It’s an obvious statement that car insurance companies don’t want policyholders to shop around. Drivers who rate shop once a year will, in all likelihood, move their business because there is a good probability of finding more affordable rates. A recent study showed that consumers who regularly compared rates saved $865 annually as compared to drivers who never shopped around for better prices.
If finding the cheapest price for car insurance in Greensboro is your objective, then learning a little about how to compare insurance coverage can save money and time.
If you want to find the absolute lowest rates, then the best way to find affordable quotes for auto insurance rates is to make a habit of regularly comparing prices from insurance carriers that insure vehicles in Greensboro.
Step 1: Learn about what coverages are included in your policy and the modifications you can make to prevent high rates. Many rating factors that increase rates such as traffic violations and poor credit rating can be remedied by being financially responsible and driving safely.
Step 2: Compare price quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only quote rates from a single company like GEICO or State Farm, while agents who are independent can quote rates for a wide range of companies. Compare rates now
Step 3: Compare the new rate quotes to your current policy premium to see if switching to a new carrier will save money. If you can save some money, make sure there is no coverage gap between policies.
Step 4: Give notification to your agent or company of your intent to cancel your current auto insurance policy and submit a down payment along with a completed application for your new policy. As soon as you can, keep the new proof of insurance certificate somewhere easily accessible.
A tip to remember is to make sure you’re comparing the same physical damage deductibles and liability limits on every price quote and and to get price quotes from as many companies as you can. This guarantees a fair rate comparison and and a good selection of different prices.
Low cost Greensboro Hyundai Accent insurance quotes online
The providers in the list below have been selected to offer price quotes in North Carolina. To buy cheap car insurance in Greensboro, NC, we recommend you visit several of them to get the best price comparison.
Detailed insurance information
The rate table displayed below covers a range of coverage costs for Hyundai Accent models. Understanding how insurance policy rates are formulated can benefit drivers when making informed decisions when comparing rate quotes.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Accent Blue 2-Dr Hatchback | $100 | $210 | $240 | $14 | $72 | $636 | $53 |
| Accent GS 2-Dr Hatchback | $118 | $256 | $240 | $14 | $72 | $700 | $58 |
| Accent GLS 4-Dr Sedan | $118 | $302 | $318 | $18 | $96 | $852 | $71 |
| Accent SE 2-Dr Hatchback | $134 | $348 | $240 | $14 | $72 | $808 | $67 |
| Get Your Own Custom Quote Go | |||||||
Data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, claim-free, multi-vehicle, homeowner, and multi-policy. Premium amounts do not factor in specific location which can increase or decrease auto insurance rates significantly.
Higher deductibles save money
A question often asked by Greensboro drivers is where to set your physical damage deductibles. The premium rates below may help to conceptualize the costs and benefits between low and high policy deductibles. The first data table uses a $100 deductible for comprehensive and collision coverage and the second rate chart uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Accent Blue 2-Dr Hatchback | $160 | $318 | $212 | $12 | $64 | $791 | $66 |
| Accent GS 2-Dr Hatchback | $186 | $386 | $212 | $12 | $64 | $885 | $74 |
| Accent GLS 4-Dr Sedan | $186 | $456 | $282 | $16 | $84 | $1,049 | $87 |
| Accent SE 2-Dr Hatchback | $214 | $524 | $212 | $12 | $64 | $1,051 | $88 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Accent Blue 2-Dr Hatchback | $116 | $214 | $212 | $12 | $64 | $618 | $52 |
| Accent GS 2-Dr Hatchback | $136 | $262 | $212 | $12 | $64 | $686 | $57 |
| Accent GLS 4-Dr Sedan | $136 | $308 | $282 | $16 | $84 | $826 | $69 |
| Accent SE 2-Dr Hatchback | $156 | $354 | $212 | $12 | $64 | $798 | $67 |
| Get Your Own Custom Quote Go | |||||||
Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, homeowner, multi-policy, and claim-free. Rate information does not factor in specific location which can raise or lower prices considerably.
Using the data above, we can ascertain that using a $100 deductible will cost you approximately $18 more each month or $216 every year across all Hyundai Accent models than buying the higher $500 deductible. Since the policyholder would be required to pay $400 more out of your own pocket with a $500 deductible as compared to a $100 deductible, if you normally go more than 22 months between claims, you would most likely save money if you elect the higher deductible. The table below illustrates a better example of how this decision is made.
| Average monthly premium for $100 deductibles: | $79 |
| Average monthly premium for $500 deductibles (subtract): | – $61 |
| Monthly savings from raising deductible: | $18 |
| Difference between deductibles ($500 – $100): | $400 |
| Divide difference by monthly savings: | $400 / $18 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 22 months |
One big caveat is that raising deductibles to get cheaper rates results in a higher out-of-pocket expense when you do file a claim. You need to make sure you have enough extra money in order to pay more for the deductible.
The chart below shows how different deductible levels and can increase or decrease Hyundai Accent yearly insurance costs for each age group. The rate quotes are based on a single male driver, full physical damage coverage, and no additional discounts are factored in.
Safe drivers pay less for insurance
The diagram below highlights how traffic violations and accident claims can raise Hyundai Accent insurance costs for different age categories. The data assumes a married female driver, comp and collision included, $100 deductibles, and no discounts are factored in.
Cost comparison with and without full coverage
The information below illustrates the difference between Hyundai Accent insurance costs when comparing full coverage to liability only. The premium estimates are based on no tickets, no at-fault accidents, $1,000 deductibles, single status, and no policy discounts are applied.
When to stop paying for full coverage
There is no set rule that is best for determining when to drop full coverage on your policy, but there is a guideline you can use. If the yearly cost for physical damage coverage is 10% or more of the settlement you would receive from your company, then you might want to think about dropping full coverage.
For example, let’s say your Hyundai Accent book value is $9,000 and you have $1,000 full coverage deductibles. If your vehicle is totaled in an accident, the most you would receive is $8,000 after the policy deductible has been paid. If you are paying more than $800 a year to have full coverage, then it may be the right time to buy liability only.
There are a few situations where buying only liability insurance is not a good plan. If you still owe money on your vehicle, you are required to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not consider dropping full coverage.
Why you need auto insurance
Despite the potentially high cost of Hyundai Accent insurance, insurance is required for several reasons.
- The majority of states have mandatory liability insurance requirements which means the state requires a specific level of liability coverage in order to get the vehicle licensed. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you bought your Hyundai Accent with a loan, it’s guaranteed your bank will require you to have full coverage to guarantee loan repayment. If you do not keep the policy in force, the lender may insure your Hyundai at a significantly higher premium and force you to pay a much higher amount than you were paying before.
- Auto insurance preserves both your Hyundai Accent and your personal assets. It will also pay for medical bills that are the result of an accident. Liability coverage will also pay attorney fees in the event you are sued. If mother nature or an accident damages your car, comprehensive (other-than-collision) and collision coverage will pay to have it repaired.
The benefits of buying enough insurance more than cancel out the cost, especially when you need to use it. According to a recent study, the average American driver is currently overpaying as much as $850 per year so shop around once a year at a minimum to help ensure money is not being wasted.
Insurance policy specifics
Having a good grasp of insurance can help you determine which coverages you need and the correct deductibles and limits. Policy terminology can be ambiguous and nobody wants to actually read their policy. Below you’ll find the normal coverages found on most insurance policies.
Liability
Liability coverage provides protection from damage that occurs to other’s property or people by causing an accident. This insurance protects YOU against claims from other people, and does not provide coverage for your own vehicle damage or injuries.
Split limit liability has three limits of coverage: bodily injury per person, bodily injury per accident and property damage. Your policy might show values of 30/60/25 that translate to a limit of $30,000 per injured person, a limit of $60,000 in injury protection per accident, and a total limit of $25,000 for damage to vehicles and property.
Liability coverage pays for things such as medical services, emergency aid and medical expenses. The amount of liability coverage you purchase is a personal decision, but you should buy as high a limit as you can afford. North Carolina state minimum liability requirements are 30/60/25 but you should consider buying more coverage.
The chart below shows why buying low liability limits may not be high enough to adequately cover claims.
Comprehensive protection
Comprehensive insurance pays to fix your vehicle from damage that is not covered by collision coverage. You first have to pay a deductible and then insurance will cover the rest of the damage.
Comprehensive coverage protects against claims such as a tree branch falling on your vehicle, damage from flooding, hitting a bird, damage from a tornado or hurricane and hail damage. The maximum payout you can receive from a comprehensive claim is the ACV or actual cash value, so if it’s not worth much more than your deductible consider dropping full coverage.
Medical expense coverage
Personal Injury Protection (PIP) and medical payments coverage kick in for short-term medical expenses for things like doctor visits, EMT expenses, dental work and rehabilitation expenses. The coverages can be used to fill the gap from your health insurance program or if you do not have health coverage. Coverage applies to both the driver and occupants and also covers any family member struck as a pedestrian. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage
Uninsured or underinsured coverage
This coverage gives you protection from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for injuries sustained by your vehicle’s occupants as well as damage to your Hyundai Accent.
Since many North Carolina drivers carry very low liability coverage limits (which is 30/60/25), their liability coverage can quickly be exhausted. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important.
Collision insurance
Collision insurance pays to fix your vehicle from damage from colliding with another vehicle or an object, but not an animal. A deductible applies and then insurance will cover the remainder.
Collision insurance covers things such as sustaining damage from a pot hole, crashing into a building and driving through your garage door. Collision is rather expensive coverage, so you might think about dropping it from vehicles that are older. You can also increase the deductible on your Accent in order to get cheaper collision rates.
Shop around and save
As you shop your coverage around, do not buy less coverage just to save a little money. In many cases, consumers will sacrifice full coverage only to discover later that their decision to reduce coverage ended up costing them more. The aim is to find the BEST coverage for the lowest cost but still have enough coverage for asset protection.
Throughout this article, we presented some good ideas how you can find cheaper Hyundai Accent insurance in Greensboro. It’s most important to understand that the more times you quote, the better chance you’ll have of finding affordable Greensboro auto insurance quotes. Drivers may even discover the lowest premium rates come from the smaller companies. Regional companies may often insure only within specific states and give better rates compared to the large companies like Allstate, GEICO and Progressive.
Budget-conscious Hyundai Accent insurance is definitely available both online and from local agencies, and you should be comparing both to get a complete price analysis. Some companies may not have online quoting and usually these smaller providers only sell coverage through independent agents.
Additional learning opportunities
- Five Tips to Save on Auto Insurance (Insurance Information Institute)
- How Much are Greensboro Car Insurance Quotes for Lyft Drivers? (FAQ)
- Who Has Cheap Greensboro Car Insurance Rates for Business Use? (FAQ)
- Who Has Cheap Auto Insurance Quotes for Low Credit Scores in Greensboro? (FAQ)
- What Auto Insurance is Cheapest for a Toyota RAV4 in Greensboro? (FAQ)
- What is Full Coverage? (Allstate)
- Think You’re a Safe Driver? (State Farm)
- Understanding Car Crashes Video (iihs.org)