Cheap Auto Insurance Quotes for High Risk Drivers in North Carolina

Finding decent, low-cost auto insurance is easier said than done, and deciding which companies offer the best car insurance rates for high risk drivers may require even more work. Prices will most likely be much greater than the average price in North Carolina, with the higher price attributed to the extra risk that comes with selling coverage for high risk drivers, but reasonable insurance should be obtainable if you are thorough. Every insurance provider has their own formula for determining prices, so let’s rank the car insurance companies that tend to have lower prices in North Carolina.

Find the Cheapest Car Insurance for Risky Drivers

Start Your Free Quote

Utica National quotes some of the most affordable car insurance rates in North Carolina at around $643 per year. Progressive, Penn National, Liberty Mutual, and GEICO also make the cut as some of the most economical North Carolina car insurance companies.

As depicted above, if you buy coverage from Liberty Mutual and switched to Progressive, you could realize an annual premium reduction of around $77. Customers with GEICO may save as much as $77 a year, and NC Farm Bureau customers might cut rates by $86 a year.

If you want to see how much you could save, click here or visit several of the following companies.

Understand that those premiums are averages across all types of insureds and vehicles and and are not figured with a price increase for high risk drivers. So the company that has the lowest price for you may not even be shown in the above list. That illustrates why you need to get rate quotes from many companies using your own driver data and vehicle information.

When buying insurance for high risk drivers, one of the key considerations that is looked at to determine the price of your policy is where you keep your car in North Carolina. Areas with a lot of weather claims or more people like Fayetteville, Charlotte, and Gastonia tend to have higher rates, whereas areas that are not as densely populated generally have lower rates.

The following table lists the highest-priced areas in North Carolina for high risk drivers to buy auto insurance in.

Premium costs are comparative as the specific zip code location can revise price quotes considerably.

Should you buy full coverage?

Finding cheap auto insurance for high risk drivers in North Carolina is the goal of most people, and one easy way to lower the cost of insurance is to not insure for full coverage. The illustration below visualizes the comparison of car insurance costs with full coverage compared to only the North Carolina minimum liability coverage. The costs are based on a clean driving record, no at-fault accidents, $100 deductibles, drivers are not married, and no other discounts are factored in.

google.charts.setOnLoadCallback(drawFclqcibChart);function drawFclqcibChart() {var data = google.visualization.arrayToDataTable([[‘Age of Insured’, ‘Full Coverage with $100 Deductibles’, ‘Liability Only’],[‘Age 20’, 2741,761],[‘Age 30’, 1415,423],[‘Age 40’, 1413,393],[‘Age 50’, 1279,367],[‘Age 60’, 1237,361],[‘Age 70’, 1489,481]]);var options = {title: ‘Full Coverage Rates Compared to Liability Only Rates’,titleTextStyle: {color: ‘#333’,fontSize: 17,bold: true},width: ‘100%’,height: 500,’chartArea’: {left:100,top:50,’width’: ‘100%’, ‘height’: ‘70%’},legend: {position: ‘bottom’},colors: [‘#6791b9′,’#98bee2’],hAxis: {title: ‘Annual Auto Insurance Cost for Average Vehicle in North Carolina’,minValue: 0,format: ‘$###,###’},vAxis: {title: ‘Age of Insured’}};var formatter = new google.visualization.NumberFormat({fractionDigits: 0,prefix: ‘$’});formatter.format(data,1);formatter.format(data,2);var chart = new google.visualization.BarChart(document.getElementById(‘qcibfcl’));chart.draw(data, options);}

If averaged out across all ages, physical damage coverage costs an additional $1,596 per year more than buying just liability insurance. Many people question when is the right time to remove full coverage. There is no clear-cut rule of when to exclude full coverage, but there is a general school of thought. If the annual cost of having full coverage is 10% or more of replacement cost minus your deductible, then you might consider buying liability only.

For example, let’s assume your vehicle’s settlement value is $11,000 and you have $1,000 deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $10,000 after you pay the deductible. If premiums are more than $1,000 a year for full coverage, the it may be a good time to stop paying for full coverage.

There are some circumstances where only buying liability is not in your best interest. If you have an outstanding loan on your vehicle, you are required to maintain full coverage in order to keep the loan. Also, if you can’t afford to buy a different vehicle in case of an accident, you should not drop full coverage.