The words “cheap” and “auto insurance” really should not be used together, especially when comparison shopping for the cheapest coverage for good drivers. Let’s start off by going over some situations that have an impact on insurance premiums, and find out if we can help you lower the price of the next policy you buy.
Figuring out which company quotes the lowest-priced auto insurance rates for good drivers will require more work than just quoting one company’s rates. Each insurer has a proprietary method for setting prices, so let’s take a look at the most affordable auto insurance companies in Greensboro.
Keep in mind that Greensboro, NC auto insurance rates are determined by lots of factors which can significantly increase or decrease the price you pay for coverage. Simply having another birthday, becoming a homeowner, or getting a ticket for careless driving may prompt premium changes resulting in some rates now being more affordable than the competition.
Best Cheap Insurance Rates for Good Drivers
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$709|
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Progressive quotes some of the lowest car insurance rates in Greensboro at around $632 annually. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National are also some of the cheapest Greensboro, NC auto insurance companies.
As shown above, if you currently have coverage with Liberty Mutual and switched to Progressive, you may see a yearly price reduction of about $68. Policyholders with NC Farm Bureau could save as much as $77 a year, and Penn National insureds might reduce rates by $85 a year.
Understand that those estimates are averages for all insureds and vehicles and do not factor in a specific vehicle garaging location for good drivers. So the company that has the cheapest rates for you may not even be in the list above. That affirms the importance of why you need to get car insurance quotes using your own specific driver information and vehicle.
The vehicle model you are seeking coverage for is one of the largest factors in finding the best cheap coverage for good drivers. Vehicles with lower performance, a plethora of safety features, or a low likelihood of having liability claims will cost less to insure than adrenaline junky models.
The table below features insurance rates for the most affordable vehicles to insure in North Carolina.
|Vehicle||Estimated Cost for Full Coverage|
|Ford Escape Limited 2WD||$1,120|
|Honda CR-V EX 4WD||$1,226|
|Honda Accord LX 4-Dr Sedan||$1,235|
|Ford Edge SEL AWD||$1,270|
|Ford Explorer XLT 2WD||$1,336|
|Toyota Corolla XLE||$1,375|
|Ford Fusion SE 4-Dr Sedan||$1,391|
|Dodge Grand Caravan CV||$1,397|
|Chevrolet Malibu LS||$1,417|
|Toyota Camry LE||$1,425|
|Chevrolet Impala LS||$1,424|
|Chevrolet Equinox LT AWD||$1,457|
|Nissan Rogue SL AWD||$1,465|
|Toyota RAV4 Limited 2WD||$1,457|
|Toyota Tacoma Double Cab 4WD||$1,467|
|Honda Civic LX-S 4-Dr Sedan||$1,466|
|Chevrolet Silverado LTZ Extended Cab 2WD||$1,480|
|Kia Optima LX||$1,518|
|GMC Sierra SL Crew Cab 4WD||$1,523|
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Data based on single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, homeowner, multi-vehicle, claim-free, and safe-driver. Information does not factor in the specific area where the vehicle is garaged which can increase or decrease coverage prices significantly.
Looking at the numbers, you can presume that models like the Ford Escape, Honda CR-V, Honda Accord, Ford Edge, and Ford Explorer are going to be some of the cheaper vehicles to insure for safe drivers.
One of the more important criteria that are used to help calculate the annual cost of car insurance is where you keep your car. Areas with more people or more claims tend to pay more, whereas areas with less crime or weather claims profit from lower rates.
The table below sorts the priciest cities in North Carolina for good drivers to buy an auto insurance policy in. Greensboro shows up at #6 with the yearly price of $779 for the average insurance policy, which is approximately $65 each month.
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Prices are approximated as zip code location can modify insurance rates substantially.
Does full coverage make sense?
Finding cheaper auto insurance is important to the majority of drivers, and an easy way to buy cheaper insurance for good drivers is to not pay for full coverage. The diagram below visualizes the comparison of insurance costs when comparing full coverage to liability only. Data assumes no claims or violations, $1,000 deductibles, drivers are single, and no discounts are taken into consideration.
If we average all the age groups together, physical damage coverage costs $1,401 per year over liability only. That brings up the question if physical damage coverage is worth the money. There is no clear-cut rule of when to stop paying for full coverage, but there is a general guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of any settlement you would receive from your insurance company, then you might want to think about dropping full coverage.
For example, let’s pretend your vehicle’s claim settlement value is $9,000 and you have $1,000 physical damage deductibles. If your vehicle is severely damaged, you would only receive $8,000 after the policy deductible has been paid. If it’s costing you more than $800 a year for physical damage coverage, then you might consider buying liability only.
The illustration below illustrates how your deductible choice can affect insurance premiums when getting quotes for cheap insurance for good drivers. The premiums assume a married male driver, full coverage, and no discounts are applied.
In the chart above, a 50-year-old driver could pocket $174 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $262 by selecting a $1,000 deductible. Even younger insureds, like the 20-year-old example, could roll back prices up to $578 every year by choosing a larger deductible amount.
If you do make the decision to raise your deductibles, it will be necessary to have plenty of savings on hand to enable you to cover the extra out-of-pocket expense, which deters some drivers from choosing higher deductibles.
Get discount Greensboro car insurance
Auto insurance companies that provide coverage for good drivers may also provide policy discounts that can lower rates by as much as 40% or more if you are eligible. A list of companies and a selection of discounts can be found below.
- GEICO offers discounts for anti-theft, daytime running lights, air bags, anti-lock brakes, and defensive driver.
- SAFECO may have discounts that include anti-theft, bundle discounts, multi-car, drive less, safe driver, and accident prevention training.
- State Farm discounts include passive restraint, student away at school, anti-theft, good student, multiple autos, and defensive driving training.
- MetLife policyholders can earn discounts including defensive driver, good student, multi-policy, good driver, and accident-free.
- 21st Century offers premium reductions for homeowners, 55 and older, early bird, student driver, and good student.
- Progressive has discounts for continuous coverage, online quote discount, good student, homeowner, online signing, and multi-policy.
The diagram below compares car insurance rates with and without discounts. The data assumes a male driver, no claims, a clean driving record, North Carolina state minimum liability limits, comp and collision included, and $1,000 deductibles.
The first bar for each age group shows the average rate with no discounts. The second shows the rates with homeowner, passive restraint, defensive driving course, anti-theft, multiple vehicle, and vehicle safety discounts applied. When drivers take advantage of discounts, theaverage amount saved on auto insurance for good drivers is 28% or $396.