The words “economical” and “insurance” probably shouldn’t be used together, especially when you are looking for the cheapest auto insurance for 19 year olds. Because it’s so expensive, let’s familiarize you with a few of the factors that significantly impact insurance rates, and find out if we can help you slash the price of the next policy you buy.
The make and model of vehicle that is being insured is a significant factor when looking for the lowest-priced coverage for 19 year olds. Vehicles with higher performance characteristics, poor crash test ratings, or a high likelihood of having liability claims will cost quite a bit more to insure than safer models.
The table below ranks car insurance costs for the most cost-effective automobiles to insure.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$3,102|
|Ford Escape Limited 2WD||$3,110|
|Honda Accord EX-L 4-Dr Sedan||$3,317|
|Ford F-150 XL Super Cab 2WD||$3,388|
|Jeep Wrangler Sahara 4WD 2-Dr||$3,425|
|Volkswagen Jetta SE 2.5 Station Wagon||$3,570|
|Ford Edge SE AWD||$3,602|
|Honda Civic DX 4-Dr Sedan||$3,607|
|Toyota RAV4 2WD||$3,639|
|GMC Sierra SLE Regular Cab 2WD||$3,645|
|Jeep Grand Cherokee Laredo 2WD||$3,639|
|Chevrolet Malibu LS||$3,649|
|Ford Fusion S 4-Dr Sedan||$3,639|
|Chevrolet Impala LT||$3,648|
|Dodge Grand Caravan SXT||$3,676|
|Ford Explorer Limited 4WD||$3,681|
|Nissan Altima 2.5 S 4-Dr Sedan||$3,856|
|Honda Odyssey EX-L W/Rear Entertainment||$3,861|
|Toyota Camry XLE||$3,856|
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Prices above based on single female driver age 19, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, and claim-free. Price information does not factor in specific garaging location which can increase or decrease price quotes greatly.
Looking at the rates, we can assume that vehicles like the Honda CR-V, Ford Escape, Honda Accord, Toyota Prius, and Ford F-150 are most likely going to be a few of the most budget-friendly vehicles to insure for teenage drivers. The cost of a car insurance policy will tend to be higher because there is more exposure for 19 year olds, but in general those vehicles will most likely have the lowest prices that you are likely to find.
For teenage drivers, one of the largest criteria that are used to help calculate car insurance rates is where your residence is. Areas with increased crime or more people tend to pay slightly more, whereas areas with less congestion have the benefit of cheaper car insurance.
The table below rates the most expensive areas in North Carolina for 19 year olds to purchase auto insurance in. Greensboro comes in at #6 with a yearly cost of $779 for the average insurance policy, which is about $65 monthly.
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Annual rates are comparative as specific Greensboro garaging address can influence premiums noticeably.
Discount Greensboro insurance rates
Insurers that sell policies for 19 year olds could also offer premium discounts that could reduce prices by 25% or more if you are eligible for them. A list of companies and some of the premium reductions they offer include:
- Mercury Insurance offers discounts including good student, ease of repair, age of vehicle, multi-policy, and accident-free.
- Farmers Insurance discounts include early shopping, teen driver, electronic funds transfer, business and professional, and good student.
- Farm Bureau may offer discounts for safe driver, 55 and retired, driver training, youthful driver, good student, and multi-vehicle.
- State Farm may have discounts that include anti-theft, multiple autos, accident-free, good driver, defensive driving training, Steer Clear safe driver discount, and student away at school.
- Allstate may include discounts for safe driver, FullPay discount, resident student, farm vehicle, and good payer.
- GEICO offers discounts for five-year accident-free, anti-theft, multi-vehicle, air bags, driver training, seat belt use, and defensive driver.
The illustration below illustrates the difference between auto insurance costs with and without discounts applied to the rates. The premiums are based on a male driver, no accidents or driving violations, North Carolina state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with vehicle safety, defensive driving course, multiple policy, homeowner, safe-driver, and anti-theft discounts applied. When drivers take advantage of discounts, the average amount saved each year on car insurance for 19 year olds is 28% or $378.
Cost difference between full coverage and liability
Lowering the price of car insurance should be important to the majority of drivers, and one great way to pay lower rates for insurance for 19 year olds is to not pay for full coverage. The diagram below illustrates the difference between car insurance rates with full physical damage coverage compared to only buying liability only. The data is based on a clean driving record, no at-fault accidents, $1,000 deductibles, marital status is single, and no discounts are applied.
Averaged for all ages 20 through 70, comprehensive and collision coverage on your policy costs an extra $1,401 per year over having just liability coverage. That is a large expense and it proposes the question when is the right time to remove full coverage. There is no set rule for eliminating physical damage insurance, but there is a general guideline you can use. If the yearly cost of comp and collision coverage is more than about 10% of any settlement you would receive from your insurance company, then it might be time to consider dropping full coverage.
There are a few cases where buying only liability insurance is not financially feasible. If you still have a lienholder on your title, you must maintain physical damage coverage in order to keep the loan. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not drop full coverage.
Why it’s important to shop around
North Carolina car insurance rates are determined by lots of factors that may substantially change the price you have to pay for coverage. Getting older, having a teen driver, or getting a couple of tickets may cause policy rate changes that may make certain companies cheaper than competitors.
Not only may your risk profile change, but insurers change rates every year to adjust for heavy claims or excess profits. An extended period of higher than normal claims may cause increased policy costs, while a profitable period may cause lower-priced Greensboro car insurance rates.
The data below shows the cheapest car insurance in Greensboro, NC for a 30-year-old male driver with no prior accidents, a clean driving record, and a good credit history. If we estimate prices based on his current situation, Progressive may have the best car insurance rates in Greensboro at $728 a year. This is $144 less than the average rate paid by North Carolina drivers of $872. Utica National, NC Farm Bureau, Liberty Mutual, and Titan are the rest of the cheapest Greensboro, NC auto insurance companies.
The chart below compares rates after we give the driver from the first rate comparison a claim or two, poor credit, and a stop sign violation. Due to the fact that each insurance company uses their own formula for determining rates, analyzing rate quotes could now result in a substantially altered list of cheap Greensboro auto insurance companies as shown below.
State Farm now has the lowest price on auto insurance in Greensboro with GEICO, Auto-Owners, Allied, and Travelers completing the list. This example proves why it is important to take the time to shop around to get the most budget-friendly car insurance rates for 19 year olds.
Auto insurance prices are impacted by many risk factors and can increase or decrease at any time, so the most economical option when you last compared rates may now not even be in the top five.
How to find low-cost car insurance for 19 year olds
It’s not impossible to find cheaper rates, and here are some penny-pinching suggestions that can help Greensboro drivers quote cheap auto insurance.
- Buy a car with high safety ratings
- Save money by insuring older vehicles for liability only
- Buy your auto and home insurance from the same company and save
- Pay cheaper rates with good credit scores
- Avoid accidents
- Shop around for lower rates once a year
The last item on the list is highly vital, as we discussed in the article above. Car insurance prices in Greensboro fluctuate constantly, so don’t be hesitant to change to a new company if a lower price can be found.
Being loyal to a particular company is commendable, but it’s not recommended if that loyalty results in overpaying potentially thousands of dollars a year. If you have a few minutes, now is a great time to compare rates and find cheaper auto insurance for 19 year olds.
If you prefer to get some professional input when trying to find the best insurance rates for teenage drivers, the insurance agencies listed below are willing to aid you in deciding which insurance coverage you need. To find an agent close to where you live, click the button following the list.
Jackie Smith – State Farm Insurance Agent
1611 New Garden Rd – Greensboro, NC 27410 – (336) 299-7998
Steve Kent – State Farm Insurance Agent
3122 Battleground Ave – Greensboro, NC 27408 – (336) 282-5368
4131 Spring Garden St – Greensboro, NC 27407 – (336) 609-7027
Allstate Insurance: Terrence Williams
2109 New Garden Rd D – Greensboro, NC 27410 – (336) 282-0461
Pam White – State Farm Insurance Agent
2608 Oakcrest Ave – Greensboro, NC 27408 – (336) 282-1111