Who Has the Cheapest Auto Insurance for Low Credit Scores in Raleigh?

This would be a real easy article to write if we could simply give you the name of the one best company that has the best insurance prices in North Carolina. It’s not that simple, unfortunately, as there are a lot of unknown elements such as whether you are male or female, how well you maintain your credit, the area where you live, and if you have ever had a gap in coverage, that all go into determining the rate you pay. In this article, we will teach you about the different ways to avoid overpaying and should give you a good start to your coverage search.

The car, truck, or SUV requiring coverage is a large factor when comparing low-priced car insurance for low credit scores. Vehicles with high performance features, a lack of safety features, or a history of substantial liability claims will cost significantly more to insure than safer, lower-performance models.

The list below features coverage rates for a selection of the cheaper automobiles to insure.

Cheapest Vehicles to Insure in Raleigh, NC
Make and Model Estimated Cost for Full Coverage
Honda Accord LX-P 4-Dr Sedan $1,058
Ford Escape Limited 2WD $1,084
Hyundai Elantra GLS Touring Station Wagon $1,160
Honda CR-V EX 2WD $1,170
Ford Focus S 4-Dr Sedan $1,232
Toyota Prius $1,290
Volkswagen Jetta S 2.5 Station Wagon $1,297
Nissan Altima 3.5 SR 4-Dr Sedan $1,348
GMC Sierra SLE Extended Cab 4WD $1,354
Dodge Grand Caravan SE $1,351
Toyota RAV4 2WD $1,376
Ford F-150 XLT Super Cab 4WD $1,381
Jeep Wrangler Unlimited Sport 2WD 4-Dr $1,388
Chevrolet Impala LS $1,383
Ford Edge SEL 2WD $1,392
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Table data assumes single male driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Premium costs do not factor in your specific Raleigh, NC location which can decrease or increase premiums greatly.

Looking at the data, you can figure that cars like the Honda Accord, Ford Escape, and Hyundai Elantra are going to be some of the most budget-friendly vehicles to insure for bad credit.

Finding out which companies offer the cheapest car insurance rates for low credit scores calls for a bit more work in order to find the best price. Each insurance company has a unique approach to set their prices, so we need to take a look at the most budget-friendly car insurance companies in Raleigh.

It’s a good idea to know that Raleigh car insurance rates are based on many factors that may substantially change the price of coverage. Simply having another birthday, having a claim, or having an accident can trigger rate changes that can now make some companies cheaper than competitors.

Find Cheaper Car Insurance in North Carolina

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Rankings for the cheapest car insurance companies in North Carolina
Rank Company Cost Per Year
1 Progressive $658
2 Utica National $662
3 Liberty Mutual $707
4 NC Farm Bureau $716
5 Penn National $739
6 GEICO $750
7 Titan $751
8 State Farm $779
9 Auto-Owners $852
10 National General $890
11 Allied $892
12 Erie $895
13 Travelers $936
14 Peerless $962
15 MetLife $1,018
16 Nationwide $1,041
17 Unitrin $1,042
18 Safeco $1,044
19 Encompass $1,063
20 Allstate $1,086
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Progressive normally has some of the cheapest car insurance rates in Raleigh at around $658 annually. This is $214 less than the average rate paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National also make the cut as some of the lowest-priced Raleigh, NC auto insurance companies.

In this example, if you are currently insured with NC Farm Bureau and switched to Utica National, you could earn savings of roughly $54. Policyholders with Penn National could save as much as $77 a year, and GEICO policyholders might reduce rates by $88 a year.

It’s important to note that these policy rates are averages for all ages of drivers and types of vehicles and are not factoring in an exact vehicle garaging location for low credit scores. So the insurer that fits your situation best may not even be in the top 20 companies in the list above. That emphasizes why you need to get rate quotes using your own individual information.

One of the more important components that determine the annual cost of car insurance is where you choose to live. Cities with larger populations are more likely to pay higher prices, whereas areas with less crime or weather claims have the enjoyment of a little cheaper coverage.

The next table ranks the most expensive cities in North Carolina for low credit scores to purchase a policy in. Raleigh makes the list at #15 costing $737 for the average policy, which is approximately $61 per month.

How much does car insurance cost in Raleigh, NC?
Rank City Annual Rate
1 Jacksonville $900
2 Fayetteville $896
3 Charlotte $840
4 Durham $789
5 Gastonia $787
6 Huntersville $764
7 Greensboro $763
8 Wilmington $758
9 Greenville $752
10 Cary $749
11 Wilson $746
12 High Point $745
13 Indian Trail $745
14 Rocky Mount $740
15 Raleigh $737
16 Goldsboro $735
17 Apex $725
18 Hickory $711
19 Concord $697
20 Chapel Hill $696
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Rates are approximated as specific location information can change rates greatly.

Full coverage versus liability-only in Raleigh

Reducing premiums for car insurance is the goal of the majority of drivers, and one of the best ways to buy cheaper insurance for low credit scores is to only buy liability insurance. The illustration below illustrates the comparison of premium costs with full physical damage coverage compared to only buying the minimum liability limits required in North Carolina. The data assumes no accidents, no driving violations, $1,000 deductibles, drivers are not married, and no policy discounts are applied.

Averaged out for all age groups, full coverage costs $1,401 per year more than carrying just liability coverage. At some point, every insured wonders if it’s a good idea to buy full coverage. There is no written rule to stop paying for full coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than about 10% of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.

Tickets and at-fault accidents raise rates

One of the best ways to obtain affordable car insurance premiums in North Carolina for bad credit is to drive safe and avoid accidents and traffic violations. The chart below illustrates how violations and at-fault claims drive up auto insurance costs for different categories of driver ages. The premiums assume a single female driver, full physical damage coverage, $250 deductibles, and no discounts are applied to the premium.

The data charted above shows the average cost of car insurance per year with no violations or accidents is $1,665. Get two speeding tickets and the average cost rises to $2,234, an increase of $569 each year. Now throw in two accidents along with the two speeding tickets and the annual cost of car insurance for low credit scores jumps again to an average of $4,350. That’s an increase of $2,685, or $224 per month, just for not driving responsibly!

How to get discounts on Raleigh insurance

Discounts on car insurance for low credit scoresInsurers that sell policies for low credit scores may have policy discounts that may potentially lower prices by 35% or more if you meet eligibility requirements. Popular car insurance companies and some of the premium reductions they offer can be read below.

The chart below shows the difference between insurance rates with and without discounts applied to the policy premium. The premium estimates are based on a male driver, no accidents, no driving violations, North Carolina state minimum liability limits, comp and collision included, and $1,000 deductibles.

The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with defensive driving course, accident-free, multiple vehicle, multiple policy, marriage, and claim-free discounts applied. When discounts are factored in, the average savings per year on car insurance for low credit scores is 28% or $396.

Tips for buying economical insurance for low credit scores

The list below details a few penny-pinching suggestions that can help North Carolina drivers locate lower-cost coverage.

That last piece of advice is notably crucial, as we stressed in the prior information. Car insurance rates can be adjusted at any time, so don’t be afraid to change insurance companies if you can save money.

Staying with the same car insurance company is fine, but it’s not a great idea if that devotion results in you overpaying a wad of cash every year. In just a couple of minutes you could compare prices and find cheaper insurance for low credit scores in Raleigh.