Who Has the Cheapest Car Insurance for College Students in North Carolina?

The car, truck, or SUV to be insured is probably the most important factor that determines whether or not you can buy low-cost coverage for college students. Vehicles with lots of horsepower, a lack of safety features, or an increased likelihood of liability claims will cost significantly more to insure than safer, lower-performance models. The data below showcases coverage prices for a handful of the cheaper automobiles to insure.

Data variables include single male driver age 20, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, and safe-driver. Price information does not factor in specific location information which can impact coverage prices noticeably.

Based on these rates, you can expect vehicles like the Ford Escape, Chevrolet Traverse, Honda CR-V, Ford F-150, and Ford Explorer should be a few of the most budget-friendly vehicles to insure for students in college. Prices will tend to be higher because of the fact that there is a higher risk for college students, but in general those vehicles will probably have the cheapest auto insurance rates compared to other vehicles.

Buying low-cost insurance is not easy, and figuring out which company offers the best auto insurance rates for college students will involve even more perseverance. Insurance premiums could be somewhat greater than the average price in North Carolina attributed to the potential for more claims that goes along with selling coverage for students in college, but reasonable insurance should be obtainable if you are thorough. Each auto insurance company has their own process to establish rates, so we need to take a look at the most budget-friendly auto insurance companies in North Carolina.

Keep in mind that North Carolina auto insurance rates are determined by lots of factors that may substantially change the cost of your policy. Price variation is why North Carolina drivers need to perform a complete rate comparison when trying to get the best car insurance rates for college students. Prices are made up of many different factors and change substantially, so the most economical company the last time you compared rates may now not even be in the top five.

Best Insurance Companies for College Students

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Utica National may have some of the best car insurance rates in North Carolina at around $636 each year. Progressive, NC Farm Bureau, Liberty Mutual, and Titan would also be considered some of the lowest-priced North Carolina auto insurance companies.

As the rates illustrate above, if you have coverage with Titan and switched to Progressive, you may realize an annual premium reduction of around $86. Insureds with GEICO might save as much as $91 a year, and Penn National customers might lower prices by $96 a year.

Bear in mind that those premiums are averaged for all drivers and vehicles in North Carolina and and are not calculated with a rate increase for college students. So the auto insurance company that can offer the best rates for your situation may not even be included in the rate chart shown above. That is why you need to compare prices as often as possible using your own personal information and vehicle type.

Full coverage rates compared to liability only

Finding the cheapest auto insurance for college students in North Carolina is important to most drivers, and one common way to lower the cost of insurance is to only buy liability coverage. The example below shows the difference between car insurance costs with full physical damage coverage compared to only buying liability only. The rate quotes are based on no claims or driving citations, $100 deductibles, single marital status, and no additional discounts are factored in.

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Averaged for all ages 20 through 70, full coverage on your policy costs an additional $1,918 per year over and above liability coverage. Lot’s of drivers question if buying full coverage is worth the money. There isn’t a steadfast formula to stop buying comprehensive and collision coverage on your policy, but there is a guideline you can consider. If the annual cost of your full coverage insurance is about 10% or more of the settlement you would receive from your company, then it might be time to consider dropping full coverage.

There are some conditions where buying only liability insurance is not financially feasible. If you haven’t satisfied your loan, you have to keep full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if your savings is not enough to buy a different vehicle in the even your car is totaled, you should not eliminate full coverage.

The illustration below illustrates how your deductible choice can influence insurance premiums when quoting cheap insurance for college students. The premium estimates are based on a married female driver, full coverage, and no policy discounts are applied.

google.charts.setOnLoadCallback(drawDfdqcibChart);function drawDfdqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘$100 Deductible’,’$250 Deductible’,’$500 Deductible’,’$1,000 Deductible’],[‘Age 20’, 1579,1449,1299,1157],[‘Age 30’, 1109,1017,907,801],[‘Age 40’, 1095,1005,899,797],[‘Age 50’, 963,885,793,705],[‘Age 60’, 919,845,757,673],[‘Age 70’, 983,903,813,727]]);var options = {title: ‘Effect of Higher Deductibles on Auto Insurance Rates in North Carolina’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 700,’chartArea’: {left:100,top:50,’width’: ‘100%’,’height’: ‘80%’},legend: {position: ‘bottom’,textStyle: {fontSize: 12}},bar: {groupWidth: ‘80%’},colors: [‘#6791b9′,’#75a8d8′,’#98bee2′,’#bad4ec’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);formatter.format(data,3);formatter.format(data,4);var chart = new google.visualization.BarChart(document.getElementById(‘qcibdfd’));chart.draw(data, options);}

The chart above illustrates that a 30-year-old driver could pocket $196 a year by switching the physical damage coverage from a $100 deductible up to a $500 deductible, or save $298 by changing to a $1,000 deductible. Even younger insureds, like the 20-year-old, could roll back prices as much as $422 each year by using a higher deductible.

When increasing deductibles, it will be important to have additional savings on hand to be able to pay the extra out-of-pocket expense, which is the main inconvenience of larger deductibles.

Find the cheapest auto insurance for college students in North Carolina

The list below summarizes some of the recommended thrifty suggestions that can help North Carolina drivers quote cheap coverage.

• Do not get into accidents that are your fault
• Serious violations like DUI or reckless driving can increase rates dramatically
• Don’t have frequent claims
• Higher physical damage deductibles lower rates
• Buying home and auto together can help save money
• Pay lower rates with good credit
• Compare rates regularly to ensure the best deal

That last idea is certainly vital, as we emphasized in this piece. Prices charged by companies change frequently, so don’t be tentative to switch carriers if a cheaper rate is available. Being loyal to a particular company is commendable, but it’s not recommended if it’s costing you hundreds every year. In just a couple of minutes you could compare rates and find cheaper car insurance for college students.