The words “bargain” and “insurance” really should not be used together, especially when you are shopping around for the cheapest coverage for drivers under 21. Let’s learn about a few of the things the can have a considerable influence on insurance premiums, and find out if we can help you take a little off the next policy you buy.
Finding reliable, cost effective insurance is challenging, and deciding which company offers the cheapest auto insurance rates for drivers under 21 may require even more work. Every insurance company has a proprietary formula for determining prices, so first let’s look at the rankings for the auto insurance companies with the overall cheapest rates in Charlotte, NC.
Cheap Insurance Rates for Minors
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Utica National | $636 |
| 2 | Progressive | $658 |
| 3 | Liberty Mutual | $700 |
| 4 | NC Farm Bureau | $709 |
| 5 | Titan | $729 |
| 6 | Penn National | $739 |
| 7 | GEICO | $750 |
| 8 | State Farm | $779 |
| 9 | Auto-Owners | $878 |
| 10 | National General | $890 |
| 11 | Allied | $892 |
| 12 | Erie | $922 |
| 13 | Travelers | $927 |
| 14 | Peerless | $972 |
| 15 | Nationwide | $1,011 |
| 16 | MetLife | $1,038 |
| 17 | Unitrin | $1,042 |
| 18 | Encompass | $1,063 |
| 19 | Safeco | $1,066 |
| 20 | Allstate | $1,097 |
| View More Rates Go | ||
Utica National may offer some of the most affordable car insurance rates in Charlotte at around $636 a year. This is $236 less than the average policy premium paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and Titan also qualify as some of the most economical Charlotte, NC car insurance companies.
As illustrated above, if you are insured with Liberty Mutual and switched to Utica National, you may realize a yearly price reduction of around $64. North Carolina drivers with NC Farm Bureau may save as much as $73 a year, and Titan customers might lower prices by $93 a year.
To see how much you can save, click here to start a quote or visit any of the companies below.
Remember that these policy prices are averaged across all ages of drivers and types of vehicles and and are not figured with an exact zip code location for drivers under 21. So the car insurance company that can offer you the lowest price may not even be in the top 20 companies shown above. That affirms the importance of why you need to compare as many prices as possible using your own driver data and vehicle information.
For minors, one of the big components that are used to help calculate auto insurance rates is your zip code in Charlotte. Areas with more people or higher crime rates are more likely to pay higher prices, whereas areas with lower vehicle theft rates and fewer weather claims have the benefit of cheaper car insurance.
The information below rates the most expensive places in North Carolina for drivers under 21 to purchase car insurance in. Charlotte is ranked at #3 with a yearly premium of $832 for the average insurance policy, which is around $69 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Fayetteville | $905 |
| 2 | Jacksonville | $891 |
| 3 | Charlotte | $832 |
| 4 | Wilmington | $781 |
| 5 | Gastonia | $779 |
| 6 | Cary | $772 |
| 7 | Goldsboro | $765 |
| 8 | Durham | $765 |
| 9 | Greensboro | $763 |
| 10 | Wilson | $754 |
| 11 | Greenville | $752 |
| 12 | Indian Trail | $745 |
| 13 | Raleigh | $744 |
| 14 | Rocky Mount | $740 |
| 15 | Apex | $739 |
| 16 | Huntersville | $734 |
| 17 | High Point | $731 |
| 18 | Chapel Hill | $724 |
| 19 | Hickory | $718 |
| 20 | Winston Salem | $709 |
| Compare Rates Now Go | ||
Prices are comparative as the specific geographic location can impact coverage prices noticeably.
Liability only or full coverage
Lowering the price of auto insurance is probably important to the majority of drivers, and one common way to find cheap insurance for drivers under 21 is to only buy liability insurance. The illustration below illustrates the difference between auto insurance costs with liability coverage only compared to full coverage. The price estimates are based on no claims or violations, $250 deductibles, drivers are single, and no discounts are applied to the premium.
If averaged for all ages, full coverage on your policy costs $1,316 per year over and above liability only. Many drivers may wonder when is the right time to remove full coverage. There is no clear-cut formula for phasing out physical damage coverage, but there is a broad guideline. If the annual cost of your full coverage insurance is 10% or more of replacement cost minus your deductible, then you might consider buying liability only.
There are some conditions where eliminating full coverage is not financially feasible. If you still owe a portion of the original loan, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if your finances do not allow you to purchase a different vehicle in case of an accident, you should not eliminate full coverage.
The example below demonstrates how deductibles can impact insurance costs when quoting cheap insurance for drivers under 21. The rate quotes are based on a single male driver, comprehensive and collision coverage, and no other discounts are factored in.
In the chart above, a 40-year-old driver could pocket $206 a year by changing from a $100 deductible up to a $500 deductible, or save $310 by selecting a $1,000 deductible. Even younger drivers, such as the Age 20 example, have the ability to save up to $670 every year just by using higher deductibles. When choosing a higher deductible, it is necessary to have additional funds in a savings account to offset the extra out-of-pocket expense associated with higher deductibles.
Can you find cheaper Charlotte car insurance?
Charlotte, NC auto insurance rates are determined by lots of factors which can substantially decrease or increase the cost of having a policy. Turning one year older, moving to a new city, or getting a reckless driving citation may generate price changes that can now make some companies more affordable than competitors.
Also, companies change their prices as often as every quarter in order to be able to pay unexpected claims. Heavier than normal losses may result in higher priced premiums, while lower claim levels may cause cheaper Charlotte car insurance rates.
The chart below shows rates for the cheapest car insurance in Charlotte, NC for a 40-year-old female driver with a clean driving record, no accidents, and excellent credit. When quoting prices based on her personal risk profile, Utica National might quote the lowest car insurance rates in Charlotte at $776 per year. This is $96 less than the average premium paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and Titan are the remainder of the cheapest Charlotte, NC auto insurance companies.
Now we will pretend the driver from the first set of rates an accident surcharge, a lower credit rating, and an imperfect driving record. Since every insurance provider has a unique approach for determining rates in each state, comparing quotes may now result in a significantly different list of the cheapest car insurance companies in Charlotte as shown below.
Penn National now has the lowest price in Charlotte, NC with State Farm, Auto-Owners, Progressive, and National General also being competitive. This example demonstrates why it is so important to compare rates when trying to find the most affordable auto insurance quotes for drivers under 21.
Insurance rates are made up of many risk factors and change dramatically, so the most affordable company the last time you checked may now be costing you a lot of money.
How to find low-cost insurance for drivers under 21
The list below details some of the better money-saving solutions that can help North Carolina drivers get more affordable car insurance.
- Higher deductibles save money
- Violations and traffic tickets increase rates
- Good credit can mean cheaper rates
- Drive attentively and avoid accidents
- Safe vehicles cost less to insure
- Comparison shop at least once a year
That last piece of advice is highly crucial, as was stressed in the prior information. Prices charged by auto insurers change frequently, so don’t be afraid to change to a new company if a cheaper price is available.
Staying with the same car insurance company is fine, but it isn’t a good idea if that loyalty ends up costing potentially thousands of dollars a year. In just a few minutes you could compare prices and find cheaper auto insurance for drivers under 21 in Charlotte.
The agencies below can most likely help you make a decision which coverage fits your budget, since some people prefer to get some professional input when shopping for the best coverage for minors. It can be complicated to find the best policy on your own, so using a licensed agent can provide comfort knowing your coverage gives you sufficient protection if you have a claim.
To find an agent in your neighborhood, click the button at the bottom of the list.
- Allstate Insurance: Michael Randolph
1001 W W.T. Harris Blvd m – Charlotte, NC 28213 – (704) 549-1710 - Nationwide Insurance: Michael Bare Agency
2300 Sardis Rd N a – Charlotte, NC 28227 – (704) 248-8000 - Honeycutt Insurance Agency
3121 Springbank Ln F – Charlotte, NC 28226 – (704) 752-8233 - Craig and Preston Insurance Agency
2210 Coronation Blvd Suite A – Charlotte, NC 28227 – (704) 321-2900