The car, truck, or SUV to be insured is one of the primary factors when comparing quotes for the cheapest car insurance for high mileage drivers. Vehicles with limited top-end speed, a plethora of safety features, or a low likelihood of having liability claims will cost much less to insure than adrenaline junky models.
The next list features insurance rates for a number of the most economical vehicles to insure.
| Make, Model, and Trim Level | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLS 2WD | $1,032 |
| Honda Accord LX 4-Dr Sedan | $1,130 |
| Honda CR-V EX-L 2WD | $1,197 |
| Jeep Wrangler Sport 4WD 2-Dr | $1,217 |
| Jeep Grand Cherokee Laredo 4WD | $1,219 |
| GMC Sierra SLE Regular Cab 2WD | $1,229 |
| Toyota Prius | $1,256 |
| Dodge Grand Caravan SE | $1,261 |
| Nissan Altima 2.5 S 4-Dr Sedan | $1,286 |
| Nissan Rogue SL 2WD | $1,304 |
| Ford Edge SEL 2WD | $1,309 |
| Toyota Tacoma Double Cab 4WD | $1,334 |
| Toyota RAV4 4WD | $1,344 |
| Chevrolet Malibu LS | $1,334 |
| Chevrolet Impala LT | $1,375 |
| Kia Optima SX | $1,396 |
| Ford F-150 Lariat Super Cab 2WD | $1,405 |
| Ford Explorer Eddie Bauer 4WD | $1,411 |
| Honda Odyssey EX-L W/Navigation | $1,437 |
| Toyota Corolla XLE | $1,446 |
| Hyundai Elantra GLS 4-Dr Sedan | $1,437 |
| Chevrolet Silverado LTZ Crew Cab 4WD | $1,467 |
| Volkswagen Jetta SE 4-Dr Sedan | $1,477 |
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Premium data assumes single male driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include homeowner, claim-free, multi-policy, multi-vehicle, and safe-driver. Premium amounts do not factor in specific location information which can increase or decrease rates substantially.
Looking at the rates, you can figure that cars like the Ford Escape, Honda Accord, Honda CR-V, and Jeep Wrangler should be some of the most budget-friendly vehicles to insure for high mileage drivers.
Finding out which companies offer the cheapest insurance rates for high mileage drivers may require a little more work than just comparing a company or two. Every insurance provider uses their own formula for determining rates in each state, so we need to take a look at the most budget-friendly insurance companies in Greensboro.
It’s important to know that North Carolina insurance rates are calculated based on many things that can increase the price of coverage. Simply improving your credit, increasing liability limits, or getting a ticket for running a stop sign can trigger price changes resulting in some companies being cheaper than before.
Find Cheaper Auto Insurance in North Carolina
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Progressive | $632 |
| 2 | Utica National | $662 |
| 3 | NC Farm Bureau | $716 |
| 4 | Penn National | $725 |
| 5 | GEICO | $728 |
| 6 | Liberty Mutual | $728 |
| 7 | Titan | $729 |
| 8 | State Farm | $749 |
| 9 | Auto-Owners | $878 |
| 10 | National General | $890 |
| 11 | Allied | $892 |
| 12 | Erie | $904 |
| 13 | Travelers | $909 |
| 14 | Peerless | $972 |
| 15 | Nationwide | $1,001 |
| 16 | Encompass | $1,031 |
| 17 | Unitrin | $1,032 |
| 18 | Safeco | $1,034 |
| 19 | MetLife | $1,038 |
| 20 | Allstate | $1,097 |
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Progressive offers some of the cheapest car insurance rates in Greensboro at around $632 a year. Utica National, NC Farm Bureau, Penn National, and GEICO would also make the list of some of the cheapest Greensboro, NC car insurance companies.
As depicted above, if you are insured with Utica National and switched to Progressive, you could see yearly savings of about $30. Drivers with NC Farm Bureau might save as much as $84 a year, and Penn National policyholders might reduce rates by $93 a year.
To find out how much you can save, click here to get quotes or quote rates from the companies below.
Understand that those policy rates are averages for all ages of drivers and types of vehicles and and are not calculated with a vehicle location for high mileage drivers. So the auto insurance company that can offer you the best price may not even be in the list above. That illustrates why you need to quote rates from as many companies as possible using your own driver information and specific vehicle type.
Cost difference between full coverage and liability
Paying less for insurance is probably important to the majority of vehicle owners, and a great way to buy cheap insurance for high mileage drivers is to buy only liability coverage. The diagram below shows the difference between car insurance rates with and without physical damage coverage, medical payments, and uninsured/under-insured motorist coverage. The premiums are based on a clean driving record, no at-fault accidents, $1,000 deductibles, single status, and no policy discounts are applied.
Averaged out for all age groups, physical damage coverage costs an additional $1,053 per year more than just buying liability insurance. That is a large expense which might make you wonder if paying for full coverage is worth it. There is no set guideline of when to eliminate physical damage coverage on your policy, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then you may want to consider only buying liability coverage.
For example, let’s say your vehicle’s replacement cost is $8,500 and you have $1,000 policy deductibles. If your vehicle is totaled, you would only receive $7,500 after the deductible is paid. If it’s costing you more than $750 a year for full coverage, then it might be time to buy liability only.
There are a few cases where eliminating full coverage is not financially feasible. If you still have a lienholder on your title, you have to keep full coverage in order to prevent your loan from defaulting. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is totaled, you should keep full coverage in place.
How to get discounts on Greensboro auto insurance rates
Insurance companies that sell policies for high mileage drivers could also offer special discounts that may potentially lower prices by 35% or more if you meet eligibility requirements. A few of the larger companies and a summarized list of policyholder discounts are included below.
- Progressive may include discounts for multi-policy, multi-vehicle, good student, online quote discount, continuous coverage, online signing, and homeowner.
- GEICO may have discounts that include anti-theft, multi-policy, defensive driver, seat belt use, good student, emergency military deployment, and membership and employees.
- State Farm offers discounts for accident-free, defensive driving training, anti-theft, multiple policy, safe vehicle, multiple autos, and good driver.
- Esurance offers discounts including emergency road assistance, Switch & Save, online quote, multi-policy, DriveSense, safety device, and anti-theft.
- The Hartford policyholders can earn discounts including defensive driver, driver training, vehicle fuel type, air bag, and anti-theft.
The information below compares premium costs with and without discounts. The price estimates are based on a male driver, no violations or claims, North Carolina state minimum liability limits, comprehensive and collision coverage, and $250 deductibles. The first bar for each age group shows the price with no discounts. The lower bar shows the rates with safe-driver, claim-free, multiple policy, multiple vehicle, vehicle safety, and homeowner discounts applied. When taking advantage of discounts, theaverage yearly reduction on insurance for high mileage drivers is 27% or $361.
The diagram below highlights how deductible selection can raise or lower annual premium costs when getting quotes for cheap insurance for high mileage drivers. The price estimates are based on a married male driver, full physical damage coverage, and no discounts are applied to the premium.
The data above shows that a 50-year-old driver could save $174 a year by increasing from a $100 deductible up to a $500 deductible, or save $262 by changing to a $1,000 deductible. Young drivers, like the 20-year-old, can cut $578 annually just by using higher deductibles. When using a larger deductible, it will be required to have spare funds to enable you to cover the extra out-of-pocket expense that comes with higher deductibles.
Why you should shop around
North Carolina insurance rates are calculated based on many things which can substantially decrease or increase the cost of your policy. Simply getting older, buying a different vehicle, or getting a ticket for running a stop sign may prompt premium changes that can now make some companies cheaper than others.
Not only may things change on your end, but car insurance companies modify pricing every year or even multiple times each year in order to be able to pay unexpected claims. A period of increased losses can cause a rate increase, while long-term profits can cause lower-cost Greensboro car insurance rates.
As an example, the chart below analyzes the cheapest car insurance in Greensboro, NC for a 30-year-old male driver with no violations or accidents, and a good credit history. If we compare prices based on his current risk profile, Utica National has the most affordable car insurance rates in Greensboro at $735 each year. This is $137 less than the average price paid by North Carolina drivers of $872. Progressive, NC Farm Bureau, Penn National, and GEICO round out the rest of the cheapest Greensboro, NC auto insurance companies.
The next chart shows rates after we give the driver from the above example a claim, bad credit, and a traffic ticket or two. Since each company has a unique formula for setting rates, analyzing rates will most likely result in a new list of affordable Greensboro car insurance companies as shown below.
Titan now has the cheapest rate in Greensboro with State Farm, Auto-Owners, Progressive, and Travelers completing the list. This demonstrates why drivers need to perform an extensive rate comparison when trying to find the lowest auto insurance rates for high mileage drivers. Prices are made up of many risk factors and change substantially, so the most affordable company when you bought your policy may now be costing you a lot of money.