Who Has the Cheapest Raleigh Auto Insurance Rates for Low Income Drivers?

For poor drivers, one of the largest components that aid in calculating the amount you pay for auto insurance is your address. Areas with more people or even just a higher incidence of claims tend to pay slightly more, whereas more rural areas have the benefit of cheaper car insurance.

The illustration below lists the highest-priced areas in North Carolina for low income drivers to purchase car insurance in. Raleigh is listed at #8 with an annual cost of $760 for the average insured, which is approximately $63 per month.

How much is auto insurance in Raleigh, NC?
Rank City Annual Premium
1 Jacksonville $900
2 Fayetteville $896
3 Charlotte $816
4 Durham $797
5 Gastonia $779
6 Huntersville $764
7 Greensboro $763
8 Raleigh $760
9 Wilmington $758
10 Rocky Mount $748
11 Apex $747
12 High Point $745
13 Goldsboro $743
14 Cary $742
15 Greenville $730
16 Wilson $724
17 Chapel Hill $724
18 Indian Trail $723
19 Hickory $718
20 Concord $690
21 Winston Salem $688
22 Asheville $687
23 Salisbury $684
24 Kannapolis $676
25 Burlington $671
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Premium amounts are estimated as vehicle location can decrease or increase coverage rates substantially.

Comparing rates for affordable car insurance is not easy, and deciding which company has the best auto insurance rates for low income drivers will involve more quotes for comparison. Each auto insurance company has their own formula for setting prices, so we’ll take a look at the auto insurance companies with the overall best prices in Raleigh, NC.

Keep in mind that Raleigh, NC auto insurance rates are based on many factors which can substantially change the cost of having a policy. Improving your credit rating, buying a newer car, or getting a ticket for careless driving can trigger rate changes that may make certain companies more affordable than competitors.

Cheap Insurance Rates in North Carolina

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Progressive offers some of the best car insurance rates in Raleigh at around $632 annually. This is $240 less than the average price paid by North Carolina drivers of $872. Utica National, Penn National, Liberty Mutual, and NC Farm Bureau also are some of the more affordable Raleigh, NC auto insurance companies.

In the rate table above, if you are insured with Utica National and switched to Progressive, you might achieve savings of upwards of $23. Drivers with Penn National could save as much as $85 a year, and Liberty Mutual insureds might lower prices by $96 a year.

Remember that these prices are averaged across all ages of drivers and types of vehicles and and are not calculated with a specific location for low income drivers. So the company that has the cheapest rates for you may not even be in the list above. That helps illustrate why you need to quote rates from many companies using your own personalized driver profile and vehicle information.

The vehicle model you are seeking coverage for is a large consideration that determines whether or not you find affordable auto insurance for low income drivers. Vehicles with limited speed and performance, good safety features, or a low likelihood of liability claims will cost much less to insure than fast, unsafe models. The list below presents car insurance prices for a handful of the most affordable vehicles to buy coverage for.

Cheapest Vehicles to Insure in Raleigh, NC
Insured Vehicle Estimated Cost for Full Coverage
Honda CR-V LX 2WD $1,160
Toyota Prius $1,177
Ford Escape XLS 2WD $1,200
Honda Accord LX 4-Dr Sedan $1,206
Chevrolet Equinox LT AWD $1,258
Ford F-150 XLT Regular Cab 2WD $1,272
Chevrolet Malibu LT $1,281
Ford Explorer Eddie Bauer AWD $1,290
Toyota Corolla XLE $1,325
Ford Edge Sport 2WD $1,335
Hyundai Sonata GLS 4-Dr Sedan $1,348
Chevrolet Silverado 2500HD LTZ Crew Cab 4WD $1,358
Volkswagen Jetta SE 4-Dr Sedan $1,348
Nissan Rogue S 2WD $1,358
Jeep Wrangler Unlimited Sahara 4WD 4-Dr $1,360
Ford F-350 XL Crew Cab Cabela Package 2WD $1,372
Chevrolet Impala LT $1,376
Toyota RAV4 Limited 4WD $1,384
Toyota Tacoma Double Cab TRD Sport Package 4WD $1,402
GMC Sierra 2500HD SLT Extended Cab 4WD $1,416
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Premium data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, multi-policy, multi-vehicle, safe-driver, and homeowner. Premium costs do not factor in specific location information which can increase or decrease auto insurance rates noticeably.

Looking at the data, you can conclude that makes and models like the Honda CR-V, Toyota Prius, and Ford Escape will definitely be the cheaper vehicles to insure for poor drivers.

Types of discounts on Raleigh car insurance

Cheaper Raleigh, NC auto insurance for poor driversAuto insurance companies that sell policies for low income drivers may additionally offer discounts that could reduce prices by as much as 40% or more if you meet certain criteria. Larger auto insurance companies and some of the discounts are detailed below.

The diagram below illustrates the difference between insurance premiums with and without discounts applied to the premium. The rates are based on a male driver, no accidents, no driving violations, North Carolina state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with multiple policy, anti-theft, vehicle safety, accident-free, multiple vehicle, and claim-free discounts applied. When taking advantage of discounts, the average savings per year on auto insurance for low income drivers is 28% or $392.

Safe drivers pay less for auto insurance

The ideal way to snag the cheapest auto insurance prices in North Carolina for poor drivers is to be an attentive driver and avoid accidents and traffic violations. The illustration below demonstrates how traffic citations and fender-benders drive up yearly insurance costs for different age categories. The data is based on a married female driver, comprehensive and collision coverage, $250 deductibles, and no policy discounts are applied.

In the example above, the average cost of an auto insurance policy in North Carolina per year with no accidents and a clean driving record is $1,348. Receive one speeding ticket and the average cost swells to $1,571, an increase of $223 each year. Then add one accident along with the one speeding ticket and the yearly cost of auto insurance for low income drivers increases to an average of $2,200. That’s an increase of $852, or $71 per month, just for not being a responsible driver!

Why you should be shopping around

Raleigh auto insurance rates are influenced by many factors that can increase the cost of a policy. Getting older, marrying your spouse, or having an at-fault accident can cause premium changes that can make some companies cheaper than competitors. In addition, auto insurance companies file new North Carolina car insurance rates every year or even multiple times each year to adjust for gains or losses. Heavy losses may result in additional price hikes, while a better loss history may cause more affordable Raleigh car insurance rates.

To illustrate this point, the bar chart below shows a variety of companies that have the cheapest car insurance in Raleigh, NC for a 45-year-old male driver with no prior accidents, a clean driving record, and good financial standing. Based on his current risk profile, Progressive may offer the best car insurance rates in Raleigh at $733 annually. This is $139 less than the average price paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National are the rest of the most affordable Raleigh, NC auto insurance companies.

The chart below compares rates after we give the driver from the first rate comparison a chargeable accident, a lower credit score, and a traffic citation. Due to the fact that every insurance company has a different formula for determining rates in each state, comparing rates most likely will result in a new list of companies as shown below.

Titan now has the best price in Raleigh, NC with State Farm, Auto-Owners, Utica National, and Erie now being in the top five. This example illustrates why drivers need to spend some time comparing rates when trying to find the most budget-friendly car insurance rates for low income drivers. Rates are impacted by many different factors and change frequently, so the most affordable company when you bought your policy may now be one of the higher cost companies.