For college grads, one of the more important things that are looked at to determine the annual cost of car insurance is where you live in Greensboro. More densely populated places will most likely have higher rates, whereas areas with less crime or weather claims have the enjoyment of a little cheaper coverage.
The next table rates the priciest cities in North Carolina for college graduates in which to purchase auto insurance. Greensboro is listed at #12 with an annual cost of $756 for the average policyholder, which is around $63 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Fayetteville | $896 |
| 2 | Jacksonville | $873 |
| 3 | Charlotte | $832 |
| 4 | Durham | $789 |
| 5 | Wilmington | $788 |
| 6 | Gastonia | $779 |
| 7 | Cary | $772 |
| 8 | Goldsboro | $765 |
| 9 | Huntersville | $764 |
| 10 | Raleigh | $760 |
| 11 | Greenville | $760 |
| 12 | Greensboro | $756 |
| 13 | Wilson | $754 |
| 14 | Indian Trail | $745 |
| 15 | Rocky Mount | $740 |
| 16 | High Point | $731 |
| 17 | Apex | $717 |
| 18 | Hickory | $711 |
| 19 | Winston Salem | $709 |
| 20 | Chapel Hill | $696 |
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Table data uses estimated as the specific area where the vehicle is garaged can influence premium rates greatly.
The vehicle model driven is probably the most important factor that determines whether or not you find the best cheap insurance for college graduates. Vehicles with high performance engines, a lack of advanced safety features, or high incidents of liability claims will cost quite a bit more to insure than safer models. The information below ranks coverage costs for some of the most affordable automobiles to insure in North Carolina.
| Vehicle Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape Limited 2WD | $1,289 |
| Honda CR-V EX 4WD | $1,297 |
| Honda Odyssey EX | $1,294 |
| Chevrolet Impala LS | $1,301 |
| Chevrolet Equinox LT AWD | $1,320 |
| Ford Explorer Limited AWD | $1,344 |
| Chevrolet Malibu LT | $1,352 |
| Toyota Prius | $1,353 |
| Jeep Wrangler Unlimited Sport 4WD 4-Dr | $1,360 |
| Ford F-150 FX2 Super Cab 2WD | $1,363 |
| Volkswagen Jetta 2.0T 4-Dr Sedan | $1,415 |
| Ford Fusion SE 4-Dr Sedan | $1,425 |
| GMC Sierra SLT Extended Cab 2WD | $1,415 |
| Kia Optima LX | $1,424 |
| Chevrolet Silverado LS Extended Cab 4WD | $1,441 |
| Ford Edge SEL 2WD | $1,451 |
| Honda Civic DX 4-Dr Sedan | $1,460 |
| Toyota Tacoma Double Cab 4WD | $1,470 |
| Dodge Grand Caravan Crew | $1,475 |
| Toyota RAV4 Limited 4WD | $1,484 |
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Table data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-policy, multi-vehicle, claim-free, homeowner, and safe-driver. Premium amounts do not factor in zip code location which can influence insurance rates substantially.
Based on these rates, we can assume that models like the Ford Escape, Honda CR-V, Honda Odyssey, and Chevrolet Impala are a few of the most affordable vehicles to insure for college grads.
How accidents and violations affect rates in Greensboro
The best way to receive cheap auto insurance rates for college grads is to be a safe driver and avoid accidents and traffic citations. The chart below shows how violations and fender-benders increase yearly insurance costs for different age categories. The rate quotes are based on a married female driver, full coverage, $1,000 deductibles, and no discounts are taken into consideration.
The data above shows the average cost of a car insurance policy in Greensboro per year with no violations or accidents is $1,072. Add in one speeding ticket and the average cost hikes up to $1,252, an increase of $180 each year. Then throw in two accidents along with the one speeding ticket and the 12-month cost of auto insurance for college graduates increases to an average of $2,950. That’s an increase of $1,878, or $157 per month, just for not driving attentively!
Full coverage rates compared to liability only
Paying a lower price for auto insurance should be important to most vehicle owners, and one easy way to find cheaper insurance for college graduates is to only pay for liability coverage. The diagram below shows the difference between insurance costs with and without full coverage. The information is based on no claims or driving violations, $100 deductibles, drivers are single, and no additional discounts are factored in.
If we average the cost for all age groups, comp and collision coverage costs $1,434 per year over and above liability only. That is a large expense which might make you wonder if you should buy full coverage at all. There is no clear-cut formula of when to eliminate physical damage coverage, but there is a general guideline. If the yearly cost of comp and collision coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then you might consider buying liability only.
For example, let’s pretend your vehicle’s settlement value is $6,000 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most you would receive is $5,000 after paying your policy deductible. If you are currently paying more than $500 annually for physical damage coverage, then you may want to consider only buying liability coverage.
There are some scenarios where dropping physical damage coverage is not advised. If you haven’t satisfied your loan, you have to carry full coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle in the event your current vehicle is totaled, you should not remove full coverage.
Why you should be shopping around
North Carolina auto insurance rates are determined by lots of factors which can substantially change the cost of your policy. Simply turning a year older, buying a home, or getting a reckless driving citation can trigger changes in premium resulting in some companies being more affordable than before. Not only may your situation change, but insurers file new rates as needed in order to offset underwriting gains or losses. An unexpected high level of claims can result in higher rates, while a better claims history may cause cheaper Greensboro car insurance rates.
For example, the bar chart below shows which companies have the cheapest car insurance in Greensboro, NC for a 40-year-old female driver with a clean driving record, no accidents, and good credit. When quoting prices based on her personal profile, Progressive might quote the cheapest car insurance rates in Greensboro at $752 each year. This is $120 less than the average policy premium paid by North Carolina drivers of $872. Utica National, Penn National, GEICO, and Liberty Mutual round out the rest of the cheapest Greensboro, NC auto insurance companies.
Now we will pretend the driver from the above example a claim or two, a lower credit rating, and a speeding ticket. Since each insurance company has their own formula for establishing rates, analyzing rate quotes may now result in a different set of cheap Greensboro auto insurance companies as shown below.
NC Farm Bureau now has the best auto insurance rate in Greensboro, NC with State Farm, Auto-Owners, Erie, and Travelers now being in the top five. This illustrates why consumers need to compare lots of rates when trying to get the lowest auto insurance quotes for college graduates. Car insurance prices are determined by many factors and can decrease or increase without notice, so the cheapest option when you bought your policy may now be wasting a lot of money.
How to find the cheapest car insurance for college graduates
Below you’ll find a few penny-pinching solutions that can help Greensboro drivers quote lower-cost auto insurance.
- If your vehicles are older, consider dropping full coverage
- Tickets and violations raise rates
- Avoid filing excessive claims
- Remain accident-free and save
- Raise physical damage deductibles
- Compare rates once a year for cheaper prices
That last piece of advice is highly vital, as we emphasized in this write-up. Prices charged by companies change constantly, so drivers shouldn’t be resistant to switch to a new company if a lower-cost policy is available.
Many consumers stick with the same company and that’s fine, but it isn’t a good idea if that loyalty results in overpaying thousands of dollars over the life of your policy. If you have a few minutes, compare prices to find cheaper auto insurance for college graduates in Greensboro.