You have seen the catchy advertisements from insurers like Farmers, Progressive, and Liberty Mutual that guarantee the cheapest price. So drivers just need to pick the one with the best commercial, right?
It’s not that easy, however, as there are many unknown aspects like the vehicle you drive, what deductibles you want to use, and whether you are female or male. In this article, we will teach you about the best ways to avoid high prices and will hopefully give the reader a jump start in finding the best auto insurance.
Deciphering which companies have the best car insurance rates for drivers requiring a SR22 will require a little more sweat than just comparing a company or two. Every auto insurer has a different formula to determine premium rates, so let’s take a look at the overall cheapest car insurance companies in Charlotte, NC.
Best Insurance Companies for SR22 Drivers
| Rank | Company | Cost Per Year |
|---|---|---|
| 1 | Progressive | $639 |
| 2 | Utica National | $655 |
| 3 | Liberty Mutual | $707 |
| 4 | NC Farm Bureau | $716 |
| 5 | Penn National | $717 |
| 6 | GEICO | $742 |
| 7 | Titan | $751 |
| 8 | State Farm | $779 |
| 9 | Auto-Owners | $878 |
| 10 | National General | $890 |
| 11 | Allied | $892 |
| 12 | Erie | $895 |
| 13 | Travelers | $936 |
| 14 | Nationwide | $1,001 |
| 15 | Peerless | $1,002 |
| 16 | MetLife | $1,007 |
| 17 | Encompass | $1,031 |
| 18 | Unitrin | $1,042 |
| 19 | Safeco | $1,076 |
| 20 | Allstate | $1,086 |
| View More Rates Go | ||
Progressive generally has some of the lowest car insurance rates in Charlotte at around $639 per year. This is $233 less than the average price paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National also are some of the most economical Charlotte, NC car insurance companies.
As shown in the rates above, if you currently buy coverage from Penn National and switched to Utica National, you might see a yearly price reduction of in the neighborhood of $62. Insureds with GEICO might save as much as $87 a year, and Titan customers might see rate reductions of $96 a year.
If you want to see how much you could save, click here to begin a quote or quote rates from the companies below.
Be aware that those policy rates are averages across all drivers and vehicles in North Carolina and and are not figured with an exact zip code location for drivers requiring a SR22. So the company that is best suited for you may not even be in the list above. That underscores the importance of why you need to compare prices as often as possible using your own driver data and vehicle information.
For high risk drivers, one of the largest criteria that are used to help calculate the price you pay for insurance is where you normally keep your vehicle. Cities with more crime and/or more people tend to have higher auto insurance costs, whereas areas with less congestion have the benefit of cheaper car insurance.
The table below lists the priciest cities in North Carolina for drivers requiring a SR22 in which to purchase auto insurance. Charlotte shows up at #3 with an annual premium of $816 for the average insured, which is around $68 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Fayetteville | $932 |
| 2 | Jacksonville | $873 |
| 3 | Charlotte | $816 |
| 4 | Gastonia | $787 |
| 5 | Greensboro | $779 |
| 6 | Durham | $773 |
| 7 | Cary | $765 |
| 8 | Wilmington | $765 |
| 9 | Greenville | $760 |
| 10 | Wilson | $754 |
| 11 | Indian Trail | $753 |
| 12 | Apex | $747 |
| 13 | High Point | $745 |
| 14 | Raleigh | $744 |
| 15 | Goldsboro | $743 |
| 16 | Hickory | $740 |
| 17 | Huntersville | $734 |
| 18 | Rocky Mount | $726 |
| 19 | Chapel Hill | $717 |
| 20 | Winston Salem | $716 |
| 21 | Salisbury | $705 |
| 22 | Concord | $690 |
| 23 | Burlington | $678 |
| 24 | Kannapolis | $669 |
| 25 | Asheville | $667 |
| Quote Best Rates Go | ||
Premium costs are comparative as specific Charlotte zip code can affect premiums substantially.
Finding the best car insurance company can be rather challenging considering how many choices you have in North Carolina. The company ratings listed below could help you choose which car insurance providers you want to consider when shopping around.
These rankings are for the largest companies in the United States, so companies that only write business in North Carolina or surrounding areas are not taken into consideration for this list. To compare prices from the most competitive companies in North Carolina, click this link.
Top 10 Large Car Insurance Companies Overall in Charlotte
- Travelers
- USAA
- AAA Insurance
- Nationwide
- Allstate
- State Farm
- The Hartford
- Safeco Insurance
- Progressive
- American Family
Top 10 Large Car Insurance Companies in Charlotte Ranked by Value
- Travelers
- American Family
- AAA Insurance
- Safeco Insurance
- Progressive
- The Hartford
- The General
- 21st Century
- Esurance
- Titan Insurance
Comparison of full coverage and liability-only policies
Reducing the cost of car insurance is probably important to the majority of vehicle owners, and one good way to reduce the cost of insurance for drivers requiring a SR22 is to not pay for full coverage. The illustration below shows the difference between car insurance costs with and without physical damage coverage. The costs are based on a clean driving record, no at-fault accidents, $100 deductibles, single marital status, and no discounts are taken into consideration.
If we average the cost for ages 20 through 70, physical damage coverage costs an extra $1,434 per year more than just insuring for liability. That brings up the question if paying for full coverage is a waste of money. There is no definitive rule of when to stop paying for physical damage coverage on your policy, but there is a broad guideline. If the annual cost of your full coverage insurance is 10% or more of the settlement you would receive from your company, then it might be time to buy liability only.
For example, let’s say your vehicle’s settlement value is $11,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would get paid by your company is $10,000 after paying the physical damage deductible. If premiums are more than $1,000 annually to have full coverage, then it may be the right time to buy liability only.
There are some situations where dropping full coverage is not a good idea. If you haven’t satisfied your loan, you are required to maintain full coverage in order to prevent your loan from defaulting. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should not remove full coverage.
Impact of careless driving on car insurance rates
The recommended way to obtain the most affordable car insurance premiums in North Carolina for high risk drivers is to drive cautiously and avoid accidents and violations. The illustration below highlights how traffic violations and at-fault collisions can raise auto insurance costs for different ages of insureds. The rates are based on a single male driver, full physical damage coverage, $100 deductibles, and no additional discounts are factored in.
In the previous example, the average cost of car insurance in Charlotte per year with no violations or accidents is $1,434. Add in one speeding ticket and the average cost swells to $1,614, an increase of $179 each year. Then throw in one accident along with the one speeding ticket and the annual cost of car insurance for drivers requiring a SR22 jumps again to an average of $2,120. That’s an increase of $686, or $57 per month, just for a couple of infractions!
How to find more affordable insurance for drivers requiring a SR22
Below you’ll find some money-saving ideas that can help drivers quote cheap auto insurance.
- Maintain a safe distance and avoid accidents
- Be a safe driver
- Buy vehicles with five-star safety ratings
- Save money by staying claim-free
- Bundle car and home insurance and save money
- Ensure you have the best deal by shopping around regularly
The last suggestion is certainly valuable, as we pointed out in the prior information. Car insurance rates fluctuate constantly, so drivers shouldn’t be resistant to buy from a different company if a lower price can be found.
Having brand loyalty is commendable, but it’s not a good idea if that loyalty ends up costing big bucks every year. It only take a few minutes to shop around to find cheaper car insurance for drivers requiring a SR22 in Charlotte.
If you would rather have a little guidance when shopping around for cheaper insurance for high risk drivers, the agents listed below can help you determine which coverages are best. To locate a Charlotte insurance agent closest to you, click the button following the list or click here to compare rates now.
- O H Walker Insurance Agency Inc
2210 Crownpoint Executive Dr – Charlotte, NC 28227 – (704) 814-4343 - Mark McDuffie Insurance Agency
6101 Carnegie Blvd #415 – Charlotte, NC 28209 – (704) 364-9227 - The Tillman Agency – Nationwide Insurance
8440 Rea Rd STE P – Charlotte, NC 28277 – (704) 960-1860 - Allstate Insurance: Bob White
601 S Kings Dr, Ste FF – Charlotte, NC 28204 – (704) 376-3479