The words “bargain” and “insurance” really shouldn’t be used together, especially when searching for the lowest insurance prices for first-time drivers. To save some money, let’s go over some things that influence auto insurance prices, and find a way to take the bite out of your next policy.
Determining which companies have the cheapest insurance rates for first-time drivers requires more time than just comparing rates from one or two companies.
Each insurance company uses their own method for setting prices, so we’ll take a look at the insurance companies with the overall cheapest rates in Greensboro. It’s important to understand that North Carolina insurance rates are calculated based on many things that may substantially change the policy price. Improving your credit score, marrying your spouse, or getting a couple of tickets can produce rate changes resulting in some companies being cheaper than competitors.
Cheap Insurance Rates for Inexperienced Drivers
|Rank||Company||Cost Per Year|
|5||NC Farm Bureau||$737|
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Progressive normally has some of the most affordable car insurance rates in Greensboro at around $632 per year. This is $240 less than the average premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, GEICO, and NC Farm Bureau are also some of the best Greensboro, NC car insurance companies.
In the above rates, if you currently have a policy with Liberty Mutual and switched to Progressive, you could earn an annual premium reduction of roughly $75. Drivers with GEICO might save as much as $96 a year, and NC Farm Bureau policyholders might lower prices by up to $105 a year.
Bear in mind that those policy prices are averaged across all ages of drivers and types of vehicles and and are not figured with an exact zip code location for first-time drivers. So the car insurance company that has the lowest price for you may not even be in the top 20 companies shown above. That underscores the importance of why you need to compare as many prices as possible using your own driver data and vehicle information.
For new drivers, one of the more important components that are looked at to determine the amount you pay each year for auto insurance is your zip code in Greensboro. Regions with more people or even just more weather-related claims tend to have higher rates, whereas areas with less congestion tend to receive cheaper rates.
The illustration below lists the highest-priced areas in North Carolina for first-time drivers to purchase auto insurance in. Greensboro is listed at #9 with an annual cost of $756 for coverage, which is about $63 per month.
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Premium amounts are estimated as the vehicle garaging location can raise or lower premium rates substantially.
The vehicle requiring coverage is one of the main factors when trying to find low-priced car insurance for first-time drivers. Vehicles with limited speed and performance, excellent safety ratings, or low incidents of liability claims will cost quite a bit less to insure than adrenaline junky models. The table below illustrates coverage rates for the more affordable automobiles to buy insurance for.
|Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$3,749|
|Hyundai Elantra GLS Touring Station Wagon||$3,754|
|Honda Accord LX 4-Dr Sedan||$3,749|
|Ford Escape XLT 4WD||$3,786|
|Volkswagen Jetta S 2.5 Station Wagon||$4,021|
|Ford F-150 XL Super Cab 2WD||$4,177|
|Jeep Wrangler Sahara 4WD 2-Dr||$4,213|
|Toyota Tacoma 4WD||$4,220|
|Ford Edge SEL 2WD||$4,412|
|Nissan Altima 2.5 4-Dr Sedan||$4,449|
|Toyota RAV4 Sport 2WD||$4,459|
|Chevrolet Impala LT||$4,449|
|GMC Sierra SL Extended Cab 2WD||$4,454|
|Ford Explorer Limited 4WD||$4,486|
|Dodge Grand Caravan Crew||$4,492|
|Honda Civic EX 4-Dr Sedan||$4,650|
|Honda Odyssey EX-L W/Navigation||$4,687|
|Toyota Corolla S||$4,695|
|Toyota Camry SE||$4,687|
|Jeep Grand Cherokee SRT-8 4WD||$4,724|
|Chevrolet Equinox LTZ 2WD||$4,733|
|Ford Fusion SEL 4-Dr Sedan||$4,724|
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Data based on single female driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, and safe-driver. Premium costs do not factor in specific Greensboro, NC garaging location which can influence price quotes substantially.
Based on these rates, we can presume that makes and models like the Honda CR-V, Hyundai Elantra, Honda Accord, Ford Escape, and Volkswagen Jetta will be a few of the most budget-friendly vehicles to insure for new drivers. The price for car insurance will tend to be more expensive anyway because there is more claim risk for first-time drivers, but overall those particular vehicles will have the best rates that you are likely to find.
Careless driving habits raise insurance rates
The best way to receive the cheapest insurance rates for new drivers is to drive safely and not get tickets or have accidents. The example below illustrates how speeding tickets and accident claims drive up auto insurance costs for different age groups. The costs are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no additional discounts are factored in.
The data in the chart shows the average cost of an auto insurance policy per year with no accidents and a clean driving record is $971. Get written up for two speeding tickets and the average cost increases to $1,333, an increase of $361 each year. Now add two accidents along with the two speeding tickets and the yearly cost of insurance for first-time drivers jumps again to an average of $2,777. That’s an increase of $1,806, or $150 per month, just for not driving safely!
Get discounts on Greensboro car insurance
Car insurance companies that provide coverage for first-time drivers may also offer special discounts that can reduce rates by as much as 35% if you meet specific eligibility requirements. Large insurance companies and a summarized list of policyholder discounts are detailed below.
- 21st Century offers discounts for teen driver, student driver, automatic seat belts, anti-lock brakes, good student, and driver training.
- Progressive may have discounts that include continuous coverage, multi-policy, online signing, multi-vehicle, and homeowner.
- State Farm discounts include Steer Clear safe driver discount, good driver, passive restraint, student away at school, and accident-free.
- Nationwide policyholders can earn discounts including accident-free, defensive driving, multi-policy, family plan, Farm Bureau membership, and easy pay.
- Esurance has savings for multi-policy, renters, safety device, Switch & Save, and good driver.
- The Hartford may include discounts for anti-theft, air bag, defensive driver, driver training, and bundle.
The illustration below illustrates the difference between auto insurance rates with and without discounts applied to the policy rates. The information is based on a female driver, a clean driving record, no at-fault accidents, North Carolina state minimum liability limits, full coverage, and $1,000 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with passive restraint, vehicle safety, good student, continuous coverage, paid-in-full, and anti-theft discounts applied. When drivers qualify for the discounts, theamount saved on insurance for first-time drivers is 28% or $380.
Why you should be shopping around
Greensboro, NC insurance rates are impacted by many factors that will increase or decrease the cost of coverage. Simply having another birthday, moving to a different location, or getting a speeding ticket may prompt premium changes that can now make some companies more affordable than others. In addition, companies change rates without warning in order to offset underwriting gains or losses. Higher than normal claim frequency or severity may result in rate increases, while a better claims history may produce cheaper Greensboro car insurance rates.
To illustrate this example, the data below shows rates for the cheapest car insurance in Greensboro, NC for a 30-year-old male driver with a clear driving record, no claims, and excellent credit. If we compare prices based on his personal risk profile, Progressive quotes the cheapest car insurance rates in Greensboro at $723 each year. This is $149 less than the average premium paid by North Carolina drivers of $872. Utica National, NC Farm Bureau, Penn National, and Liberty Mutual are the remaining best Greensboro, NC auto insurance companies.
Now we will give the driver in the first chart a claim or two, a lower credit rating, and an imperfect driving record. Since every insurance provider has their own guidelines for establishing rates, getting updated rate quotes most likely will result in a significantly different list of the cheapest Greensboro car insurance companies as shown below.
GEICO now has the best price on car insurance in Greensboro with State Farm, Auto-Owners, National General, and Allied also having competitive pricing. This example proves why it is critical to perform an extensive rate comparison when trying to get the lowest car insurance rates for first-time drivers. Rates can be altered by many things and can decrease or increase without notice, so the best price the last time you shopped your coverage around may now be wasting a lot of money.
If you have coverage questions and would like to have a consultation when comparing insurance rates for first-time drivers, the agencies below can most likely aid you in deciding which insurance coverage will be best for you.
To find a Greensboro insurance agent in your neighborhood, click the button at the bottom of the list.
- Godwin Insurance Agency
905 Battleground Ave – Greensboro, NC 27408 – (336) 379-8640
- Jim Goard – State Farm Insurance Agent
407 Parkway Ave c – Greensboro, NC 27401 – (336) 274-1918
- Zach Crutchfield – State Farm Insurance Agent
3608 W Friendly Ave #207 – Greensboro, NC 27410 – (336) 547-0316
How to find low-cost insurance for first-time drivers
The list below summarizes some of the recommended penny-pinching solutions that can help drivers find cheaper coverage.
- On older vehicles, drop full coverage
- Good credit scores may lower your rates
- Do not get into accidents that are your fault
- Avoid speeding and other traffic citations and pay less
- Increase your policy deductibles
- Drive vehicles with five-star safety ratings
- Compare rates regularly to ensure the best deal
That last idea is notably necessary, as we emphasized in the prior article. Car insurance rates can be adjusted at any time, so drivers shouldn’t be reluctant to buy from a different company if a cheaper price is available. Staying with the same car insurance company is fine, but it isn’t a good idea if that dedication is costing thousands of dollars over several years. Now is a great time to compare prices and find cheaper auto insurance for first-time drivers in Greensboro.