It’s hard to miss the captivating commercials from car insurance companies like Allstate, Liberty Mutual, and Progressive that make claims of huge savings, so you should just choose the one with the best commercial, right?
Unfortunately, it’s not that simple as there are a whole bunch of unknown elements such as your gender, the crime level of your neighborhood, and any driving violations you may have, that all impact the cost of your policy. We will touch on these things and will give you a jump start in finding the best auto insurance in Greensboro.
Locating reasonably-priced insurance is hard enough, and figuring out which insurers offer the best car insurance rates for good students involves even more work. Every car insurance company has their own guidelines for determining rates in each state, so we’ll go over the car insurance companies with the most affordable rates in Greensboro, NC.
It’s a good idea to be aware that Greensboro car insurance rates are influenced by many factors that will increase or decrease the price you pay for coverage. This price variation is why it is important to perform an extensive rate comparison to get cheap insurance quotes for good students. Insurance rates are made up of many factors and change dramatically, so the cheapest rate when you bought your policy may now be wasting a lot of money.
Best Car Insurance Prices for Students
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$716|
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Utica National may have some of the cheapest car insurance rates in Greensboro at around $636 per year. This is $236 less than the average premium paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and Penn National would also make the list of some of the most economical Greensboro, NC insurance companies.
As the rates illustrate above, if you are a policyholder with Liberty Mutual and switched to Utica National, you might realize an annual premium reduction of in the neighborhood of $71. Policyholders with NC Farm Bureau may save as much as $80 a year, and Penn National insureds might see rate reductions of $89 a year.
Be aware that those policy prices are averages across all drivers and vehicles in North Carolina and do not take into consideration an exact location for good students. So the insurer that can offer the best rates for your situation may not even be in the list above. That points out the importance of why you need to get rate quotes using your own personalized driver profile and vehicle information.
One of the many considerations that are looked at to determine the amount you pay each year for auto insurance is where you live in Greensboro. Areas with more people or higher crime rates tend to have more expensive car insurance rates, whereas areas with less people or fewer weather incidents benefit from having to pay less for coverage.
The information below lists the most costly cities in North Carolina for good students to buy car insurance in. Greensboro is ranked at #7 having an annual price of $763 for the average insured, which is about $64 per month.
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Price information shown is comparative as zip code location can impact auto insurance rates significantly.
The vehicle that needs insurance is a large factor that determines whether or not you can buy the best cheap insurance for good students. Vehicles with higher performance characteristics, poor crash test ratings, or high incidents of liability claims will cost much more to insure than safer models.
The data below illustrates auto insurance premiums for a selection of the most affordable vehicles to insure in North Carolina.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$4,075|
|Ford Escape Limited 4WD||$4,322|
|Ford F-150 STX Super Cab 2WD||$4,507|
|Honda Odyssey LX||$4,515|
|Jeep Wrangler Sahara 4WD 2-Dr||$4,544|
|Ford Edge SE AWD||$4,754|
|Toyota RAV4 Sport 2WD||$4,791|
|Chevrolet Malibu Hybrid||$4,798|
|Nissan Altima 2.5 4-Dr Sedan||$4,791|
|Jeep Grand Cherokee Laredo 4WD||$4,797|
|Toyota Tacoma Double Cab 4WD||$4,791|
|Dodge Grand Caravan SXT||$4,827|
|Ford Explorer Limited 4WD||$4,836|
|Toyota Corolla LE||$5,036|
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Above prices assume single female driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in specific garaging location which can affect prices greatly.
Based on these rates, you can see that models like the Honda CR-V, Ford Escape, Toyota Prius, Ford F-150, and Honda Odyssey are the less-costly vehicles to insure for student drivers.
Should you buy full coverage?
Paying less for car insurance should be important to most drivers, and one of the best ways to lower the cost of insurance for good students is to not buy comprehensive and collision coverage. The example below visualizes the comparison of premium costs with full physical damage coverage compared to only buying the minimum liability limits required in North Carolina. The premiums assume no driving violations, no at-fault accidents, $1,000 deductibles, single status, and no discounts are applied.
As an average for all age groups, comp and collision coverage costs an extra $1,401 per year more than just buying liability only. That brings up the question when is the right time to remove full coverage. There is no definitive formula for eliminating physical damage coverage, but there is a general guideline you can use. If the annual cost of comprehensive and collision coverage is more than 10% of the replacement cost minus the deductible, then you may need to consider dropping full coverage.
Types of discounts on Greensboro car insurance
Insurers that offer quotes for good students could also offer policy discounts that could reduce prices by as much as 35% if you are eligible. A list of car insurance companies and their offered discounts are outlined below.
- GEICO may have discounts that include good student, federal employee, anti-theft, anti-lock brakes, and military active duty.
- Mercury Insurance may include discounts for multi-policy, location of vehicle, anti-theft, good driver, ease of repair, annual mileage, and professional/association.
- Farmers Insurance has discounts for switch companies, early shopping, homeowner, distant student, business and professional, and mature driver.
- Auto-Owners Insurance includes discounts for paid in full, group or association, safe driver, company car, anti-lock brakes, good student, and air bags.
- Liberty Mutual policyholders can earn discounts including newly married, new vehicle discount, safety features, multi-policy, and multi-car.
- SAFECO offers discounts for homeowner, bundle discounts, teen safe driver, anti-lock brakes, and anti-theft.
- Progressive may offer discounts for continuous coverage, online signing, good student, multi-policy, and online quote discount.
- USAA offers premium reductions for military installation, new vehicle, good student, loyalty savings, and family discount.
The diagram below shows the difference between auto insurance costs with and without discounts applied. The premiums assume a male driver, no accidents, no driving violations, North Carolina state minimum liability limits, comprehensive and collision coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with continuous coverage, paperless filing, vehicle safety, paid-in-full, anti-theft, and good student discounts applied. When drivers qualify for the discounts, the average savings per year on car insurance for good students is 28% or $431.
Responsible drivers pay cheaper Greensboro car insurance rates
In a perfect world, the best way to score cheap car insurance premiums in Greensboro for student drivers is to be a safe driver and not get tickets or have accidents. The chart below highlights how speeding tickets and accidents can increase annual premium costs for different categories of driver ages. The premium estimates are based on a single male driver, comprehensive and collision coverage, $500 deductibles, and no other discounts are factored in.
In the example above, the average cost of a car insurance policy in North Carolina per year with no violations or accidents is $1,573. Get one speeding ticket and the average cost jumps to $1,774, an increase of $201 each year. Then add in one accident along with the one speeding ticket and the yearly cost of car insurance for good students increases to an average of $2,337. That’s an increase of $765, or $64 per month, just for being a careless driver!
Why you should be comparing rates
Greensboro car insurance rates are impacted by many things that control the price you have to pay. Simply getting older, marrying your spouse, or getting a ticket for running a stop sign can trigger rate changes that may make certain companies cheaper than competitors. And not only may your rating factors change, but companies file new North Carolina car insurance rates as needed in order to protect their financial rating. Heavier than normal losses may result in higher rates, while better underwriting can result in lower-priced Greensboro car insurance rates.
To help illustrate this point, the graph below shows the cheapest car insurance in Greensboro, NC for a 45-year-old female driver with no accidents or violations, and a decent credit rating. If we estimate prices based on her personal profile, Progressive might quote the most affordable car insurance rates in Greensboro at $745 each year. This is $127 less than the average premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and GEICO are the rest of the best Greensboro, NC auto insurance companies.
Now we will pretend the driver from the above example an at-fault accident, poor credit, and a couple of points charged on her driving record. Since every car insurance company has a unique formula to determine rates, comparing insurance quotes may result in a substantially altered list of affordable companies as shown below.
Penn National now has the cheapest insurance rate in Greensboro with State Farm, Auto-Owners, National General, and Allied now rounding out the top five. This example illustrates why it is important to do a thorough rate comparison to get the most affordable car insurance rates for good students. Prices consist of many things and change substantially, so the lowest-price company when you bought your policy may now be one of the more expensive options.
If you like to get some help when comparing insurance rates for student drivers, the agents below can most likely provide answers to your questions and help you determine which coverage meets your needs best.
To locate an agency in your neighborhood, click the link after the list or click here to compare rates now.
- Pam White – State Farm Insurance Agent
2608 Oakcrest Ave – Greensboro, NC 27408 – (336) 282-1111
- The Beacon Insurance Group
1515 W Cornwallis Dr Suite 206 – Greensboro, NC 27408 – (336) 378-0740
- Piedmont Triad Insurance, Inc.
7 Battleground Ct Ste. 224 – Greensboro, NC 27408 – (336) 282-5555