The words “low-cost” and “insurance” really shouldn’t be used together, especially when comparison shopping for the best coverage prices for teenagers. To help control this cost, let’s get started by showing you some situations that impact car insurance premiums, and find a way to reduce the price of the next policy you buy.
Figuring out which companies offer the most affordable insurance rates for teenagers involves a tad more effort in order to find the best policy.
Each auto insurance company uses a different method for setting prices, so to begin we’ll rank the most competitive insurance companies in Greensboro, NC. It’s a good idea to know that Greensboro, NC insurance rates are influenced by many factors which can significantly increase or decrease the price you pay. Turning one year older, buying another vehicle, or getting a ticket for running a stop sign may cause policy rate changes that can now make some companies more affordable than before.
Find the Cheapest Auto Insurance for Teens
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Progressive | $632 |
| 2 | Utica National | $636 |
| 3 | Liberty Mutual | $707 |
| 4 | NC Farm Bureau | $716 |
| 5 | GEICO | $728 |
| 6 | Titan | $737 |
| 7 | Penn National | $739 |
| 8 | State Farm | $756 |
| 9 | Auto-Owners | $844 |
| 10 | Erie | $895 |
| 11 | Travelers | $900 |
| 12 | National General | $917 |
| 13 | Allied | $928 |
| 14 | Peerless | $992 |
| 15 | MetLife | $1,007 |
| 16 | Nationwide | $1,011 |
| 17 | Unitrin | $1,032 |
| 18 | Safeco | $1,066 |
| 19 | Encompass | $1,073 |
| 20 | Allstate | $1,086 |
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Progressive offers some of the lowest car insurance rates in Greensboro at around $632 annually. Utica National, Liberty Mutual, NC Farm Bureau, and GEICO also make the cut as some of the best Greensboro, NC insurance companies.
In the above rates, if you currently buy coverage from GEICO and switched to Utica National, you could see a yearly savings of about $92. Insureds with Titan may save as much as $101 a year, and Penn National insureds might cut rates by $103 a year.
Remember that these prices are averages for all types of insureds and vehicles and are not factoring in an exact location for teenagers. So the insurer that fits you best may not even be in the top 20 companies shown above. That points out the importance of why you need to get rate quotes from many companies using your own driver information and specific vehicle type.
For teen drivers, one of the more important factors that are used to help calculate the annual cost of car insurance is where you normally keep your vehicle in Greensboro. Cities with larger populations or higher claim trends tend to have more expensive car insurance rates, whereas less populated areas can boast about having cheaper rates.
The following table sorts the most expensive areas in North Carolina for teenagers to buy an auto insurance policy in. Greensboro is ranked at #8 with a yearly cost of $763 for the average insurance policy, which is about $64 per month.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Fayetteville | $923 |
| 2 | Jacksonville | $891 |
| 3 | Charlotte | $840 |
| 4 | Gastonia | $803 |
| 5 | Durham | $773 |
| 6 | Cary | $772 |
| 7 | Raleigh | $767 |
| 8 | Greensboro | $763 |
| 9 | Wilmington | $758 |
| 10 | Huntersville | $756 |
| 11 | Indian Trail | $753 |
| 12 | High Point | $745 |
| 13 | Goldsboro | $743 |
| 14 | Rocky Mount | $740 |
| 15 | Greenville | $738 |
| 16 | Wilson | $732 |
| 17 | Chapel Hill | $724 |
| 18 | Apex | $717 |
| 19 | Winston Salem | $716 |
| 20 | Hickory | $711 |
| 21 | Kannapolis | $697 |
| 22 | Concord | $690 |
| 23 | Salisbury | $684 |
| 24 | Burlington | $678 |
| 25 | Asheville | $667 |
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Prices are comparative as the specific Greensboro residence address can affect price quotes substantially.
The vehicle driven is a significant factor when looking for affordable coverage for teenagers. Vehicles with higher performance characteristics, a lack of safety features, or a history of substantial liability claims will cost substantially more to insure than more economical and safe models.
The list below showcases auto insurance costs for the cheapest vehicles to buy coverage for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $4,844 |
| Ford Escape XLS 4WD | $4,850 |
| Honda CR-V EX 4WD | $4,888 |
| Toyota Prius | $5,233 |
| Dodge Grand Caravan SE | $5,447 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $5,452 |
| Ford F-150 FX2 Super Cab 2WD | $5,447 |
| Volkswagen Jetta SE 2.5 Station Wagon | $5,530 |
| Ford Edge SEL 2WD | $5,699 |
| Ford Focus SE 4-Dr Sedan | $5,705 |
| Toyota Tacoma 2WD | $5,699 |
| Chevrolet Equinox LS AWD | $5,744 |
| Toyota RAV4 Sport 4WD | $5,749 |
| Ford Fusion S 4-Dr Sedan | $5,744 |
| GMC Sierra SLE Regular Cab 2WD | $5,752 |
| Nissan Altima 2.5 4-Dr Sedan | $5,744 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $5,791 |
| Ford Explorer Limited 4WD | $5,797 |
| Hyundai Elantra Blue 4-Dr Sedan | $5,996 |
| Chevrolet Impala LTZ | $6,041 |
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Data variables include single male 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. Rate quotes do not factor in the specific area where the vehicle is garaged which can affect auto insurance rates significantly.
Looking at the numbers, models like the Honda Accord, Ford Escape, and Honda CR-V will definitely be the cheaper vehicles to insure for teen drivers. The price for an auto insurance policy will trend higher because of the fact that there is more risk for teenagers, but generally speaking those vehicles will have the cheapest rates possible.
How accidents and tickets impact rates
The recommended way to snag the cheapest insurance rates in Greensboro for teen drivers is to be a careful driver and avoid accidents and traffic violations. The illustration below demonstrates how traffic citations and accidents influence auto insurance costs for different categories of driver ages. The rate quotes are based on a married female driver, comp and collision included, $500 deductibles, and no other discounts are factored in.
The data in the chart shows the average cost of auto insurance in North Carolina per year with a clean driving record and no accidents is $1,229. Get two speeding tickets and the average cost increases to $1,741, an increase of $512 each year. Now add one accident along with the two speeding tickets and the 12-month cost of insurance for teenagers jumps again to an average of $2,259. That’s an increase of $1,030, or $86 per month, just for not maintaining a clean driving record!
Get discount Greensboro car insurance
Insurance providers that provide coverage for teenagers could also offer discounts that may potentially lower prices by as much as 40% or more if you are eligible to receive them. Larger insurance companies and some of their more popular discounts are:
- GEICO policyholders can earn discounts including good student, anti-theft, federal employee, air bags, and daytime running lights.
- Mercury Insurance has discounts for multi-policy, annual mileage, age of vehicle, location of vehicle, type of vehicle, multi-car, and good student.
- Farmers Insurance may include discounts for youthful driver, mature driver, early shopping, bundle discounts, distant student, and pay in full.
- Auto-Owners Insurance includes discounts for anti-lock brakes, paid in full, multiple vehicles, safe driver, student away at school, anti-theft, and paperless.
- Liberty Mutual may have discounts that include good student, exclusive group savings, multi-policy, preferred payment discount, teen driver discount, new vehicle discount, and safety features.
- SAFECO may offer discounts for bundle discounts, anti-lock brakes, multi-car, accident prevention training, and drive less.
- Progressive offers discounts including multi-vehicle, multi-policy, homeowner, continuous coverage, and online signing.
- USAA discounts include annual mileage, multi-policy, safe driver, vehicle storage, and defensive driver.
The chart below compares auto insurance costs with and without policy discounts. The premium estimates are based on a female driver, no tickets, no at-fault accidents, North Carolina state minimum liability limits, comp and collision included, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The lower bar shows the rates with passive restraint, paid-in-full, paperless filing, continuous coverage, vehicle safety, and anti-theft discounts applied. With discounts applied, theaverage amount saved on insurance for teenagers is 28% or $441.
Compare quotes and save
Greensboro, NC insurance rates are determined by lots of factors that will increase or decrease the price you pay for coverage. Simply improving your credit, filing a claim, or getting a driving violation can trigger changes in premium resulting in some companies being cheaper than others.
Not only may your situation change, but companies change premium rates as often as every three months in order to maintain liquidity for claims. Significantly higher claims may cause high rates, while lower claim levels may cause lower-cost Greensboro car insurance rates.
For instance, the graph below compares the cheapest car insurance in Greensboro, NC for a 35-year-old female driver with no prior claims, no tickets, and great credit. When comparing rates based on her current rating profile, Utica National offers the best car insurance rates in Greensboro at $750 annually. This is $122 less than the average price paid by North Carolina drivers of $872. Progressive, Liberty Mutual, Penn National, and NC Farm Bureau are the rest of the best Greensboro, NC auto insurance companies.
In this next rate comparison, we will give the driver from the above example an at-fault accident, a lower credit score, and an imperfect driving record. Since each insurance company has a unique formula for establishing rates, getting updated rate quotes may now result in a slightly different list of the cheapest companies as shown below.
State Farm now has the lowest car insurance rate in Greensboro, NC with Titan, Progressive, Auto-Owners, and Allied now being in the top five. This example demonstrates why it is crucial to do a thorough rate comparison when trying to find the most economical auto insurance rates for teenagers.
Rates are calculated by many things and can change without notice, so the most economical option two years ago may now be quite expensive.