Establishing which company has the cheapest auto insurance rates for 16 year olds will take a little more sweat in order to find a policy that fits your budget.
Every auto insurer uses their own method for setting prices, so let’s examine the auto insurance companies that tend to have lower prices in Greensboro, NC. It’s important to know that Greensboro auto insurance rates are impacted by many factors which can substantially change the price of coverage. Improving your credit rating, buying a home, or having an accident can trigger rate changes resulting in some rates now being more affordable than others.
Best Auto Insurance Prices for Teens
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Progressive | $639 |
| 2 | Utica National | $662 |
| 3 | Liberty Mutual | $700 |
| 4 | NC Farm Bureau | $709 |
| 5 | GEICO | $720 |
| 6 | Penn National | $747 |
| 7 | Titan | $759 |
| 8 | State Farm | $779 |
| 9 | Auto-Owners | $844 |
| 10 | National General | $890 |
| 11 | Erie | $922 |
| 12 | Allied | $928 |
| 13 | Travelers | $936 |
| 14 | Peerless | $1,002 |
| 15 | Nationwide | $1,041 |
| 16 | Unitrin | $1,042 |
| 17 | Safeco | $1,044 |
| 18 | MetLife | $1,049 |
| 19 | Allstate | $1,054 |
| 20 | Encompass | $1,073 |
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Progressive normally has some of the best car insurance rates in Greensboro at around $639 each year. This is $233 less than the average policy premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and GEICO also make the cut as some of the cheapest Greensboro, NC insurance companies.
As depicted above, if you are a policyholder with GEICO and switched to Utica National, you might realize annual savings of roughly $58. Policyholders with Penn National may save as much as $85 a year, and Titan customers might lower prices by up to $97 a year.
Bear in mind that those rates are averages for all insureds and vehicles and and are not figured with a specific vehicle garaging location for 16 year olds. So the auto insurance company that can offer you the lowest price may not even be in the top 20 companies shown above. That point stresses why you need to get rate quotes using your own personal information and vehicle type.
For new drivers, one of the largest factors that help determine the price you pay for insurance is where you choose to live in Greensboro. Areas with a lot of weather claims or more people will most likely have higher rates, whereas areas with less people or fewer weather incidents benefit from lower prices.
The table below shows the highest-priced places in North Carolina for 16 year olds to buy an auto insurance policy in. Greensboro is ranked #7 with a yearly premium of $779 for car insurance, which is around $65 each month.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Fayetteville | $932 |
| 2 | Jacksonville | $900 |
| 3 | Charlotte | $808 |
| 4 | Durham | $797 |
| 5 | Wilmington | $788 |
| 6 | Gastonia | $787 |
| 7 | Greensboro | $779 |
| 8 | Greenville | $760 |
| 9 | Goldsboro | $758 |
| 10 | Wilson | $746 |
| 11 | Indian Trail | $745 |
| 12 | Raleigh | $744 |
| 13 | Cary | $742 |
| 14 | Apex | $739 |
| 15 | Huntersville | $734 |
| 16 | High Point | $723 |
| 17 | Rocky Mount | $718 |
| 18 | Hickory | $718 |
| 19 | Chapel Hill | $717 |
| 20 | Winston Salem | $709 |
| 21 | Salisbury | $705 |
| 22 | Burlington | $692 |
| 23 | Asheville | $687 |
| 24 | Concord | $676 |
| 25 | Kannapolis | $669 |
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Price information shown is estimated as the specific zip code location can influence rates significantly.
Ending up with a good quality insurance provider can be difficult considering how many companies there are to choose from in North Carolina. The company information below can help you decide which car insurance providers to look at buying from.
These ratings only include the companies with a significant amount of written premium nationwide, so companies that have a smaller presence are not included in the list. To compare rates from the most competitive companies in North Carolina, follow this link.
| Company | Value | Customer Service | Claims | Customer Satisfaction | A.M Best Rating | Overall Score |
|---|---|---|---|---|---|---|
| Travelers | 93 | 98 | 99 | 88% | A++ | 95.1 |
| USAA | 83 | 99 | 100 | 91% | A++ | 94.1 |
| AAA Insurance | 91 | 95 | 92 | 90% | A | 93.3 |
| Nationwide | 85 | 95 | 97 | 89% | A+ | 92.4 |
| Allstate | 77 | 100 | 97 | 88% | A+ | 90.7 |
| State Farm | 80 | 94 | 96 | 88% | A++ | 90.6 |
| The Hartford | 88 | 93 | 91 | 87% | A+ | 90.4 |
| Safeco Insurance | 91 | 95 | 85 | 88% | A | 90.2 |
| Progressive | 88 | 94 | 83 | 88% | A+ | 90.1 |
| American Family | 91 | 86 | 95 | 83% | A | 89.7 |
| Esurance | 86 | 90 | 94 | 90% | A+ | 89.5 |
| The General | 86 | 93 | 89 | 84% | A- | 88.2 |
| GEICO | 79 | 89 | 95 | 87% | A++ | 87.8 |
| Titan Insurance | 86 | 82 | 92 | 86% | A+ | 86.5 |
| 21st Century | 86 | 82 | 90 | 84% | A | 86.4 |
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Data Source: Insure.com Best Car Insurance Companies
Should you buy full coverage?
Paying less for auto insurance should be important to the majority of drivers, and one good way to pay lower rates for insurance for 16 year olds is to only buy liability coverage. The information below shows the comparison of annual premium costs with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. Data assumes no violations or accidents, $250 deductibles, drivers are single, and no other discounts are factored in.
As an average, full coverage costs $1,755 per year more than buying just liability insurance. That is a big expense that brings up the question if buying full coverage is a good investment. There isn’t a written rule to delete physical damage insurance, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is more than about 10% of the replacement cost minus the deductible, then you might consider buying liability only.
For example, let’s pretend your vehicle’s book value is $9,500 and you have $1,000 deductibles. If your vehicle is totaled in an accident, you would only receive $8,500 after the policy deductible has been paid. If premiums are more than $850 a year for full coverage, the it may be a good time to stop paying for full coverage.
There are some circumstances where eliminating full coverage is not recommended. If you haven’t paid off your loan, you have to keep full coverage in order to keep the loan. Also, if you don’t have enough money to buy a different vehicle in the even your car is totaled, you should not eliminate full coverage.
The example below highlights how deductible selection can impact insurance costs when searching for cheap insurance for 16 year olds. The prices are based on a single female driver, comp and collision included, and no discounts are applied.
The data above shows that a 50-year-old driver could cut expenses by $266 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $400 by switching to a $1,000 deductible. Younger drivers, like the 20-year-old category, could possibly save as much as $684 each year just by choosing higher deductibles. If you do make the decision to raise your deductibles, it will be required to have enough funds in savings to allow you to cover the extra out-of-pocket expense, which is the one shortcoming of high deductibles.