For older drivers, one of the largest components that are looked at to help calculate car insurance rates is where you keep your car. Regions with larger populations or more claims likely pay more, whereas more rural areas get the luxury of paying less.
The next table lists the most costly cities in North Carolina for drivers over age 50 in which to buy car insurance. Greensboro ranks #10 having an annual price of $756 for the average insurance policy, which is approximately $63 per month.
|Rank||City||Premium Per Year|
|Compare Rates Now Go|
Information shown are comparative as specific Greensboro zip code can increase or decrease premium rates significantly.
Finding out which company quotes the lowest-priced car insurance rates for drivers over age 50 may require a tad more effort in order to find the best policy. Every auto insurer has their own unique process for establishing rates, so we’ll take a look at the car insurance companies with the overall best prices in Greensboro.
It’s important that readers know that Greensboro, NC car insurance rates are impacted by many things that control the cost of your policy. Simply getting older, becoming a homeowner, or having an accident can cause premium changes that may make certain companies cheaper than competitors.
Find Cheaper Auto Insurance for Age 50+
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$730|
|Compare Rates Now Go|
Utica National has some of the cheapest car insurance rates in Greensboro at around $643 a year. This is $229 less than the average price paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and Penn National would also be considered some of the most economical Greensboro, NC auto insurance companies.
As illustrated above, if you buy coverage from Penn National and switched to Progressive, you may realize yearly savings of about $89. Customers with GEICO may save as much as $92 a year, and Titan customers might lower prices by $101 a year.
To find the cheapest coverage for you, click here to begin a quote or feel free to get quotes from the companies below.
Remember that these premiums are averages for all insureds and vehicles and and are not calculated with a specific zip code for drivers over age 50. So the car insurance company that fits your situation best may not even be in the top 20 companies in the list above. That helps illustrate why you need to get auto insurance quotes using your own specific driver and vehicle information.
The car, truck, or SUV requiring coverage is a large factor when comparing quotes for low-priced insurance for drivers over age 50. Vehicles with economical engines, advanced safety features, or a track record of few liability claims will cost much less to insure than high performance models. The next list estimates car insurance costs for some of the more affordable vehicles to buy coverage for.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$1,058|
|Honda CR-V LX 2WD||$1,067|
|Hyundai Elantra SE Touring Station Wagon||$1,147|
|Honda Accord EX-L 4-Dr Sedan||$1,154|
|Dodge Grand Caravan SE||$1,189|
|Toyota Tacoma 2WD||$1,231|
|Ford Edge SEL AWD||$1,237|
|Honda Odyssey EX||$1,231|
|Volkswagen Jetta 2.0T Station Wagon||$1,236|
|Toyota RAV4 4WD||$1,254|
|GMC Sierra SLE Regular Cab 2WD||$1,261|
|Chevrolet Malibu LS||$1,254|
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Data variables include single female driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, claim-free, and multi-vehicle. Estimates do not factor in specific Greensboro, NC garaging location which can raise or lower prices substantially.
Based on these rates, you can conclude that makes and models like the Ford Escape, Honda CR-V, and Hyundai Elantra are most likely to be a few of the less-costly vehicles to insure for older drivers.
Full coverage rates compared to liability only
Saving money on car insurance is important to the majority of people, and one of the quickest ways to reduce the cost of insurance for drivers over age 50 is to not buy comprehensive and collision coverage. The information below illustrates the difference between auto insurance rates with liability coverage only compared to full coverage. The rate quotes are based on no driving violations, no at-fault accidents, $250 deductibles, single status, and no discounts are applied to the premium.
Averaged for all ages 20 through 70, full coverage costs an additional $1,755 per year over and above liability coverage. A very common question is if it’s worth it to buy full coverage. There is no set guideline of when to stop paying for physical damage coverage, but there is a general guideline. If the annual cost of having full coverage is about 10% or more of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let’s assume your vehicle’s book value is $12,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would get paid by your company is $11,000 after you pay the deductible. If premium cost is more than $1,100 a year for physical damage coverage, then it might be time to buy liability only.
Choosing the right auto insurance company can be a challenge considering how many different insurance companies sell coverage in North Carolina. The information in the lists below may help you choose which auto insurers to look at comparing rates with.
The ratings below only include major nationwide insurance companies, so companies that focus mainly on North Carolina business are not included in the list. If you’d like to compare prices and find cheaper insurance for drivers over age 50, follow this link.
|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 diagram below shows how choosing a deductible can influence insurance premiums when trying to find cheap insurance for drivers over age 50. The price estimates are based on a single female driver, full physical damage coverage, and no other discounts are factored in.
As shown above, a 30-year-old driver could lower rates by $304 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $460 by changing to a $1,000 deductible. Youthful drivers, like the age 20 example, could potentially save $684 every year by selecting a higher deductible.
If you do raise deductibles, it is necessary to have enough savings to enable you to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.