
For eco-friendly vehicles, one of the big criteria that are looked at to help calculate the amount you pay each year for auto insurance is where you keep your car in Raleigh. Areas with high crime rates or more dense population tend to have more expensive car insurance rates, whereas areas with less people or fewer weather incidents can boast about having cheaper rates.
The next table rates the highest-priced areas in North Carolina for electric cars to purchase auto insurance in. Raleigh is ranked #16 with the yearly price of $737 for the average policy, which is around $61 monthly.
|Rank||City||Premium Per Year|
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Price information shown is approximated as vehicle location can influence premiums considerably.
Get discounts on Raleigh insurance rates
Insurance providers that sell policies for electric cars may have policy discounts that may potentially lower prices by 40% or more if you can meet the requirements. The best insurance companies and a summarized list of policyholder discounts are:
- The Hartford policyholders can earn discounts including defensive driver, driver training, anti-theft, air bag, and good student.
- American Family offers discounts including defensive driver, mySafetyValet, TimeAway discount, good driver, and Steer into Savings.
- Progressive may have discounts that include multi-policy, online quote discount, good student, online signing, and multi-vehicle.
- Travelers includes discounts for continuous insurance, payment discounts, good student, home ownership, driver training, and early quote.
- Farmers Insurance may offer discounts for multi-car, distant student, alternative fuel, good student, youthful driver, and electronic funds transfer.
- USAA may include discounts for loyalty savings, defensive driver, family discount, driver training, multi-vehicle, and good student.
- Liberty Mutual discounts include safety features, newly married, new move discount, hybrid vehicle, and preferred payment discount.
The information below illustrates the comparison of insurance prices with and without discounts being applied to the rates. The premiums assume a male driver, no claims, a clean driving record, North Carolina state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with anti-theft, claim-free, vehicle safety, marriage, passive restraint, and defensive driving course discounts applied. When drivers take advantage of discounts, theamount saved on insurance for electric cars is 27% or $361.
Careless driving habits raise Raleigh insurance rates
In a perfect world, the best way to find the most affordable insurance rates in North Carolina for eco-friendly vehicles is to drive carefully and avoid accidents and traffic violations. The illustration below shows how violations and at-fault accidents raise insurance prices for different insured age categories. The data is based on a single male driver, comprehensive and collision coverage, $500 deductibles, and no other discounts are factored in.
In the previous example, the average cost of a car insurance policy in North Carolina per year with no accidents or violations is $1,181. Get one speeding ticket and the average cost jumps to $1,331, an increase of $150 each year. Then throw in two accidents along with the one speeding ticket and the 12-month cost of insurance for electric cars increases to an average of $2,674. That’s an increase of $1,493, or $124 per month, just for not driving responsibly!
Insurance company ratings
Ending up with a high-quality company is hard considering how many different companies sell coverage in Raleigh. The information below can help you pick which insurers to look at shopping prices with. These rankings are for large, nationwide insurance companies, so companies that focus mainly on North Carolina business are not included in these rankings.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
Why it’s important to shop around
Raleigh, NC insurance rates are influenced by many factors which can substantially change the cost of a policy. Getting older, moving across town, or getting a DUI can produce rate changes that can now make some companies more affordable than competitors. Not only that, but car insurance companies file new rates as needed in order to protect their financial rating. A period of higher than normal claims can result in rate hikes, while profitable underwriting may produce cheaper Raleigh car insurance rates.
To illustrate this example, the chart below shows which company has the cheapest car insurance in Raleigh, NC for a 40-year-old male driver with no violations or accidents, and excellent credit. If we estimate prices based on his personal profile, Utica National might offer the best car insurance rates in Raleigh at $731 per year. This is $141 less than the average rate paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and GEICO are also included in the cheapest Raleigh, NC auto insurance companies.
Now we will give the driver from above an accident claim, poor credit, and an imperfect driving record. Because each company uses their own formula for setting prices, getting updated rate quotes may now present a completely different list of affordable companies as shown below.
Titan now has the best insurance rate in Raleigh with State Farm, Auto-Owners, National General, and Allied completing the list. This shows why drivers need to take the time to shop around to get the most affordable car insurance rates for electric cars.
Insurance rates are influenced by many risk factors and change dramatically, so the most economical company six months ago may now be priced much higher than other options.