North Carolina has one of the lowest automobile ownership in the country with 670 car per capita. The state is following the national averages in terms of number of Uninsured Motorists at 14% and living expenses. Keeping the average may sound to be alright but when these are averages for negative results you would hope to do a bit better.
Tar Heel State has one of the cheapest rates across the US with $625 average cost of car insurance. The same remains to hold when motorists want to buy full coverage as average full coverage auto insurance in North Carolina is $987 and still one of the lowest in the country. In the light of average costs, it appears this state has a highly competitive market, lower auto crimes and accidents and general auto repair costs are reasonable.
North Carolina Auto Insurance Laws
Minimum requirements are outlined on the Department of Insurance website and they are;
- $100,000 for bodily injury or death per person.
- $300,000 total for bodily injury or death per accident.
- $50,000 for property damage.
North Carolina has one of the highest minimum Liability requirements in the United States. It is as much as 10 times more than some of the states that have higher costs. However, it still has one of the most affordable car insurance rates. This is a great example to show that buying much larger coverage than the minimum required is not going to cost you a lot more in premium. The same applies to buying full coverage. The difference in premium would be minimal between buying a liabilities only policy and full coverage in proportion to the full premium.
North Carolinian should feel lucky that their state is enforcing much higher liabilities limits. Some of the states have pretty low liabilities coverage requirements that they are totally insufficient in today’s economy. $50,000 can only buy you a mid-range automobile that seeing liability limits less than this figure is actually unrealistic.
Thankfully, most package policies offer much larger liabilities coverage and most motorists go for a decent level of cover instead of sticking with the lowest they can buy. Even you want to buy a policy just to drive in your state legally you should get quotes for higher liability limits to see how much is the premium difference. You could probably get insured a lot better if you could spend only few bucks more. Looking at figures of uninsured drivers it is not hard to see that saying it is much harder than doing it. But you must try and see because you lose nothing by getting a few quotes.
There are many myths and misunderstandings in the market. A good independent broker can answer any questions you may have and help you out in finding the best deal. More affordable policies and quotes are available online, too. There are many comparison websites just like this one that are giving quotes 24 hours a day and every day.
How Much Does Vehicle Insurance Cost In North Carolina?
The Old North State has one of the cheapest auto insurance rates in the US. Average cost is $625 and it is $216 cheaper than the US average. This is the average cost per vehicle. You can also get cheap full coverage quotes here at about $987. Again, this is $338 cheaper than the national average.
Living in a state with low premiums shouldn’t be used as an excuse for forgoing the process. The state you live doesn’t restrict your ability to shop around and find out what other companies offer in your area. Keep this in mind when your next renewal comes around. Majority of insurers will send you a renewal notice weeks in advance. This is ample time when you only need couple of hours to check competitiveness of your current insurer. You can see if there are lower prices or better coverage with a quick search online.
The Cheapest Car Insurance Providers in North Carolina
Finding cheap insurers is one of the fundamentals of getting the best deals. Depending on which company you go your premium quote can be largely different. In North Carolina, the competition seems to be a lot tighter than many other states. Yet, the difference between the cheapest quote and most expensive one can be twice. Looking at the average costs this could mean at least over $600 savings when you get insured with one of the most competitive insurers. So, you should always get automobile insurance quotes from different companies to ensure you find good cheap policy. Below companies are a good starting point.
- GEICO, $435
- Auto-Owners, $474
- NC Farm Bureau, $597
And the three most expensive insurers are Safeco, MetLife, and Allstate, according to ValuePenguin. So, you now know which companies to definitely get quotes from and which companies you may not bother with. There may also be other companies that are doing well recently in your area that it is best to get a few more quotes.
According to price analyses by various companies, median prices in Tar Heel state doesn’t show huge variations across the state in different cities and towns. There doesn’t appear to be a city with seriously high rates in comparison to state average. The most expensive average is only $150 more than the state average and the cheapest average is only $80 less. The cities with higher rates are Charlotte, Jacksonville and highest in Fayetteville.
It is an important point to note that you may pay a little bit less than the state average or a lot more if you have bad driving history, recent claims and terrible credit score. So, use these figures as guidance and try to get the best deal for yourself no matter how adverse is the situation. You can still find the best car insurance for bad driving record by checking out our tips.
And you can make the most of discounts by learning how to save money on that post. There are so many discounts offered by insurers but keep in mind that each company offer different savings and the rate of discount may vary a lot. Therefore, don’t think that you can get couple of quotes and be done with searching. You should at least get 5 quotes and 10 with bad driving record if you really want to find good coverage at affordable price.