The words “low-priced” and “auto insurance” really shouldn’t be used together, especially when comparison shopping for the cheapest auto insurance for young drivers. To save some money, let’s teach you some things the can have a considerable influence on auto insurance premiums, and find some ways to reduce the cost of the next policy you buy.
Finding out which insurers offer the best auto insurance rates for young drivers will require more time than just quoting one company’s rates. Every insurance provider uses a slightly different approach to set their prices, so let’s rank the most competitive auto insurance companies in North Carolina.
Find the Cheapest Car Insurance for Teens
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Progressive | $632 |
| 2 | Utica National | $655 |
| 3 | Liberty Mutual | $700 |
| 4 | NC Farm Bureau | $737 |
| 5 | Penn National | $747 |
| 6 | GEICO | $750 |
| 7 | Titan | $751 |
| 8 | State Farm | $772 |
| 9 | Auto-Owners | $852 |
| 10 | National General | $890 |
| 11 | Allied | $892 |
| 12 | Erie | $895 |
| 13 | Travelers | $909 |
| 14 | Peerless | $962 |
| 15 | Nationwide | $1,001 |
| 16 | Unitrin | $1,002 |
| 17 | Safeco | $1,034 |
| 18 | MetLife | $1,038 |
| 19 | Encompass | $1,073 |
| 20 | Allstate | $1,086 |
| Get Personalized Rates Go | ||
Progressive may offer some of the lowest car insurance rates in Greensboro at around $632 annually. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National would also make the list of some of the cheapest Greensboro, NC car insurance companies.
In the rate table above, if you are a policyholder with NC Farm Bureau and switched to Progressive, you might realize yearly savings of roughly $105. Policyholders with Penn National could save as much as $115 a year, and GEICO policyholders might realize rate reductions of up to $118 a year.
It’s important to note that these prices are averaged for all ages of drivers and types of vehicles and and are not calculated with a vehicle location for young drivers. So the insurer that can offer you the best rate may not even be in the list above. That emphasizes why you need to get rate quotes using your own specific driver information and vehicle.
For youthful drivers, one of the more important criteria that are looked at to help calculate auto insurance rates is where you keep your car. Larger areas will most likely have higher rates, whereas areas with lower vehicle theft rates and fewer weather claims get the luxury of paying less.
The information below shows the most expensive cities in North Carolina for young drivers in which to buy car insurance. Greensboro ranks #6 with the yearly price of $786 for the average insured, which is around $66 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Fayetteville | $932 |
| 2 | Jacksonville | $891 |
| 3 | Gastonia | $811 |
| 4 | Charlotte | $808 |
| 5 | Wilmington | $788 |
| 6 | Greensboro | $786 |
| 7 | Raleigh | $767 |
| 8 | Durham | $765 |
| 9 | Goldsboro | $765 |
| 10 | Wilson | $754 |
| 11 | High Point | $753 |
| 12 | Indian Trail | $753 |
| 13 | Rocky Mount | $748 |
| 14 | Cary | $742 |
| 15 | Hickory | $740 |
| 16 | Apex | $739 |
| 17 | Huntersville | $734 |
| 18 | Greenville | $730 |
| 19 | Salisbury | $705 |
| 20 | Chapel Hill | $703 |
| Find Cheaper Rates Go | ||
Information shown are approximated as the specific geographic location can influence coverage prices significantly.
The illustration below shows how choosing a deductible can impact yearly insurance costs when researching cheap insurance for young drivers. The price estimates are based on a single female driver, comprehensive and collision coverage, and no discounts are factored in.
The data above shows that a 50-year-old driver could cut expenses by $266 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $400 by choosing a $1,000 deductible. Even younger insureds, like the Age 20 chart data, could save as much as $684 every year by using a higher deductible.
When choosing a higher deductible, it will be required to have emergency funds available to offset the extra out-of-pocket expense, which is the one shortcoming of high deductibles.
How accidents and tickets impact rates in Greensboro
One of the best ways to receive low auto insurance premiums for youthful drivers is to be a good driver and have a clean driving record. The illustration below shows how violations and at-fault claims can affect insurance rates for each age group. The rates are based on a single female driver, comprehensive and collision coverage, $100 deductibles, and no discounts are factored in.
In the previous example, the average cost of a car insurance policy in Greensboro per year with no accidents and a clean driving record is $1,360. Get one speeding ticket and the average cost hikes up to $1,539, an increase of $179 each year. Now get one accident along with the one speeding ticket and the annual cost of auto insurance for young drivers jumps again to an average of $2,046. That’s an increase of $686, or $57 per month, just for not being a responsible driver!
Types of discounts on Greensboro auto insurance
Car insurance companies that offer cheap quotes for young drivers may additionally offer premium discounts that could lower prices by 40% or more if you are eligible. Popular auto insurance companies and their offered discounts are:
- Esurance includes discounts for defensive driver, paid-in-full, good driver, multi-policy, renters, and online shopper.
- The Hartford discounts include good student, driver training, air bag, defensive driver, bundle, vehicle fuel type, and anti-theft.
- AAA offers premium reductions for good driver, multi-policy, pay-in-full, multi-car, anti-theft, and AAA membership discount.
- GEICO policyholders can earn discounts including driver training, anti-lock brakes, military active duty, good student, and anti-theft.
- State Farm has savings for multiple autos, Drive Safe & Save, defensive driving training, driver’s education, anti-theft, Steer Clear safe driver discount, and passive restraint.
The example below shows the difference between premium costs with and without discounts applied to the premium. The premiums are based on a female driver, no violations or claims, North Carolina state minimum liability limits, comprehensive and collision coverage, and $100 deductibles. The first bar for each age group shows the average rate with no discounts. The second shows the rates with paperless filing, paid-in-full, passive restraint, good student, continuous coverage, and vehicle safety discounts applied. When discounts are factored in, the average amount saved each year on auto insurance for young drivers is 28% or $529.