Wouldn’t it be easy if we could just give you the name of the one company that has the lowest car insurance rates for Uber drivers? Regrettably, it’s not quite that easy, as there are many unknown aspects such as the neighborhood you live in, if you are married or single, and if you currently have coverage. We will touch on the different ways to avoid overpaying and also should give you a good beginning to your quest for cheaper car insurance.
Deciphering which insurers offer the lowest-priced auto insurance rates for Uber drivers calls for more time than just comparing a company or two. Every insurance provider has a unique formula for filing rates in each state, so let’s examine the auto insurance companies that tend to have lower prices in North Carolina.
Keep in mind that Durham auto insurance rates are determined by lots of factors that will increase or decrease the price you pay for coverage. Simply getting older, having a claim, or getting a driving violation can trigger changes in premium that can cause some rates to be affordable when they were higher priced.
Best Insurance Companies for Your Uber Vehicle
Progressive has some of the most affordable car insurance rates in Durham at around $651 each year. Utica National, Liberty Mutual, Penn National, and NC Farm Bureau also are some of the most economical Durham, NC insurance companies.
As shown in the table above, if you have coverage with Penn National and switched to Utica National, you may see a yearly price reduction of roughly $70. Policyholders with NC Farm Bureau might save as much as $75 a year, and Titan customers might cut rates by $82 a year.
Understand that those policy prices are averaged across all types of insureds and vehicles and do not take into consideration an exact zip code location for Uber drivers. So the auto insurance company that can offer you the best price may not even be in the top 20 companies shown above. That illustrates why you need to get auto insurance quotes using your own driver and vehicle profiles.
For Uber vehicles, one of the more important components that aid in calculating car insurance rates is where you live. Areas with more people or even just a higher incidence of claims will most likely pay more, whereas areas with less people or fewer weather incidents benefit from having to pay less for coverage.
The next table sorts the most expensive areas in North Carolina for Uber drivers in which to buy car insurance. Durham comes in at #5 with an annual premium of $797 for the average policy, which is approximately $66 monthly.
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Price information shown is approximated as vehicle location can revise premiums greatly.
The example below demonstrates how deductible levels can influence annual premium costs when trying to find cheap insurance for Uber drivers. The premium estimates are based on a single male driver, comprehensive and collision coverage, and no discounts are applied.
The data above shows that a 50-year-old driver could cut expenses by $206 a year by switching from a $100 deductible up to a $500 deductible, or save $310 by choosing a $1,000 deductible. Youthful drivers, such as the 20-year-old chart data, could lower their rates up to $670 every year just by choosing higher deductibles.
When raising deductibles, it is a good idea to have additional savings on hand to be able to pay the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Choosing the best auto insurance company is hard considering how many companies there are to choose from in North Carolina. The ranking data in the lists below may help you choose which car insurance providers to look at when comparing rate quotes. The rankings below are for insurance companies that insure vehicles in the majority of U.S. states, so companies that have a smaller presence are not taken into consideration for the list.
Top 10 Large Auto Insurers in Durham Ranked by Customer Service
- AAA Insurance
- Safeco Insurance
- State Farm
- The Hartford
- The General
Impact of violations and accidents on rates in Durham
A great way to obtain the cheapest auto insurance rates in North Carolina for Uber vehicles is to drive attentively and avoid accidents and traffic citations. The example below illustrates how speeding tickets and at-fault claims can raise car insurance rates for each age group. The rates are based on a married female driver, comprehensive and collision coverage, $250 deductibles, and no discounts are factored in.
The data in the chart shows the average cost of car insurance in Durham per year with no violations or accidents is $1,348. Get two speeding tickets and the average cost rises to $1,916, an increase of $569 each year. Next add one accident along with the two speeding tickets and the yearly cost of auto insurance for Uber drivers jumps again to an average of $2,497. That’s an increase of $1,149, or $96 per month, just for not keeping your driving record clean!
You may be paying too much for car insurance
North Carolina auto insurance rates are determined by lots of factors that will increase or decrease the policy premium. Simply getting older, buying a new vehicle, or getting a driving violation can trigger changes in premium that may make certain companies affordable when they were higher priced. In addition, auto insurance companies change prices without warning to adjust for unexpected claims or profits. A period of higher than normal claims can cause more expensive prices, while profitable underwriting may produce more affordable Durham car insurance rates.
As an example, the chart below shows the companies that have the cheapest car insurance in Durham, NC for a 35-year-old female driver with a clean driving record, no accidents, and a decent credit rating. When quoting prices based on her current risk factors, Utica National might quote the lowest car insurance rates in Durham at $720 per year. This is $152 less than the average policy premium paid by North Carolina drivers of $872. Progressive, GEICO, Liberty Mutual, and Titan are also on the list of the most affordable Durham, NC auto insurance companies.
Now let’s give the driver from the first set of rates a claim, a little lower credit rating, and a speeding ticket. Since each company has their own unique process to set their prices, analyzing rate quotes may result in a slightly different list of affordable companies as shown below.
Penn National now has the cheapest price in Durham, NC with State Farm, Auto-Owners, Allied, and Erie now being in the top five. This shows why it is important to spend some time comparing rates to get affordable car insurance quotes for Uber drivers. Insurance prices are determined by many different factors and change dramatically, so the best company three years ago may now cost much more than other companies.