The words “bargain” and “insurance” really shouldn’t be used in the same sentence, in particular when comparison shopping for the best car insurance rates for electric cars. Because it’s not cheap, let’s learn about some situations that influence auto insurance premiums, and come up with some ideas to lower the price of your next policy.
For eco-friendly vehicles, one of the largest criteria that aid in calculating the amount you pay each year for auto insurance is where your car is garaged. Areas with high crime rates or more dense population tend to have more expensive car insurance rates, whereas areas that tend to be more rural have the enjoyment of a little cheaper coverage.
The next table shows the highest-priced areas in North Carolina for electric cars to buy car insurance in. Greensboro shows up at #8 with the annual price of $756 for the average policy, which is approximately $63 monthly.
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Table data uses comparative as the specific Greensboro residence address can modify prices considerably.
The type of vehicle requiring coverage is probably the biggest factor when trying to find low-cost auto insurance for electric cars. Vehicles with reasonable performance levels, good crash test ratings, or a low likelihood of liability claims will cost less to insure than high performance models.
The data below showcases car insurance costs for a selection of the most cost-effective vehicles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$1,011|
|Honda CR-V EX-L 4WD||$1,170|
|Chevrolet Impala LT||$1,199|
|Toyota RAV4 Limited 4WD||$1,207|
|Nissan Altima 2.5 4-Dr Sedan||$1,199|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$1,235|
|Ford Explorer XLT AWD||$1,285|
|Chevrolet Silverado LT Crew Cab 4WD||$1,291|
|Ford Focus S 4-Dr Sedan||$1,285|
|Dodge Grand Caravan SE||$1,295|
|Ford F-150 FX2 Super Cab 2WD||$1,285|
|Toyota Tacoma 2WD||$1,295|
|Chevrolet Malibu LS||$1,313|
|Ford Edge Limited 2WD||$1,319|
|GMC Sierra SL Extended Cab 2WD||$1,349|
|Jeep Grand Cherokee Laredo 4WD||$1,356|
|Toyota Camry Hybrid||$1,369|
|Honda Odyssey EX-L W/Navigation||$1,385|
|Toyota Corolla LE||$1,394|
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Table data represents single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, safe-driver, and homeowner. Price information does not factor in specific location which can alter insurance rates significantly.
Based upon these rates, you can see that models like the Ford Escape, Toyota Prius, and Honda CR-V are most likely going to be a few of the cheapest vehicles to insure for eco-friendly vehicles.
Finding out which company quotes the cheapest insurance rates for electric cars calls for a little more sweat than just picking a company at random.
Each auto insurance company uses different criteria to set premium rates, so let’s rank the insurance companies with the overall best prices in Greensboro. It’s important to understand that Greensboro insurance rates are based on many factors which can significantly increase or decrease the price you pay. Simply getting older, buying a different vehicle, or getting a few speeding tickets may cause policy rate changes that can cause some rates to be much cheaper than others.
Best Auto Insurance Prices for EV’s
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$716|
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Progressive may have some of the lowest car insurance rates in Greensboro at around $639 each year. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National would also be considered some of the lowest-priced Greensboro, NC insurance companies.
As shown in the table above, if you are a customer of NC Farm Bureau and switched to Progressive, you may realize a yearly price reduction of upwards of $77. Policyholders with Penn National might save as much as $108 a year, and GEICO customers might see rate reductions of $111 a year.
To get a quick, customized rate comparison, click here to get quotes or visit any of the low-priced companies below.
It’s important to note that these policy rates are averaged across all types of insureds and vehicles and are not factoring in an exact vehicle garaging location for electric cars. So the company that is best for you may not even be in the list above. That underscores the importance of why you need to get rate quotes using your own specific driver and vehicle information.
Insuring your vehicle with the highest-rated insurance company can be difficult considering how many different companies insure vehicles in North Carolina. The rank data shown below may help you select which providers to look at when comparing rate quotes. These rankings are only comprised of companies that insure vehicles nationwide, so companies without a large exposure are not factored into these rankings.
Top 10 Major Auto Insurers in Greensboro Ranked by A.M. Best Rating
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
- Allstate – A+
Top 10 Major Auto Insurers in Greensboro Ranked by Value
- American Family
- AAA Insurance
- Safeco Insurance
- The Hartford
- The General
- 21st Century
- Titan Insurance
Liability rates compared to full coverage
Finding cheaper insurance is probably important to the majority of vehicle owners, and one great way to lower the cost of insurance for electric cars is to not pay for full coverage. The diagram below compares premium costs with and without full coverage. The premiums are based on no violations or claims, $500 deductibles, single marital status, and no additional discounts are factored in.
Averaged out for all age groups, comp and collision coverage costs an additional $1,573 per year over having just liability coverage. Many people question if paying for full coverage is a waste of money. There is no specific rule to eliminate full coverage, but there is a general guideline you can use. If the yearly cost of full coverage is more than around 10% of the replacement cost minus the deductible, then it may be the right time to buy liability only.
There are some scenarios where dropping physical damage coverage is not recommended. If you have an outstanding loan on your vehicle, you have to carry full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should keep full coverage in place.
Reckless driving habits raise insurance rates
A great way to find cheap insurance rates in North Carolina for eco-friendly vehicles is to drive safe and maintain a clean driving record. The chart below shows how violations and at-fault fender-benders drive up insurance rates for different categories of driver ages. The premium estimates are based on a single male driver, full coverage, $250 deductibles, and no discounts are factored in.
In the previous chart, the average cost of auto insurance in North Carolina per year with a clean driving record and no accidents is $1,453. Factor in one speeding ticket and the average cost swells to $1,634, an increase of $182 each year. Then include two accidents along with the one speeding ticket and the annual cost of insurance for electric cars jumps again to an average of $3,156. That’s an increase of $1,703, or $142 per month, just for being a less-than-perfect driver!
How to find budget-friendly auto insurance for electric cars
The list below shows many money-saving ideas that can help Greensboro drivers quote cheap coverage.
- Do not get into accidents that are your fault
- Multi-policy discounts save money
- Good credit can help you save money
- Safe vehicles generally have lower rates
- Do not pay for full coverage on older vehicles
- Shop around and save
The last tip in the list is highly significant, as was discussed in the prior information. Car insurance prices in Greensboro change a lot, so drivers shouldn’t be reluctant to change to a new company if a more affordable rate is found.
Having brand loyalty is commendable, but it isn’t a good idea if it’s costing you money that could be used for better things. In just a couple of minutes you could compare prices and find cheaper insurance for electric cars.
The insurance agencies below can answer your questions and help you decide which policy fits your needs best, since lots of people like to get some professional input when shopping for the best coverage for electric cars. It can be hard to find coverage yourself, and getting advice from a licensed agent can provide peace of mind knowing your policy gives you enough coverage when you need it. To locate a Greensboro auto insurance agent close to you, click the button link following the list or click here to compare rates now.
Godwin Insurance Agency
905 Battleground Ave – Greensboro, NC 27408 – (336) 379-8640
John Klopp – State Farm Insurance Agent
401 Battleground Ave – Greensboro, NC 27401 – (336) 268-9000
202 N. Van Buren Road Suite C, Eden, NC 27288 – Greensboro, NC 27407 – (336) 292-1963
Steve Kent – State Farm Insurance Agent
3122 Battleground Ave – Greensboro, NC 27408 – (336) 282-5368
Keith Kepler – State Farm Insurance Agent
1603 Westover Terrace a – Greensboro, NC 27408 – (336) 294-4341