The words “affordable” and “insurance” probably shouldn’t be used in the same sentence, in particular when you are looking for the cheapest coverage for high risk drivers. In an attempt to save some money, let’s start off by going over a few of the things that impact auto insurance premiums, and come up with some ideas to lower the cost of your next policy.
For high risk drivers, one of the largest components that are looked at to help calculate the price you pay for insurance is where you live. Areas with increased crime or more people tend to have higher rates, whereas less populated areas benefit from lower coverage costs.
The illustration below rates the most costly cities in North Carolina for high risk drivers in which to buy car insurance. Greensboro shows up at #8 with a yearly premium of $763 for the average policy, which is about $64 each month.
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Table data uses approximated as specific Greensboro garaging address can revise prices substantially.
Determining which companies have the most affordable car insurance rates for high risk drivers takes more work in order to find coverage that fits your budget.
Every car insurance company uses a slightly different approach to determine premium rates, so we will examine the car insurance companies with the most affordable rates in Greensboro. It’s important to know that North Carolina car insurance rates are determined by lots of factors that may substantially change the policy premium. Getting older, increasing liability limits, or having an at-fault accident can produce rate changes that may make certain companies cheaper than before.
Find the Cheapest Auto Insurance for Risky Drivers
Utica National normally has some of the best car insurance rates in Greensboro at around $636 per year. Progressive, Liberty Mutual, NC Farm Bureau, and Penn National also qualify as some of the cheaper Greensboro, NC auto insurance companies.
As shown in the table above, if you currently have a policy with Liberty Mutual and switched to Utica National, you may realize a yearly savings of approximately $64. Policyholders with NC Farm Bureau may save as much as $80 a year, and Penn National policyholders might realize rate reductions of up to $89 a year.
If you want to see how much you could save, click here to start your custom quote or visit several of the following companies.
Understand that those estimates are averages for all drivers and vehicles and do not factor in a specific location for high risk drivers. So the company that is best for you may not even be in the list above. That emphasizes why you need to quote rates from as many companies as possible using your own specific driver and vehicle information.
The car, truck, or SUV driven is a large consideration when consumers are trying to find the best cheap coverage for high risk drivers. Vehicles with higher performance characteristics, poor crash test ratings, or a history of substantial liability claims will cost significantly more to insure than more modest models.
The list below ranks auto insurance rates for some of the cheaper automobiles to insure.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLT 4WD||$3,607|
|Honda CR-V EX-L 4WD||$3,872|
|Honda Accord EX-L 4-Dr Sedan||$3,975|
|Ford F-150 XL Regular Cab 2WD||$4,064|
|Chevrolet Equinox LS AWD||$4,222|
|Ford Explorer Eddie Bauer AWD||$4,263|
|Ford Edge Limited 2WD||$4,376|
|Honda Odyssey EX-L||$4,412|
|Chevrolet Impala LTZ||$4,418|
|Volkswagen Jetta LE 4-Dr Sedan||$4,418|
|GMC Sierra 2500HD SLE Extended Cab 4WD||$4,452|
|Jeep Grand Cherokee Limited 2WD||$4,459|
|Toyota Tacoma Double Cab TRD Sport Package 4WD||$4,461|
|Chevrolet Malibu Hybrid||$4,527|
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Premium data assumes single female driver age 30, two speeding tickets, two at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, multi-vehicle, and homeowner. Price information does not factor in your specific Greensboro, NC location which can lower or raise rates substantially.
Looking at the data, you can presume that makes and models like the Ford Escape, Honda CR-V, Honda Accord, and Toyota Prius are likely to be the cheaper vehicles to insure for high risk drivers. The cost of a car insurance policy will be more costly just due to the fact that there is more risk for high risk drivers, but generally speaking those particular vehicles will most likely have the lowest insurance prices available.
The illustration below demonstrates how choosing different deductibles can influence insurance premiums when researching cheap insurance for high risk drivers. The premiums are based on a single male driver, comp and collision included, and no discounts are applied to the premium.
The chart above illustrates that a 30-year-old driver could reduce rates by $230 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $348 by changing to a $1,000 deductible. Even younger drivers, such as the 20-year-old example, could reduce their rates up to $670 each year just by choosing higher deductibles when buying full coverage.
If you do raise deductibles, it will be required to have enough spare savings to be able to cover the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
Cost of full coverage
Reducing the cost of car insurance is probably important to the majority of vehicle owners, and one way to buy cheaper insurance for high risk drivers is to not buy comprehensive and collision coverage. The example below compares car insurance rates with full physical damage coverage compared to only buying the minimum liability limits required in North Carolina. The data is based on no accidents or driving violations, $500 deductibles, single marital status, and no discounts are taken into consideration.
As an average for all age groups, comprehensive and collision coverage on your policy costs an extra $1,573 per year more than just buying liability only. That is a significant amount which raises the question if you should buy full coverage at all. There isn’t a written rule that works best for making the decision to drop physical damage coverage, but there is a general convention. If the annual cost of comprehensive and collision coverage is more than 10% of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
For example, let’s assume your vehicle’s claim settlement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $5,000 after paying the physical damage deductible. If it’s costing in excess of $500 a year for physical damage coverage, then it could be time to drop full coverage.
Are you paying too much for car insurance in Greensboro?
Greensboro car insurance rates are influenced by many factors which can substantially decrease or increase the cost of your policy. Turning one year older, increasing deductibles, or getting a speeding ticket may generate price changes that may make certain companies more affordable than before.
And not only may your rating factors change, but insurers file new rates multiple times each year to adjust for heavy claims or excess profits. Unexpectedly high claims may cause higher priced premiums, while a profitable period can cause lower-priced Greensboro car insurance rates.
The data below shows rates for the cheapest car insurance in Greensboro, NC for a 35-year-old male driver with no prior accidents, a clean driving record, and a good credit history. When comparing rates based on his personal risk profile, Progressive may have the lowest car insurance rates in Greensboro at $736 annually. This is $136 less than the average price paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and GEICO are also on the list of the cheapest Greensboro, NC auto insurance companies.
The next chart shows rates after we give the driver from the above example a claim surcharge, less-than-perfect credit, and a traffic ticket or two. Due to the fact that each insurance company uses a different method for determining rates, comparing insurance quotes will most likely result in a significantly different list of the cheapest companies as shown below.
Titan now has the cheapest auto insurance in Greensboro with State Farm, Auto-Owners, National General, and Utica National now being in the top five. This example demonstrates why consumers need to shop around with many companies to find the most budget-friendly car insurance quotes for high risk drivers. Insurance prices are calculated by many factors and can change substantially, so the lowest-price company the last time you checked may now be an over-priced policy.
If you aren’t sure which coverage to buy and prefer to have professional advice when shopping for cheaper insurance for high risk drivers, the agencies below are a good start to help you decide which auto insurance policy fits you best. To find a Greensboro insurance agency by location nearest to you, click the button below the list.
- Keith Kepler – State Farm Insurance Agent
1603 Westover Terrace a – Greensboro, NC 27408 – (336) 294-4341
- Steve Kent – State Farm Insurance Agent
3122 Battleground Ave – Greensboro, NC 27408 – (336) 282-5368
- Jim Goard – State Farm Insurance Agent
407 Parkway Ave c – Greensboro, NC 27401 – (336) 274-1918
- Allstate Insurance: John L. Palmer
445 Dolley Madison Rd a – Greensboro, NC 27410 – (336) 852-8800
How to find low-cost insurance for high risk drivers
The list below details some of the better penny-pinching solutions that can help Greensboro drivers locate more affordable coverage.
- Increase your policy deductibles
- Do not get into accidents that are your fault
- Do not insure for full coverage
- If possible, pay for small claims out-of-pocket
- Serious violations like DUI or reckless driving can increase rates dramatically
- Shop around for cheaper prices
That last tip is especially valuable, as we pointed out in this piece. Insurance rates vary greatly, so don’t be afraid to switch to a new company if a lower-cost policy is available. Many drivers prefer to stick with one company, but it’s not recommended if that loyalty ends up costing lots of money. Take a couple minutes and shop around to find cheaper car insurance for high risk drivers in Greensboro.