Cheap Car Insurance in Charlotte, NC
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UPDATED: Jul 19, 2021
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Charlotte is an important city for both North Carolina and the South as a whole. Its major industries are centered around defense and finance, which are both flourishing despite the current economic conditions in the rest of the country. Charlotte also boasts an excellent transportation system.
- Fun fact: look at all these people! Charlotte is #20 on the list of “Top 100 biggest cities”.
Auto Insurance Coverage Requirements in North Carolina
Driving legally in Charlotte requires:
|Bodily Injury Liability||30,000/60,000||100,000/300,000|
|Property Damage Liability||25,000||50,000|
|Uninsured Motorist Bodily Injury||30,000/60,000||100,000/300,000|
|Medical Payments||Not required||2,000|
|Collision||Not required||250 deductible|
|Comprehensive||Not required||0 deductible|
Remember: North Carolina state minimum coverage only protects you if the accident was deemed your fault, or if another uninsured motorist causes you bodily harm. Any other incident, and your insurance provider won’t pay out any claims. Likewise, if you purchased a newer vehicle and you are still financing it, you lender might require you to purchase additional insurance coverage, whether you like it or not.
Your typical North Carolina motorist might end up paying around $88 in monthly premiums for their average automotive insurance policy. However, Charlotte motorists might pay as little as $31/mo*. To learn how you can substantially lower your rate, keep reading.
Between Allied and State Farm, it’s hard to find a more competitive rate in the Charlotte area. But that doesn’t necessarily mean they’re the best deal. You’ll also want to look at customer service ratings, and their claims service, before settling on or switching providers.
Auto insurance providers evaluate various variables when determining insurance rates, especially gender, zip code, occupation, years of driving experience, and multiple cars and drivers. On top of that, premiums might vary from business to business. To make sure you are still receiving the lowest-cost price, compare cheap Charlotte auto insurance rates on the web.
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Major Car Insurance Factors in Charlotte
The moment your automobile insurance provider sits down to come up with your plan, they take lots of specifics into consideration. Some, like credit history or perhaps your particular address, are usually very unlikely to vary. A few alternative aspects are:
Your Zip Code
Your car insurance rates may vary depending on the place you live. In general, populous areas possess higher car insurance rates as the extra number of car owners on the highway increases the probability of an accident! The population of Charlotte is 792,862 and the usual family earnings are $51,034.
Charlotte has nearly one million people living within its borders, but the rate of automotive accidents (especially the serious ones) might still be a little high. Talk to your agent about Safe Driver discounts that you might qualify for to make sure that you aren’t getting penalized for other driver’s accidents.
Auto Thefts in Charlotte
Vehicle theft can be a serious problem, particularly in densely populated locations. If your locale and/or vehicle model put you at a greater risk for theft, you could have problems finding low-cost car insurance. The full number of stolen automobiles in 2013 was 1,856 for Charlotte. To protect your vehicle from theft, make sure you have some sort of Comprehensive coverage on your policy.
Your Credit Score
Most drivers don’t realize how important their credit score is when determining their monthly rates. In this chart, you can clearly see that motorists with poor credit are being charged more money each month than those with excellent credit.
Unfortunately, young and inexperienced teenage drivers cause some of the most frequent problems on the road. Automobile insurance companies charge them significantly higher rates in order to offset the risk. But don’t lose hope. If you make good grades and take educational driving courses, you could qualify for several money-saving discounts.
Your Driving Record
Do you have several violations listed on your driving record? Then you might want to shop around for companies which offer “Accident Forgiveness” discounts. Such programs can lower your monthly rate, or help save you from losing your coverage altogether for violations such as DUIs or reckless driving.
Thinking about insuring a luxury vehicle? Well, keep in mind that it will cost you more in premiums each month than your typical, average car. Not only are these vehicles more expensive to repair/replace, but you will require much more insurance coverage – which will yield higher monthly rates.
Minor Car Insurance Factors in Charlotte
While these factors below won’t necessarily make as big of an impact, you can take a look at them for potential savings:
Your Marital Status
Would you like to know the secret to saving money on insurance as a married couple? Bundle, bundle, bundle. Bundling your automotive insurance with your spouse will net you some serious discounts. You can maximize the savings further if you have a homeowner’s or renter’s insurance policy to bundle, too.
Guess what? Gender isn’t as significant of a factor as it used to be when determining monthly premiums. Most companies these days don’t even charge different rates for males vs. females, all other factors being equal. And those who do rarely charge more than 1-2%.
Your Driving Distance to Work
It may take a little longer to get around in Charlotte because of its high population density; typical commutes can last between 16-18 minutes, with longer commute times of 28-40 minutes also possible. More than 75% of drivers will get to work using their own automobile, while around 14% will most likely carpool.
Believe it or not, the difference between someone who drives several thousand miles a year for work and a student who lives close to campus rarely differs more than a few percentage points in monthly premiums. The real cost comes from registering your car, truck, or SUV as a business vehicle. Those can cost 10-12% more to insure.
Your Coverage and Deductibles
Want more than just the bare minimum coverage? You might be able to add more to your current policy if you raise your deductible. While this will make your out-of-pocket expenses much higher should you need to file a claim, you can use the cheaper monthly payments to save for a rainy day.
Education in Charlotte, NC
More than a quarter of all Charlotte residents (26%) have a bachelor’s degree. And considering how most major auto insurance providers are offering lower rates for motorists with advanced degrees, many drivers can cash in on the savings – even more than if they get job- or income-based discounts. An additional 20% of locals have successfully attained their high school diploma.
There are several excellent opportunities for advancing your education if you live in Charlotte. The University of North Carolina at Charlotte is one of the largest schools in the state with more than 20,000 students enrolled each term. There are also smaller schools for students who want a more personal touch, such as Queens University of Charlotte or Davidson College.
Defining your own financial risk can be quite challenging or not possible for the standard insurance shopper. Insurance providers have got an advantage over buyers due to their data and experiential understanding. Discover the things that insurance companies don’t want anyone to discover.
You can easily analyze YOUR car insurance risks by just putting in your Age, Zip Code, and Gender into the calculator below.
How We Conducted Our Car Insurance Analysis
*We calculated our average rate based on the following metrics: a married, 34 year old male with good credit, a 12-month history of maintaining auto insurance, a clean driving record, who owns his own home. Miles driven annually were based on the national average. The average rate was also calculated based on a financed 2015 Honda Accord with a pre-installed anti-theft device.
North Carolina Office of the Commissioner of Banks
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