You have most likely seen the captivating ads from auto insurance companies like GEICO and Allstate that claim the cheapest price. So drivers just need to choose the one with the flashiest ad, right?
That is not the case, however, as there are a whole slew of unknowns such as the miles you drive each year, whether you are male or female, if you need full coverage or just liability, and whether you are single or married. This article will cover these types of topics and also should give you some help in finding cheaper rates.
Establishing which insurers offer the cheapest auto insurance rates for low income drivers will require more time in order to find coverage that fits your budget. Each auto insurer has their own formula to set their prices, so let’s take a look at the auto insurance companies with the most affordable rates in Greensboro.
It’s important that readers know that North Carolina auto insurance rates are influenced by many factors which can significantly increase or decrease the price of your policy. Improving your credit score, having a teen driver, or getting a driving violation can produce rate changes that can make some companies more affordable than the competition.
Find Cheaper Auto Insurance in North Carolina
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $643 |
| 2 | Progressive | $651 |
| 3 | Liberty Mutual | $721 |
| 4 | Penn National | $725 |
| 5 | GEICO | $728 |
| 6 | Titan | $729 |
| 7 | NC Farm Bureau | $737 |
| 8 | State Farm | $779 |
| 9 | Auto-Owners | $844 |
| 10 | Allied | $892 |
| 11 | National General | $908 |
| 12 | Erie | $922 |
| 13 | Travelers | $927 |
| 14 | Peerless | $962 |
| 15 | Nationwide | $1,001 |
| 16 | Safeco | $1,034 |
| 17 | MetLife | $1,038 |
| 18 | Unitrin | $1,042 |
| 19 | Encompass | $1,063 |
| 20 | Allstate | $1,097 |
| Find Cheaper Rates Go | ||
Utica National offers some of the lowest car insurance rates in Greensboro at around $643 annually. Progressive, Liberty Mutual, Penn National, and GEICO would also make the list of some of the lowest-priced Greensboro, NC car insurance companies.
As the rates illustrate above, if you buy coverage from GEICO and switched to Progressive, you might achieve annual savings of in the vicinity of $77. North Carolina drivers with Titan may save as much as $78 a year, and NC Farm Bureau policyholders might reduce rates by $86 a year.
To discover how much you can save, click here to start your free quote or visit any of the companies below.
Remember that these premium estimates are averages for all types of drivers and the different vehicles they drive and and are not calculated with an exact zip code location for low income drivers. So the company that fits your age and vehicle best may not even be in the list above. That helps illustrate why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
For poor drivers, one of the big factors that determine the amount you pay for auto insurance is where you keep your vehicle in Greensboro. Areas with more people or higher crime rates tend to have more expensive car insurance rates, whereas areas that tend to be more rural benefit from lower prices.
The next table ranks the most expensive cities in North Carolina for low income drivers to purchase a policy in. Greensboro comes in at #9 with an annual cost of $756 for the average policyholder, which is around $63 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Fayetteville | $932 |
| 2 | Jacksonville | $864 |
| 3 | Charlotte | $816 |
| 4 | Gastonia | $811 |
| 5 | Wilmington | $788 |
| 6 | Durham | $773 |
| 7 | Cary | $772 |
| 8 | Huntersville | $764 |
| 9 | Greensboro | $756 |
| 10 | Indian Trail | $753 |
| 11 | High Point | $745 |
| 12 | Raleigh | $744 |
| 13 | Apex | $739 |
| 14 | Greenville | $738 |
| 15 | Goldsboro | $735 |
| 16 | Hickory | $732 |
| 17 | Wilson | $732 |
| 18 | Rocky Mount | $718 |
| 19 | Winston Salem | $709 |
| 20 | Salisbury | $705 |
| 21 | Chapel Hill | $696 |
| 22 | Kannapolis | $690 |
| 23 | Burlington | $678 |
| 24 | Concord | $669 |
| 25 | Asheville | $661 |
| Find the Best Rates Go | ||
Rate information is approximated as zip code location can decrease or increase auto insurance rates noticeably.
The vehicle model requiring insurance is probably the largest consideration that determines whether or not you find cheaper insurance for low income drivers. Vehicles with economical engines, a plethora of safety features, or a low likelihood of liability claims will cost substantially less to insure than high performance models. The next table showcases coverage rates for some of the most budget-friendly vehicles to insure in North Carolina.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V LX 4WD | $1,053 |
| Ford Escape XLT 2WD | $1,059 |
| Toyota Prius | $1,164 |
| Chevrolet Malibu Hybrid | $1,246 |
| GMC Sierra SL Extended Cab 2WD | $1,253 |
| Toyota RAV4 4WD | $1,246 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,311 |
| Ford Edge Limited AWD | $1,318 |
| Ford Fusion Sport 4-Dr Sedan | $1,334 |
| Hyundai Sonata SE 4-Dr Sedan | $1,400 |
| Toyota Tacoma 2WD | $1,402 |
| Chevrolet Impala LS | $1,411 |
| Ford F-150 STX Regular Cab 4WD | $1,449 |
| Find Cheaper Rates Go | |
Data rating is based on single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Rates do not factor in garaging location in Greensboro, NC which can alter coverage rates considerably.
Based on these rates, you can conclude that cars like the Honda CR-V, Ford Escape, Toyota Prius, Chevrolet Malibu, and GMC Sierra are the more affordable vehicles to insure for poor drivers.
Cost of full coverage
Saving money when shopping for auto insurance is important to the majority of people, and an easy way to buy cheaper insurance for low income drivers is to not insure for full coverage. The information below compares insurance costs when comparing full coverage to liability only. Data assumes no tickets, no at-fault accidents, $500 deductibles, drivers are single, and no discounts are taken into consideration.
If the expense is averaged for all age categories, physical damage coverage on your policy costs $1,181 per year over having just liability coverage. Many drivers may wonder when is it a good idea to stop buying full coverage. There is no clear-cut rule that is best for determining when to drop physical damage coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is more than 10% of the replacement cost minus the deductible, then it might be time to consider dropping full coverage.
For example, let’s say your vehicle’s settlement value is $8,500 and you have $1,000 full coverage deductibles. If your vehicle is severely damaged, the most you would get paid by your company is $7,500 after paying your policy deductible. If you are paying in excess of $750 annually for full coverage, then you might want to think about dropping full coverage.
Driving violations and accidents
The best way to receive the best auto insurance prices for poor drivers is to be an attentive driver and avoid getting tickets or having accidents. The chart below demonstrates how speeding tickets and at-fault accidents can impact insurance prices for different age groups. The costs are based on a married female driver, comp and collision included, $500 deductibles, and no discounts are taken into consideration.
The chart shows that the average cost of an auto insurance policy per year with a clean driving record and no accidents is $911. Get one speeding ticket and the average cost jumps to $1,059, an increase of $148 each year. Now throw in two accidents along with the one speeding ticket and the annual cost of auto insurance for low income drivers jumps again to an average of $2,404. That’s an increase of $1,493, or $124 per month, just for being a little careless behind the wheel!
How to find more affordable auto insurance for low income drivers
The list below shows a few penny-pinching ideas that can help Greensboro drivers quote cheaper auto insurance.
- Higher deductibles mean lower rates
- Avoid getting citations and tickets
- Improve your credit
- Prevent rate increases by staying accident-free
- Bundle home or renters insurance to earn a discount on car insurance
- Discounts for being claim-free can be substantial
- Compare rate quotes frequently
That last idea is highly crucial, as was pointed out in the prior article. Auto insurance rates adjust often, so don’t be unwilling to switch to a new company if a more affordable rate is found. Having a favorite company is fine, but it’s not recommended if that dedication is costing major coinage every year. In just a few minutes you could compare rates and find cheaper car insurance for low income drivers in Greensboro.
If you have questions and prefer to have the advice of a professional agent when shopping for the best coverage for poor drivers, the agencies below can most likely aid you in deciding which auto insurance coverages would be the best in your situation.
To find a Greensboro insurance agency closest to you, click the button after the list.
- Protective Agency
1211 E Bessemer Ave – Greensboro, NC 27405 – (336) 274-1211 - Nationwide Insurance: Samuel M Richberg
3512 Wendover Ave E b – Greensboro, NC 27405 – (336) 375-8600 - Gladwell Insurance Agency
5709 W Friendly Ave – Greensboro, NC 27410 – (336) 299-5185 - Senn Dunn Insurance
3625 N Elm St – Greensboro, NC 27455 – (336) 272-7161