The vehicle that needs insurance is probably the most important factor when consumers are trying to find low-priced car insurance for low mileage drivers. Vehicles with higher performance characteristics, a lack of safety features, or a history of substantial liability claims will cost significantly more to insure than safer, lower-performance models. The next table showcases insurance premiums for some of the most economical vehicles to insure in North Carolina.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$933|
|Honda Accord LX 4-Dr Sedan||$1,023|
|Ford Escape XLS 2WD||$1,058|
|Hyundai Elantra GLS Touring Station Wagon||$1,065|
|Jeep Wrangler Sport 4WD 2-Dr||$1,103|
|Chevrolet Malibu Hybrid||$1,110|
|Chevrolet Equinox LS 2WD||$1,120|
|Ford Explorer Limited 4WD||$1,129|
|Honda Odyssey LX||$1,162|
|Ford Edge SEL AWD||$1,188|
|Jeep Grand Cherokee Limited 2WD||$1,193|
|Nissan Altima Hybrid 4-Dr Sedan||$1,188|
|GMC Sierra 2500HD SLE Regular Cab 4WD||$1,194|
|Chevrolet Silverado LS Extended Cab 2WD||$1,191|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$1,210|
|Toyota Tacoma Double Cab 4WD||$1,212|
|Toyota RAV4 Limited 4WD||$1,247|
|Toyota Camry Hybrid||$1,269|
|Dodge Grand Caravan Crew||$1,276|
|Toyota Corolla S||$1,278|
|Dodge Ram 3500 Crew Cab SLT 2WD||$1,293|
|Ford F-350 Crew Cab Lariat Turbo Diesel 2WD||$1,298|
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Data based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, claim-free, multi-vehicle, safe-driver, and homeowner. Price estimates do not factor in specific location information which can lower or raise coverage rates substantially.
Based upon the table data, you can figure that models like the Honda CR-V, Honda Accord, Toyota Prius, and Ford Escape are a few of the most economical vehicles to insure for infrequent drivers.
Determining which companies quote the most affordable insurance rates for low mileage drivers involves a little more sweat in order to find a policy that fits your budget. Each auto insurer has a unique formula for establishing rates, so let’s take a look at the most competitive insurance companies in Raleigh, NC.
Cheap Insurance Rates in North Carolina
|Rank||Company||Cost Per Year|
|5||NC Farm Bureau||$730|
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Progressive may have some of the best 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, Penn National, Liberty Mutual, and NC Farm Bureau also qualify as some of the more affordable Raleigh, NC car insurance companies.
In the rate table above, if you have coverage with NC Farm Bureau and switched to Utica National, you could realize yearly savings of roughly $87. North Carolina drivers with GEICO may save as much as $99 a year, and Titan customers might lower prices by up to $108 a year.
Be aware that those premiums are averaged across all drivers and vehicles and do not factor in an exact vehicle garaging location for low mileage drivers. So the auto insurance company that can offer you the best price may not even be in the list above. That point stresses why you need to get auto insurance quotes using your own driver and vehicle profiles.
How to get discounts on Raleigh car insurance
Auto insurance companies that provide coverage for low mileage drivers may have policy discounts that can reduce rates by as much as 40% or more if you are eligible to receive them. Larger insurance companies and the discounts they provide are:
- American Family includes discounts for multi-vehicle, accident-free, early bird, defensive driver, TimeAway discount, bundled insurance, and good student.
- Farm Bureau may have discounts that include multi-policy, youthful driver, 55 and retired, safe driver, driver training, and renewal discount.
- State Farm may offer discounts for Drive Safe & Save, accident-free, student away at school, Steer Clear safe driver discount, good student, driver’s education, and safe vehicle.
- Travelers may include discounts for driver training, home ownership, save driver, multi-policy, continuous insurance, and student away at school.
- The Hartford has savings for air bag, bundle, defensive driver, driver training, and good student.
- GEICO has discounts for multi-vehicle, driver training, emergency military deployment, air bags, anti-lock brakes, federal employee, and anti-theft.
- Progressive discounts include good student, homeowner, multi-vehicle, continuous coverage, and multi-policy.
The information below illustrates the comparison of annual premium costs with and without discounts applied to the policy rates. The rates are based on a male driver, no driving violations, no at-fault accidents, North Carolina state minimum liability limits, full coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with defensive driving course, safe-driver, passive restraint, homeowner, vehicle safety, and accident-free discounts applied. When discounts are factored in, theaverage amount saved on insurance for low mileage drivers is 28% or $290.
The illustration below shows how different deductible levels can change insurance premiums when quoting cheap insurance for low mileage drivers. The costs are based on a married male driver, full physical damage coverage, and no additional discounts are factored in.
As shown above, a 50-year-old driver could pocket $208 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $314 by switching to a $1,000 deductible. Youthful drivers, like the 20-year-old example, could shave up to $692 every year just by using higher deductibles.
If you do raise deductibles, it is essential to have plenty of money set aside to be able to pay the extra out-of-pocket expense that comes with higher deductibles.
Why you are probably overpaying for car insurance
Raleigh insurance rates are calculated based on many things which can substantially change the cost of your policy. Simply getting older, adding a teenager to your policy, or getting a reckless driving citation may cause policy rate changes that can cause some rates to be more affordable than competitors. And not only may your rating factors change, but companies change prices as often as every quarter as an adjustment for underwriting gains or losses. An unexpected high level of claims can cause higher priced premiums, while lower claim expenses may cause lower-cost Raleigh car insurance rates.
To illustrate this point, the chart below shows which companies have the cheapest car insurance in Raleigh, NC for a 45-year-old male driver with no accidents, a clean driving record, and solid credit. When comparing rates based on his current rating profile, Progressive might offer the best car insurance rates in Raleigh at $710 per year. This is $162 less than the average rate paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National are the remaining best Raleigh, NC auto insurance companies.
The chart below compares rates after we give the driver from the first example a claim, slightly worse credit, and a speeding citation. Due to the fact that each insurance company has a different formula to set policy rates, comparing insurance quotes could now result in a different ranking of companies as shown below.
State Farm now has the best insurance rate in Raleigh, NC with Titan, Auto-Owners, National General, and Allied also having competitive pricing. This demonstrates why Raleigh drivers need to compare lots of rates when trying to find the most affordable auto insurance quotes for low mileage drivers. Prices can be altered by many risk factors and can increase or decrease at any time, so the lowest-price company when you last compared rates may now not even be in the top five.