You have most likely watched the commercials from auto insurance companies like Allstate, The General, and Liberty Mutual that make claims of enormous savings, so drivers should just pick one randomly, right?
It’s not quite that easy, unfortunately, as there are a whole bunch of unknown aspects like whether or not you own a home, the annual mileage you drive, and whether you are male or female, that all factor into the price you pay. The information below covers some of these factors and will give you a good start in finding the cheapest car insurance in North Carolina.
One of the many criteria that help determine auto insurance rates is where you keep your car. More densely populated places are more likely to pay higher prices, whereas areas with less crime or weather claims get the luxury of paying less.
The table below sorts the most expensive places in North Carolina for homeowners to purchase auto insurance in. Greensboro makes the list at #5 with an annual cost of $779 for the average insurance policy, which is around $65 each month.
|Rank||City||Premium Per Year|
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Rate quotes are approximated as specific Greensboro garaging address can change insurance rates noticeably.
The vehicle that needs insurance is a large factor that determines whether or not you find the most affordable car insurance for homeowners. Vehicles with more horsepower, a lack of modern safety features, or a history of substantial liability claims will cost quite a bit more to insure than more economical and safe models. The data below ranks auto insurance prices for a handful of the most cost-effective vehicles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford F-150 XL Regular Cab 4WD||$1,232|
|Honda Accord EX 4-Dr Sedan||$1,258|
|Volkswagen Jetta SE 2.5 Station Wagon||$1,282|
|Ford Escape XLT 4WD||$1,287|
|Toyota Tacoma Double Cab 4WD||$1,301|
|Chevrolet Equinox LT 2WD||$1,309|
|Dodge Grand Caravan Crew||$1,325|
|Honda CR-V LX 4WD||$1,346|
|Hyundai Elantra GLS 4-Dr Sedan||$1,367|
|GMC Sierra SLE Crew Cab 4WD||$1,391|
|Chevrolet Malibu LTZ||$1,399|
|Ford Explorer Eddie Bauer 2WD||$1,408|
|Jeep Wrangler Unlimited Sahara 4WD 4-Dr||$1,415|
|Chevrolet Silverado LS Regular Cab 4WD||$1,477|
|Toyota RAV4 Limited 4WD||$1,486|
|Ford Focus SE 4-Dr Sedan||$1,560|
|Toyota Corolla S||$1,565|
|Honda Odyssey EX-L W/Rear Entertainment||$1,571|
|Ford Edge Sport 2WD||$1,565|
|Toyota Camry SE||$1,570|
|Jeep Grand Cherokee SRT-8 4WD||$1,593|
|Nissan Rogue SL 2WD||$1,596|
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Data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, multi-policy, claim-free, safe-driver, and homeowner. Price information does not factor in your specific Greensboro, NC location which can alter coverage prices substantially.
Looking at the numbers, you can presume that cars like the Ford F-150, Honda Accord, and Volkswagen Jetta will definitely be some of the more affordable vehicles to insure for people who own their homes.
Shopping around for low-cost auto insurance is not the easiest thing to do, and determining which insurers offer the best insurance rates for homeowners involves even more diligence. Each insurer has their own formula to determine rates, so let’s begin by taking a look at the lowest cost insurance companies in North Carolina.
Best Cheap Insurance Rates for Homeowners
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$709|
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Utica National has some of the most affordable car insurance rates in Greensboro at around $643 a year. This is $229 less than the average premium paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and Titan would also be considered some of the cheapest Greensboro, NC auto insurance companies.
In this example, if you buy coverage from NC Farm Bureau and switched to Utica National, you might achieve an annual savings of in the vicinity of $66. Policyholders with Titan might save as much as $94 a year, and Penn National insureds might reduce rates by $96 a year.
Be aware that those estimates are averaged across all drivers and vehicles and and are not calculated with a specific location for homeowners. So the company that can offer you the best price may not even be in the top 20 companies in the list above. That points out the importance of why you need to compare prices as often as possible using your own personalized driver profile and vehicle information.
How to get discounts on Greensboro auto insurance rates
Car insurance companies that offer quotes for homeowners may also give you special discounts that may potentially lower prices by 35% or more if you are eligible for them. A few popular companies and the discounts they provide are detailed below.
- State Farm offers premium reductions for student away at school, good driver, multiple autos, driver’s education, and accident-free.
- Liberty Mutual may include discounts for exclusive group savings, new vehicle discount, new graduate, multi-policy, preferred payment discount, hybrid vehicle, and teen driver discount.
- American Family has savings for air bags, mySafetyValet, multi-vehicle, early bird, and TimeAway discount.
- Progressive offers discounts including homeowner, online quote discount, continuous coverage, multi-policy, good student, and online signing.
- Farmers Insurance policyholders can earn discounts including electronic funds transfer, mature driver, homeowner, early shopping, and teen driver.
- Auto-Owners Insurance may offer discounts for safe vehicle, group or association, safe driver, mature driver, multiple vehicles, and good student.
- SAFECO discounts include accident prevention training, safe driver, anti-theft, multi-car, bundle discounts, teen safe driver, and anti-lock brakes.
The information below illustrates the comparison of insurance prices with and without discounts applied. The premium estimates are based on a male driver, no claims, a clean driving record, North Carolina state minimum liability limits, full physical damage coverage, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with passive restraint, multiple policy, vehicle safety, safe-driver, multiple vehicle, and defensive driving course discounts applied. When these discounts are applied to the policy premium, theaverage yearly reduction on insurance for homeowners is 27% or $361.
How violations and accidents impact rates
The recommended way to score the cheapest insurance premiums for people who own their homes is to be a careful driver and avoid getting tickets or having accidents. The diagram below highlights how traffic violations and at-fault claims can impact yearly insurance costs for different ages of insureds. The rates are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no additional discounts are factored in.
The data charted above shows the average cost of auto insurance per year with no accidents or violations is $1,189. Receive two speeding tickets and the average cost hikes up to $1,631, an increase of $442 each year. Now get two accidents along with the two speeding tickets and the annual cost of insurance for homeowners goes up to an average of $3,491. That’s an increase of $2,302, or $192 per month, just for a couple of infractions!
Full coverage or liability only
Lowering the price of insurance should be important to most vehicle owners, and an easy way to buy cheaper insurance for homeowners is to only buy liability insurance. The information below visualizes the comparison of premium costs with full physical damage coverage compared to only buying the minimum liability limits required in North Carolina. The premiums are based on no tickets, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are factored in.
If we average the cost for ages 20 through 70, physical damage coverage costs an additional $1,316 per year more than just insuring for liability. Many drivers will wonder when is it a good idea to stop buying full coverage. There is no clear-cut rule to stop buying comprehensive and collision coverage on your policy, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost minus the deductible, then it might be time to buy liability only.
Don’t stick with an overpriced policy
North Carolina insurance rates are determined by lots of factors that may substantially change the price you pay for coverage. Improving your credit score, buying a new vehicle, or getting a couple of tickets can trigger changes in premium resulting in some companies being more affordable than competitors.
Additionally, companies file new North Carolina car insurance rates without warning in order to protect their financial rating. Heavier than normal losses can result in increased rates, while profitable underwriting may produce lower-cost Greensboro car insurance rates.
For instance, the bar chart below shows which companies have the cheapest car insurance in Greensboro, NC for a 45-year-old male driver with a clear driving record, no claims, and good credit. If we compare prices based on his personal risk profile, Utica National offers the cheapest car insurance rates in Greensboro at $756 a year. This is $116 less than the average price paid by North Carolina drivers of $872. Progressive, NC Farm Bureau, Liberty Mutual, and Titan round out the rest of the top five cheapest Greensboro, NC auto insurance companies.
Let’s now give the driver from the first rate comparison a couple of claims, a lower credit score, and a few blemishes on his driving record. Due to the fact that every auto insurer uses a different method for setting prices, comparing prices most likely will result in a different list of affordable Greensboro car insurance companies as shown below.
GEICO now has the best price in Greensboro, NC with State Farm, Auto-Owners, Erie, and Progressive also having competitive pricing. This illustrates why it is critical to perform an extensive rate comparison when trying to find the most affordable car insurance quotes for homeowners. Insurance rates are determined by many things and can increase or decrease at any time, so the best price a year ago may now be quite expensive.