What Insurance is Cheapest for Drivers Under 21 in Greensboro?

Deciphering which companies have the best auto insurance rates for drivers under 21 calls for more work than just quoting one company’s rates.

Each insurance company has a unique approach for setting prices, so let’s take a look at the lowest cost auto insurance companies in Greensboro. It’s important to know that North Carolina auto insurance rates are based on many factors that control your annual premium. Simply having a birthday, becoming a homeowner, or getting into an accident can trigger rate changes that can cause some rates to be cheaper than others.

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Progressive offers some of the cheapest car insurance rates in Greensboro at around $639 per year. This is $233 less than the average policy premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, Penn National, and Titan also are some of the most economical Greensboro, NC car insurance companies.

As depicted above, if you are a policyholder with Penn National and switched to Progressive, you might achieve a yearly price reduction of approximately $86. Insureds with Titan might save as much as $90 a year, and NC Farm Bureau policyholders might realize rate reductions of up to $98 a year.

Remember that these premiums are averages for all ages of drivers and types of vehicles and do not take into consideration a specific vehicle garaging location for drivers under 21. So the insurer that can offer you the lowest price may not even be in the top 20 companies shown above. That affirms the importance of why you need to get car insurance quotes using your own personalized driver profile and vehicle information.

For minors, one of the largest criteria that are used to help calculate the cost of insurance is your address in Greensboro. Areas with more people or higher crime rates tend to pay more, whereas areas with less people or fewer weather incidents have the luxury of lower rates.

The next table lists the most expensive cities in North Carolina for drivers under 21 to buy car insurance in. Greensboro comes in at #6 with an annual premium of $779 for car insurance, which is about $65 per month.

Information shown are estimated as the vehicle garaging location can impact premiums greatly.

The vehicle model to be insured is a large consideration when consumers are trying to find cheaper coverage for drivers under 21. Vehicles with lots of horsepower, poor passenger safety features, or high incidents of liability claims will cost much more to insure than safer, lower-performance models.

The information below estimates insurance premiums for the most economical automobiles to insure in North Carolina.

Price data assumes single male driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium costs do not factor in vehicle garaging location which can increase or decrease coverage rates considerably.

Based upon the rates shown, vehicles like the Honda Accord, Hyundai Elantra, and Honda CR-V are going to be the cheapest vehicles to insure for minors. The price for car insurance will tend to be more expensive anyway just because there is more claim risk for drivers under 21, but generally speaking those specific models will most likely have the least expensive rates compared to other types of vehicles.

The example below illustrates how choosing a deductible can influence yearly insurance costs when trying to find cheap insurance for drivers under 21. The premiums are based on a single male driver, comprehensive and collision coverage, and no additional discounts are factored in.

The data above shows that a 40-year-old driver could save $278 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $416 by switching to a $1,000 deductible. Even younger drivers, like the 20-year-old example, can save up to $924 or more by using a higher deductible. If you do make the decision to raise your deductibles, it will now be necessary to have spare funds to be able to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.

Reckless driving habits raise auto insurance rates

The obvious way to receive good auto insurance premiums in North Carolina for minors is to be a cautious driver and not get tickets or have accidents. The illustration below shows how traffic citations and at-fault claims can drive up car insurance rates for each age group. The rate quotes are based on a married female driver, full coverage, $250 deductibles, and no discounts are applied to the premium.

The chart shows that the average cost of car insurance per year with no violations or accidents is $1,017. Get two speeding tickets and the average cost jumps to $1,441, an increase of $424 each year. Now add two accidents along with the two speeding tickets and the yearly cost of auto insurance for drivers under 21 jumps again to an average of $3,004. That’s an increase of $1,986, or $166 per month, just for not being more responsible behind the wheel!

Here’s why you should compare rates often

Greensboro, NC auto insurance rates are calculated based on many things that can increase the price you pay for coverage. Improving your credit rating, increasing deductibles, or getting a few speeding tickets can trigger price changes that can now make some companies more affordable than others. Also, insurance companies file new North Carolina car insurance rates without warning in order to be able to pay unexpected claims. Larger than normal claims can cause high rates, while a better claims history can produce lower-cost Greensboro car insurance rates.

For instance, the chart below compares the cheapest car insurance in Greensboro, NC for a 45-year-old male driver with no accidents, a clean driving record, and good credit. If we compare prices based on his current rating profile, Utica National has the most affordable car insurance rates in Greensboro at $728 per year. This is $144 less than the average policy premium paid by North Carolina drivers of $872. Progressive, Penn National, GEICO, and Liberty Mutual are the remainder of the top five cheapest Greensboro, NC auto insurance companies.

In the next rate comparison, we’ll give the driver from the above example an accident claim, a little lower credit rating, and a speeding citation. Because every insurance company has a unique approach to set their prices, analyzing rate quotes may now present a different set of affordable companies as shown below.

NC Farm Bureau now has the lowest price on auto insurance in Greensboro with State Farm, Auto-Owners, Erie, and National General now being in the top five. This example proves why consumers need to take the time to compare lots of rates to find the best car insurance rates for drivers under 21. Auto insurance prices consist of many factors and change substantially, so the lowest-price company the last time you shopped your coverage around may now be wasting a lot of money.