One of the many components that aid in calculating the amount you pay each year for auto insurance is the neighborhood you call home. Cities with larger populations likely pay more, whereas areas that tend to be more rural have the gratification of cheaper auto insurance rates.
The next table sorts the most expensive cities in North Carolina for 18 year olds to purchase car insurance in. Greensboro shows up at #6 with an annual cost of $779 for the average insurance policy, which is about $65 monthly.
|Rank||City||Average Per Year|
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Table data uses comparative as specific Greensboro zip code can lower or raise insurance rates significantly.
The type of vehicle you are trying to insure is a large factor when trying to find the cheapest car insurance for 18 year olds. Vehicles with reasonable performance levels, good crash test ratings, or a low likelihood of liability claims will cost quite a bit less to insure than high performance models. The next table showcases coverage premiums for some of the most cost-effective automobiles to buy coverage for.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$3,382|
|Honda CR-V EX 4WD||$3,419|
|Ford F-150 XLT Regular Cab 2WD||$3,749|
|Ford Edge SE 2WD||$3,758|
|Ford Explorer XLT AWD||$3,786|
|Volkswagen Jetta SE 2.5 Station Wagon||$3,913|
|Toyota Tacoma 2WD||$3,978|
|Honda Civic DX 4-Dr Sedan||$3,984|
|Jeep Grand Cherokee Laredo 4WD||$4,015|
|Chevrolet Malibu Hybrid||$4,022|
|Toyota RAV4 Limited 4WD||$4,015|
|Dodge Grand Caravan Hero||$4,022|
|Chevrolet Impala LT||$4,015|
|Chevrolet Equinox LS 2WD||$4,020|
|Chevrolet Silverado LS Regular Cab 2WD||$4,065|
|Hyundai Elantra SE 4-Dr Sedan||$4,243|
|Toyota Corolla S||$4,250|
|Honda Odyssey EX-L W/Rear Entertainment||$4,243|
|GMC Sierra SLT Crew Cab 2WD||$4,280|
|Nissan Rogue S 2WD||$4,331|
|Ford F-350 Super Cab Harley Edition 2WD||$4,356|
|Dodge Ram Crew Cab ST 4WD||$4,368|
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Above prices assume single female 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 amounts do not factor in specific garaging location which can change rates noticeably.
Based upon the rates shown, we can presume that cars like the Ford Escape, Honda CR-V, Toyota Prius, and Ford F-150 are going to be the more affordable vehicles to insure for teen drivers. Car insurance rates will trend higher just because there is more inherent risk for 18 year olds, but in general those particular vehicles will have the least expensive rates possible.
Deciphering which company offers the cheapest car insurance rates for 18 year olds requires more work than just picking a company at random. Each insurance company has their own formula to set premium rates, so we’ll take a look at the most budget-friendly car insurance companies in North Carolina.
Best Car Insurance Prices for Teens
|Rank||Company||Cost Per Year|
|3||NC Farm Bureau||$716|
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Progressive offers some of the best car insurance rates in Greensboro at around $632 a year. This is $240 less than the average policy premium paid by North Carolina drivers of $872. Utica National, NC Farm Bureau, Penn National, and Liberty Mutual also rank well as some of the lowest-priced Greensboro, NC car insurance companies.
As illustrated above, if you currently have coverage with Penn National and switched to Utica National, you could see a yearly price reduction of about $55. Insureds with Liberty Mutual might save as much as $59 a year, and GEICO insureds might realize rate reductions of up to $80 a year.
Bear in mind that those estimates are averages across all ages of drivers and types of vehicles and and are not figured with a vehicle location for 18 year olds. So the car insurance company that has the cheapest price for you may not even be in the top 20 companies in the list above. That points out the importance of why you need to quote rates from many companies using your own specific driver and vehicle information.
Full coverage rates compared to liability-only
Saving money on car insurance is the goal of the majority of vehicle owners, and an easy way to buy cheaper insurance for 18 year olds is to only buy liability coverage. The illustration below visualizes the comparison of insurance premiums with full physical damage coverage compared to only buying the minimum liability limits required in North Carolina. The data assumes no violations or accidents, $250 deductibles, drivers are not married, and no discounts are applied to the premium.
Averaged out for all age groups, full coverage costs $1,785 per year more than just insuring for liability. That is a large expense and it proposes the question if full coverage is worth the money. There is no clear-cut rule for eliminating comprehensive and collision coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is 10% or more of any settlement you would receive from your insurance company, then it might be time to buy liability only.
For example, let’s pretend your vehicle’s replacement value is $9,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most you would receive is $8,000 after paying your policy deductible. If it’s costing in excess of $800 annually for full coverage, the it may be a good time to stop paying for full coverage.
There are some cases where buying only liability insurance is not in your best interest. If you haven’t paid off your loan, you have to maintain full coverage as part of the loan requirements. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should not buy liability only.
Finding the right insurance company can be difficult considering how many choices there are in North Carolina. The ranking information shown below could help you pick which car insurance companies to look at when comparing insurance rates for 18 year olds. The rankings below only include the companies with a significant amount of written premium nationwide, so companies that have a smaller presence are not factored into the list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
The example below shows how different deductible levels can change premium costs when trying to find cheap insurance for 18 year olds. The premiums are based on a married male driver, comprehensive and collision coverage, and no policy discounts are applied.
The data above shows that a 40-year-old driver could lower their car insurance rates by $174 a year by switching from a $100 deductible up to a $500 deductible, or save $262 by switching to a $1,000 deductible. Young drivers, like the 20-year-old category, could shave as much as $578 each year by using higher deductibles when buying full coverage.
If you make the decision to raise deductibles, it is essential to have enough funds in savings to enable you to cover the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
The agencies below can help you make a decision which is the best policy, since some drivers have questions and prefer to have some professional guidance when trying to find lower insurance rates for teen drivers. It can be hard to find the best policy yourself, so insurance agents can give you satisfaction knowing you have enough coverage when you need it.
To find a Greensboro insurance agent nearest to you, click the button after the list.
Triad Insurance Partners
905 McClellan Pl – Greensboro, NC 27409 – (800) 701-5909
Williford Insurance Group Inc
2201 W Cone Blvd – Greensboro, NC 27408 – (336) 288-1956
Archie Herring – State Farm Insurance Agent
1175 Revolution Mill Dr Suite 12 – Greensboro, NC 27405 – (336) 274-8434