Locating low-priced insurance is not the easiest thing to accomplish, and deciding which company quotes the most affordable auto insurance rates for high risk drivers will take even more shopping around.
Every insurance provider has a different process to set premium rates, so first we will examine the auto insurance companies with the most affordable rates in North Carolina. It’s important to understand that North Carolina auto insurance rates are influenced by many factors that will increase or decrease the cost of having a policy. This price variation is why North Carolina drivers need to shop around with many companies when trying to get the most budget-friendly car insurance rates for high risk drivers. Insurance prices are influenced by many factors and can change without notice, so the lowest-price company six months ago may now be priced much higher than other options.
Best Cheap Insurance Rates for Risky Drivers
|Rank||Company||Cost Per Year|
|3||NC Farm Bureau||$709|
|Quote Your Rates Go|
Progressive may have some of the most affordable car insurance rates in Durham at around $639 annually. This is $233 less than the average price paid by North Carolina drivers of $872. Utica National, NC Farm Bureau, Liberty Mutual, and Penn National also make the cut as some of the more affordable Durham, NC auto insurance companies.
In the above rates, if you currently buy coverage from Penn National and switched to Utica National, you may realize a yearly savings of approximately $82. North Carolina drivers with GEICO might save as much as $99 a year, and State Farm policyholders might see rate reductions of $106 a year.
If you want to see how much you could save, click here to start your custom quote or visit several of the following companies.
These policy rates are averaged for all drivers and vehicles in North Carolina and do not take into consideration an exact location for high risk drivers. So the company that fits you best may not even be in the top 20 companies shown above. That emphasizes why you need to compare as many prices as possible using your own specific driver information and vehicle.
For high risk drivers, one of the more important factors that aid in calculating insurance cost is the neighborhood you call home. Areas with a lot of weather claims or more people tend to pay more, whereas areas with less congestion tend to receive cheaper rates.
The next table shows the most expensive places in North Carolina for high risk drivers in which to buy car insurance. Durham shows up at #4 costing $797 for coverage, which is around $66 per month.
|Rank||City||Average Per Year|
|Find Cheaper Insurance Go|
Information shown are estimated as vehicle location can impact coverage rates greatly.
Difference between liability only and full coverage rates
Paying less for auto insurance is probably important to most people, and one way to reduce the cost of insurance for high risk drivers is to only pay for liability coverage. The chart below visualizes the comparison of insurance costs with full coverage compared to only the North Carolina minimum liability coverage. The price estimates are based on no accidents, no driving violations, $1,000 deductibles, marital status is single, and no discounts are applied.
As an average, full coverage on your policy costs an extra $1,053 per year more than just buying liability only. That may make you wonder if physical damage coverage is worth the money. There is no definitive guideline to eliminate comp and collision coverage, but there is a guideline you can use. If the annual cost of your full coverage insurance is more than about 10% of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.
For example, let’s pretend your vehicle’s settlement value is $9,500 and you have $1,000 deductibles. If your vehicle is destroyed, the most you would receive is $8,500 after paying the physical damage deductible. If you are currently paying more than $850 annually for your policy with full coverage, then you might consider buying liability only.
Safe drivers pay less for auto insurance
One of the best ways to score cheap auto insurance prices in North Carolina for high risk drivers is to drive safe and avoid accidents and violations. The diagram below demonstrates how traffic citations and fender-benders influence insurance rates for each different age group. The rate quotes are based on a married male driver, full physical damage coverage, $1,000 deductibles, and no discounts are taken into consideration.
The data in the chart shows the average cost of a car insurance policy in Durham per year with no accidents and a clean driving record is $897. Get two speeding tickets and the average cost surges to $1,227, an increase of $330 each year. Next add two accidents along with the two speeding tickets and the yearly cost of auto insurance for high risk drivers goes up to an average of $2,607. That’s an increase of $1,710, or $143 per month, just for not driving attentively!
The illustration below illustrates how your deductible choice can increase or decrease premium costs when getting quotes for cheap insurance for high risk drivers. The rate quotes are based on a single female driver, comp and collision included, and no other discounts are factored in.
The chart above illustrates that a 30-year-old driver could cut expenses by $314 a year by increasing from a $100 deductible up to a $500 deductible, or save $474 by selecting a $1,000 deductible. Young drivers, such as the 20-year-old chart data, can save up to $700 or even more by choosing larger deductibles on their policy.
When insureds make the decision to increase the deductibles on their policy, it will be necessary to have emergency funds available to allow you to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.
How to find cheaper car insurance for high risk drivers
The list below summarizes some of the recommended penny-pinching ideas that can help North Carolina drivers buy cheap coverage.
- Frequent claims may make car insurance unaffordable
- Improve your credit rating
- Buy a vehicle with excellent safety ratings
- Avoid having at-fault accidents
- Do not get traffic violations
- Compare quotes from other companies often
The last tip in the list is remarkably crucial, as we hit on in the prior information. Rates vary greatly, so don’t be hesitant to buy a policy from a new company if a cheaper rate is available.
Staying with the same car insurance company is fine, but it’s not recommended if that faithfulness ends up costing you big bucks every year. Take a few minutes and shop around to find cheaper car insurance for high risk drivers in Durham.
If you aren’t sure which coverage to buy and prefer to have the advice of a professional agent when shopping around for cheaper insurance for high risk drivers, the agencies below can aid you in deciding which coverage meets your needs best.
To find a Durham insurance agent in your neighborhood, click the button link following the list.
- Allstate Insurance Agent: Michael D. Maffeo
2705 N Duke St Ste 203 – Durham, NC 27704 – (919) 479-5085
- Ken Carver – State Farm Insurance Agent
2905 Guess Rd #2 – Durham, NC 27705 – (919) 471-0011
- Zonya Autmon – State Farm Insurance Agent
2402 S Miami Blvd #103 – Durham, NC 27703 – (919) 993-3555
- James Zewe – State Farm Insurance Agent
3500 Westgate Dr Ste 901 – Durham, NC 27707 – (919) 489-0804
- John Moore – State Farm Insurance Agent
1107 W Main St #201 – Durham, NC 27701 – (919) 598-7900