How Much is Auto Insurance for Drivers with Good Credit in Durham?

The words “economical” and “insurance” really shouldn’t be used in the same sentence, specifically when looking for the lowest insurance prices for drivers with good credit. To save some money, let’s introduce you to some of the factors that impact auto insurance premiums, and see if you can slash the price of your next policy.

The make and model of vehicle you are insuring is probably the largest consideration that determines the availability of economical insurance for drivers with good credit. Vehicles with reasonable performance levels, modern passenger safety features, or a positive history of liability claims will cost less to insure than higher performance models. The data below estimates insurance premiums for a selection of the most budget-friendly automobiles to insure.

Cheapest Vehicles to Insure in Durham, NC
Vehicle Make and Model Estimated Cost for Full Coverage
Honda Accord EX 4-Dr Sedan $1,055
Honda CR-V EX 4WD $1,079
Toyota Prius $1,171
Ford Edge Limited 2WD $1,224
Chevrolet Equinox LS 2WD $1,248
Volkswagen Jetta S 4-Dr Sedan $1,256
Ford Escape Limited 4WD $1,285
Jeep Wrangler Sahara 4WD 2-Dr $1,292
Ford F-150 XLT Crew Cab 2WD $1,301
Honda Civic LX-S 4-Dr Sedan $1,292
Ford Fusion SE 4-Dr Sedan $1,340
Honda Odyssey EX W/Rear Entertainment $1,347
Nissan Altima 3.5 SR 4-Dr Sedan $1,340
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Data rating is based on single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include homeowner, claim-free, multi-vehicle, multi-policy, and safe-driver. Rate information does not factor in garaging location in Durham, NC which can decrease or increase premium rates substantially.

By looking at the data, you can presume that models like the Honda Accord, Honda CR-V, Toyota Prius, Ford Edge, and Chevrolet Equinox are going to be the cheaper vehicles to insure for financially responsible drivers.

Determining which company quotes the cheapest insurance rates for drivers with good credit will take a little more effort than just quoting one company’s rates. Each auto insurance company used slightly different criteria to set premium rates, so let’s take a look at the insurance companies with the overall best prices in North Carolina.

It’s important that readers know that North Carolina insurance rates are calculated based on many things that can increase the cost of a policy. Improving your credit rating, getting married, or getting a speeding ticket may generate price changes that may make certain companies more affordable than competitors.

Cheapest Insurance Rates for High Credit

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Who has the cheapest car insurance in North Carolina?
Rank Company Cost Per Year
1 Progressive $651
2 Utica National $655
3 Liberty Mutual $707
4 GEICO $728
5 NC Farm Bureau $730
6 Penn National $747
7 Titan $759
8 State Farm $779
9 Auto-Owners $870
10 Allied $892
11 National General $908
12 Travelers $927
13 Erie $931
14 Nationwide $1,001
15 Peerless $1,002
16 MetLife $1,018
17 Unitrin $1,032
18 Allstate $1,064
19 Encompass $1,073
20 Safeco $1,076
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Progressive generally has some of the most affordable car insurance rates in Durham at around $651 annually. Utica National, Liberty Mutual, GEICO, and NC Farm Bureau would also make the list of some of the more affordable Durham, NC car insurance companies.

In the rate table above, if you are insured with GEICO and switched to Utica National, you may realize savings of in the neighborhood of $73. North Carolina drivers with NC Farm Bureau might save as much as $75 a year, and Penn National policyholders might reduce prices by as much as $92 a year.

To get a quick, customized rate comparison, click here to begin a quote or visit any of the companies below.

Be aware that those premiums are averaged for all types of drivers and the different vehicles they drive and and are not calculated with a specific vehicle garaging location for drivers with good credit. So the auto insurance company that fits your age and vehicle best may not even be in the top 20 companies in the list above. That is why you need to get quotes using your own specific driver information and vehicle.

The information below highlights how deductible selection can influence annual premium costs when getting quotes for cheap insurance for drivers with good credit. The data assumes a married male driver, comp and collision included, and no discounts are applied.

A 40-year-old driver could save $234 a year by switching from a $100 deductible up to a $500 deductible, or save $352 by choosing a $1,000 deductible. Younger drivers, like the Age 20 category, could possibly save as much as $788 or more by choosing larger deductibles on their policy.

If you do decide to increase your deductibles, it is necessary to have additional funds in a savings account to allow you to pay the extra out-of-pocket expense, which is the main drawback of higher deductibles.

Impact of careless driving on Durham insurance rates

In a perfect world, the best way to score the best insurance rates in Durham for financially responsible drivers is to drive cautiously and not receive tickets or have accidents. The diagram below demonstrates how traffic citations and at-fault fender-benders can drive up insurance premiums for different age groups of insureds. The data is based on a single female driver, full coverage, $1,000 deductibles, and no discounts are applied.

In the chart above, the average cost of a car insurance policy in North Carolina per year with no violations or accidents is $1,086. Receive two speeding tickets and the average cost increases to $1,448, an increase of $362 each year. Then throw in one accident along with the two speeding tickets and the annual cost of insurance for drivers with good credit jumps again to an average of $1,814. That’s an increase of $728, or $61 per month, just for being a careless driver!

Why you should be shopping around

Durham insurance rates are determined by lots of factors that will increase or decrease the cost of coverage. Simply improving your credit, moving to a different location, or getting a couple of tickets may cause policy rate changes resulting in some companies being much cheaper than others. Additionally, car insurance companies modify rates without warning in order to remain profitable. An extended period of higher than normal claims may result in more expensive premiums, while profitable underwriting can result in lower-cost Durham car insurance rates.

The graph below shows the company with the cheapest car insurance in Durham, NC for a 40-year-old male driver with no violations or accidents, and excellent credit. Based on his current risk profile, Utica National quotes the best car insurance rates in Durham at $744 each year. This is $128 less than the average policy premium paid by North Carolina drivers of $872. Progressive, NC Farm Bureau, Penn National, and GEICO are also on the list of the best Durham, NC auto insurance companies.

The chart below compares rates after we give the driver in the first chart a claim or two, poor credit, and a couple of points charged on his driving record. Since each insurance company has their own unique process for setting prices, comparing rates could result in a new list of cheap Durham auto insurance companies as shown below.

Titan now has the lowest car insurance rate in Durham with State Farm, Auto-Owners, National General, and Allied also having competitive pricing. This example demonstrates why it is so important to spend some time comparing rates to get the best insurance rates for drivers with good credit.

Prices are influenced by many things and can change without notice, so the best company the last time you compared rates may now be costing you a lot of money.