This would be a quick read if we could just tell you the one North Carolina auto insurance company that has the lowest rates in North Carolina. Unfortunately, it’s just not that easy, as there are a whole bunch of unknown factors like if you need full coverage or liability-only, how far you drive each year, and the neighborhood you live in. The content below will cover these topics and will hopefully give you a jump start in finding the best auto insurance in Charlotte.
After a few driving violations, one of the more important criteria that determine car insurance rates is where you keep your car in Charlotte. Areas with a lot of weather claims or more people are more likely to have higher rates, whereas areas that tend to be more rural have the benefit of cheaper car insurance.
The table below lists the most expensive areas in North Carolina after a speeding ticket to purchase auto insurance in. Charlotte ranks #3 with the annual price of $808 for the average insured, which is approximately $67 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Fayetteville | $923 |
| 2 | Jacksonville | $900 |
| 3 | Charlotte | $808 |
| 4 | Gastonia | $803 |
| 5 | Wilmington | $788 |
| 6 | Greensboro | $786 |
| 7 | Durham | $773 |
| 8 | Huntersville | $764 |
| 9 | Wilson | $754 |
| 10 | Greenville | $752 |
| 11 | Cary | $749 |
| 12 | Indian Trail | $745 |
| 13 | Goldsboro | $743 |
| 14 | Hickory | $740 |
| 15 | Apex | $739 |
| 16 | Raleigh | $737 |
| 17 | High Point | $731 |
| 18 | Rocky Mount | $718 |
| 19 | Winston Salem | $716 |
| 20 | Chapel Hill | $703 |
| 21 | Concord | $690 |
| 22 | Salisbury | $684 |
| 23 | Burlington | $671 |
| 24 | Kannapolis | $669 |
| 25 | Asheville | $667 |
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Information shown are comparative as the garaging address in Charlotte can decrease or increase insurance rates significantly.
Trying to buy low-priced insurance is confusing at best, and finding out which company offers the lowest-priced auto insurance rates after a speeding ticket involves a bit more work.
Every insurance provider has a different formula for determining rates in each state, so we’ll take a look at the auto insurance companies with the most affordable rates in Charlotte.
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| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Progressive | $632 |
| 2 | Utica National | $636 |
| 3 | Liberty Mutual | $700 |
| 4 | NC Farm Bureau | $709 |
| 5 | Penn National | $725 |
| 6 | GEICO | $728 |
| 7 | Titan | $729 |
| 8 | State Farm | $749 |
| 9 | Auto-Owners | $852 |
| 10 | National General | $881 |
| 11 | Erie | $895 |
| 12 | Travelers | $927 |
| 13 | Allied | $928 |
| 14 | Peerless | $962 |
| 15 | MetLife | $1,007 |
| 16 | Nationwide | $1,011 |
| 17 | Unitrin | $1,032 |
| 18 | Safeco | $1,034 |
| 19 | Encompass | $1,041 |
| 20 | Allstate | $1,054 |
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Progressive normally has some of the best car insurance rates in Charlotte at around $632 each year. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National also qualify as some of the more affordable Charlotte, NC auto insurance companies.
As the example above demonstrates, if you have coverage with Utica National and switched to Progressive, you might realize annual savings of in the neighborhood of $4. Drivers with Liberty Mutual could save as much as $68 a year, and NC Farm Bureau insureds might see rate reductions of $77 a year.
To discover how much you can save, click here to get quotes or quote prices from the following companies.
It’s important to note that these prices are averaged across all ages of drivers and types of vehicles and and are not calculated with a specific zip code after a speeding ticket. So the company that has the cheapest price for you may not even be in the list above. That’s why you need to get auto insurance quotes using your own driver information and specific vehicle type.
Full coverage rates compared to liability only
Paying a lower price for auto insurance is the goal of most drivers, and one of the easiest ways to reduce the cost of insurance after a speeding ticket is to not pay for full coverage. The illustration below illustrates the difference between insurance premiums with full coverage and liability only. The premiums are based on no violations or claims, $100 deductibles, drivers are single, and no discounts are factored in.
If we average the cost for all age groups, physical damage coverage costs an extra $1,918 per year more than insuring for liability only. That amount may make you wonder if it’s a good idea to buy full coverage. There isn’t a written rule of when to exclude comprehensive and collision coverage on your policy, but there is a broad guideline. If the yearly cost of full coverage is more than 10% of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s say your vehicle’s settlement value is $8,500 and you have $1,000 full coverage deductibles. If your vehicle is totaled, you would only receive $7,500 after paying your deductible. If premiums are more than $750 annually for comprehensive and collision coverage, then you may want to consider only buying liability coverage.
The example below shows how choosing a deductible can influence insurance rates when researching cheap insurance after a speeding ticket. The premiums are based on a married male driver, comp and collision included, and no additional discounts are factored in.
The data above shows that a 40-year-old driver could cut expenses by $240 a year by increasing from a $100 deductible to a $500 deductible, or save $366 by selecting a $1,000 deductible. Even younger drivers, such as the 20-year-old chart data, could potentially save $808 or even more by choosing a larger deductible amount.
When raising deductibles, it will be necessary to have enough savings to allow you to pay the extra out-of-pocket expense, which is the main disadvantage of using high deductibles.
Discounts on Charlotte auto insurance
Insurance companies that offer cheap quotes after a speeding ticket could also offer premium discounts that could reduce prices by as much as 35% if you can meet the requirements. Companies and a partial list of their discounts are:
- Progressive may offer discounts for multi-vehicle, continuous coverage, multi-policy, homeowner, and online quote discount.
- SAFECO has discounts for multi-car, teen safety rewards, teen safe driver, drive less, accident prevention training, homeowner, and anti-lock brakes.
- American Family includes discounts for air bags, good student, accident-free, multi-vehicle, early bird, Steer into Savings, and defensive driver.
- MetLife may include discounts for multi-policy, good driver, defensive driver, good student, and claim-free.
- GEICO offers discounts including multi-policy, military active duty, seat belt use, daytime running lights, driver training, and anti-theft.
- The Hartford policyholders can earn discounts including good student, bundle, driver training, vehicle fuel type, anti-theft, air bag, and defensive driver.
The illustration below shows the comparison of premium costs with and without discounts applied. The rate quotes are based on a male driver, no at-fault accidents and one violation, North Carolina state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles.
The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with continuous coverage, marriage, multiple policy, anti-theft, multiple vehicle, and passive restraint discounts applied. When discounts are factored in, theamount saved on auto insurance after a speeding ticket is 28% or $356.
Here’s why you should compare rates often
Charlotte, NC auto insurance rates are based on many factors which can substantially change the price of coverage. Simply turning a year older, buying a new vehicle, or getting a couple of tickets can produce rate changes that can cause some rates to be cheaper than competitors.
Not only that, but car insurance companies amend pricing every year to adjust for unexpected claims or profits. Heavy losses may cause high rates, while a lower level of claims may produce lower-priced Charlotte car insurance rates.
To illustrate this example, the data below demonstrates which company has the cheapest car insurance in Charlotte, NC for a 30-year-old female driver with a clean driving record, no accidents, and a decent credit rating. If we compare prices based on her personal risk profile, Progressive has the most affordable car insurance rates in Charlotte at $761 a year. This is $111 less than the average price paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and Titan are also included in the most affordable Charlotte, NC auto insurance companies.
In this next rate comparison, we will give the driver from the above example some claims, a little lower credit rating, and an imperfect driving record. Since each auto insurer uses a different method for determining prices, analyzing rate quotes may result in a substantially altered list of companies as shown below.
GEICO now has the cheapest rate in Charlotte, NC with State Farm, Auto-Owners, Utica National, and Allied now rounding out the top five. This illustrates why it is critical to compare rates when trying to get cheap car insurance quotes after a speeding ticket. Insurance prices can be determined by many different factors and can decrease or increase without notice, so the cheapest rate the last time you shopped around may now not even be in the top five.