Shocking but true, the vast majority of consumers in North Carolina renewed their policy with the same company for at least the last four years, and virtually 40% of consumers have never shopped around. With the average car insurance premium being $1,847, American drivers could save an average of about 47% each year by just shopping around, but they don’t want to spend time to find lower-cost rates by getting comparison quotes.
The preferred way to find cheaper prices for Tesla Model S insurance is to start comparing prices yearly from different companies who can sell car insurance in Durham. This can be done by following these steps.
Step 1: Try to understand how insurance works and the things you can change to prevent high rates. Many rating criteria that increase rates like accidents, traffic tickets, and a low credit score can be controlled by making minor changes in your lifestyle.
Step 2: Get rate quotes from independent agents, exclusive agents, and direct companies. Exclusive agents and direct companies can provide rates from one company like Progressive and State Farm, while agents who are independent can give you price quotes from multiple sources.
Step 3: Compare the price quotes to your existing rates to determine if switching companies saves money. If you can save money and switch companies, make sure coverage does not lapse between policies.
Step 4: Give notification to your current company of your decision to cancel your current auto insurance policy and submit the completed application along with a down payment for your new coverage. Make sure you put the certificate of insurance in your vehicle.
The key aspect of shopping around is to use the same physical damage deductibles and liability limits on every quote request and and to get price estimates from as many car insurance companies as possible. This helps ensure an apples-to-apples comparison and a complete price analysis.
If you already have coverage, you stand a good chance to be able to buy cheaper auto insurance using the following tips. The purpose of this article is to instruct you on how car insurance quotes work and some tips to save money. But North Carolina vehicle owners do need to understand how big insurance companies charge you for coverage and use it to your advantage.
Buy Tesla Model S Insurance at a Discount
Many factors are used in the calculation when pricing auto insurance. Some factors are common sense like a motor vehicle report, but others are more obscure such as your marital status or your financial responsibility.
The items below are a few of the things that factor into your premiums.
- The type of car you drive affects your costs – The performance level of the vehicle you are insuring makes a huge difference in the rate you pay. The cheapest insurance rates will generally be found on economy passenger cars, but many other things help determine your insurance rates.
- Is car insurance cheaper for males or females? – Statistics have proven that women are safer drivers than men. However, this does not mean males are worse at driving than females. Both sexes are responsible for accidents at about the same rate, but the males cause more damage and cost insurance companies more money. They also get cited for more serious violations like driving under the influence (DUI).
- Careless drivers pay higher prices – How you drive impacts premiums far more than you think. Even one chargeable violation could increase your next policy renewal by as much as twenty percent. Careful drivers pay lower auto insurance prices than bad drivers. Drivers who have flagrant tickets like DUI, reckless driving or excessive speeding may find they need to file a proof of financial responsibility form (SR-22) with their state in order to legally drive.
- Miles driven impacts prices – Driving more miles each year the more you’ll pay to insure it. The majority of insurers price each vehicle’s coverage based on their usage. Vehicles that have low annual miles can be on a lower rate level than vehicles that are driven to work every day. Having the wrong rating on your Model S may be costing you. Double check that your policy is rated on the correct usage for each vehicle.
- Rates may be lower depending on your employer – Did you know your job can affect your rates? Occupations like doctors, airline pilots, and emergency personnel have higher rates than average attributed to high stress levels and incredibly demanding work hours. Conversely, occupations like scientists, students and homemakers pay lower than average rates.
Loss probability for a Tesla Model S – Insurance companies analyze the history of losses to calculate a price that will offset any claims. Models that have a trend towards higher claims will have a higher premium rate. The table shown below demonstrates the insurance loss data for Tesla Model S vehicles.
For each policy coverage type, the loss probability for all vehicles, without regard to make or model, equals 100. Percentages below 100 are indicative of better than average losses, while percentages above 100 indicate frequent claims or tendency to have higher losses.
Car Insurance Loss Data for Tesla Model S Models Vehicle Model Collision Property Damage Comp Personal Injury Medical Payment Bodily Injury Tesla Model S 4dr Electric 2WD 324 116 208 39 46 104 Tesla Model S 4dr Electric 4WD 333BETTERAVERAGEWORSE
Empty fields indicate not enough data collected
Data Source: iihs.org (Insurance Institute for Highway Safety) for 2013-2015 Model Years
To find low cost Durham car insurance quotes, there are several ways to compare rate quotes from many available auto insurance companies in North Carolina. The fastest way to comparison shop is to get quotes online. When comparing auto insurance rates, know that more quotes helps you find better pricing. Not every company does price estimates online, so you should also compare rates from those companies as well.
The companies in the list below have been selected to offer free quotes in Durham, NC. To locate the best cheap auto insurance in NC, we suggest you visit several of them to find the cheapest auto insurance rates.
Insurance in North Carolina serves several purposes
Despite the potentially high cost of Tesla Model S insurance, maintaining insurance is a good idea for several reasons.
- Most states have minimum liability requirements which means state laws require a specific level of liability insurance in order to drive the car. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you took out a loan on your vehicle, most lenders will force you to have comprehensive coverage to protect their interest in the vehicle. If you do not pay your insurance premiums, the bank may buy a policy for your Tesla for a much higher rate and force you to pay much more than you were paying before.
- Insurance protects your vehicle and your assets. It will also pay for medical transport and hospital expenses for you, any passengers, and anyone injured in an accident. Liability insurance also covers all legal expenses up to the policy limit in the event you are sued. If you have damage to your Tesla as the result of the weather or an accident, collision and comprehensive coverages will pay all costs to repair after the deductible has been paid.
The benefits of insuring your car are definitely more than the cost, particularly for liability claims. Unknowingly, the average driver is overpaying more than $869 every year so it’s important to compare rates once a year at a minimum to save money.
Cheaper Durham insurance quotes with discounts
Car insurance can cost a lot, but you may be missing some discounts that you may not even know about. Some trigger automatically at the time of quoting, but lesser-known reductions have to be requested specifically before being credited. If you do not double check each discount available, you could be saving more on your insurance.
- Discounts for Multiple Vehicles – Purchasing coverage when you have several vehicles with one company could earn a price break for each car.
- No Claim Discounts – Claim-free drivers are rewarded with significantly better rates on Durham car insurance quote in comparison to frequent claim filers.
- Paperless Signup – A handful of companies will give you a small discount just for signing your application digitally online.
- Senior Citizen Rates – If you’re over the age of 55, you may receive a discount up to 10%.
- Seat Belt Discounts – Forcing all vehicle occupants to use a seat belt could save 15% on medical payment and PIP coverage.
- Discount for Swiching Early – Some companies reward drivers for renewing your policy early. You could save around 10% when you buy Durham car insurance online.
- Telematics Data – Drivers who elect to allow their company to spy on driving habits by using a small device installed in their vehicle such as Progressive’s Snapshot could see a rate decrease as long as they are good drivers.
- Savings for New Vehicles – Buying a new car model can be considerably cheaper due to better safety requirements for newer models.
- Defensive Driver Discounts – Passing a safe driver class could cut 5% off your bill and make you a better driver.
- Discount for Life Insurance – Select companies reward you with better insurance rates if you take out a life insurance policy as well.
Consumers should know that most discounts do not apply to the entire policy premium. Most only reduce specific coverage prices like liability and collision coverage. So when the math indicates having all the discounts means you get insurance for free, companies wouldn’t make money that way.
The best insurance companies and a summarized list of policyholder discounts are outlined below.
- State Farm has discounts for driver’s education, anti-theft, Steer Clear safe driver discount, Drive Safe & Save, and safe vehicle.
- GEICO may include discounts for multi-policy, seat belt use, military active duty, defensive driver, and anti-lock brakes.
- Progressive offers premium reductions for good student, multi-vehicle, continuous coverage, online signing, and multi-policy.
- 21st Century may offer discounts for 55 and older, student driver, teen driver, automatic seat belts, and anti-lock brakes.
- American Family includes discounts for early bird, Steer into Savings, accident-free, air bags, and good student.
- The Hartford policyholders can earn discounts including good student, air bag, defensive driver, bundle, driver training, and vehicle fuel type.
- AAA offers discounts for good student, pay-in-full, education and occupation, anti-theft, and AAA membership discount.
If you need affordable Durham car insurance quotes, ask each company how many discounts you can get. Depending on the company, some discounts might not be available to policyholders in Durham.
When should I talk to an insurance agency?
Some consumers still prefer to sit down and talk to an agent and that is recommended in a lot of cases One of the best bonuses of comparing insurance prices online is you may find better rates but still work with a licensed agent. And buying from local insurance agents is especially important in Durham.
Upon completion of this simple form, your insurance coverage information is immediately sent to companies in Durham that give free quotes for your car insurance coverage. You never need to find an agent on your own as quotes are delivered to you. You can find the lowest rates and a licensed agent to talk to. In the event you want to get a rate quote from one company in particular, just find their quoting web page and fill out the quote form the provide.
Independent or Exclusive: It’s your choice
If you want to buy car insurance from a local insurance agency, there are two types of agencies and how they operate. Insurance agencies in Durham are classified as either independent agents or exclusive agents.
Independent Agencies or Brokers
These agents often have affiliation with several companies so they can quote policies with many different companies and potentially find a lower price. If you are not satisfied with one company, they can switch companies in-house without you having to go to a different agency.
When comparison shopping, you should always get rate quotes from a few independent agents for maximum quote selection. Most also write with smaller companies who may have lower rates.
Listed below is a short list of independent agencies in Durham who can help you get free car insurance quotes.
- The Insurance Pros, Inc.
1210 Cole Mill Rd Suite 101 – Durham, NC 27705 – (919) 294-6613 – View Map
- Bull City Insurance
121 Sherron Rd #302 – Durham, NC 27703 – (919) 596-0671 – View Map
- Triangle Insurance Alliance
2530 Meridian Pkwy #300 – Durham, NC 27713 – (919) 322-3640 – View Map
Exclusive Insurance Agencies
Agents that choose to be exclusive have only one company to place business with like Allstate, State Farm and Farm Bureau. These agents are not able to place coverage with different providers so always compare other rates. They are highly trained on their company’s products which helps them sell on service rather than price. Some consumers prefer to use the same exclusive agent mainly due to the prominent brand name rather than low price.
Listed below are exclusive insurance agencies in Durham who can help you get rate quotes.
- Nationwide Insurance: Craig Insurance Group Inc
6224 Fayetteville Rd #106a – Durham, NC 27713 – (919) 544-8484 – View Map
- Nationwide Insurance Marsh Dawson Agency
821 Hanson Rd – Durham, NC 27713 – (919) 806-5109 – View Map
- Shawn Cockerham – State Farm Insurance Agent
5518 NC-55 – Durham, NC 27713 – (919) 316-3276 – View Map
Choosing the best insurance agent needs to be determined by more than just the bottom line cost. The questions below may impact your decision as well.
- Do they offer claims assistance after hours?
- What is the agency’s Better Business Bureau rating?
- Are aftermarket or OEM parts used to repair vehicles?
- Are they properly licensed to sell insurance in North Carolina?
- Is every driver in your family covered?
- Will the agent or a CSR service your policy?
Be persistent and save
You just read a lot of tips how to get a better price on Tesla Model S insurance in Durham. The key concept to understand is the more quotes you get, the more likely it is that you will get a better rate. Consumers could even find that the best price on auto insurance is with an unexpected company.
When shopping online for auto insurance, don’t be tempted to buy lower coverage limits just to save a few bucks. Too many times, an accident victim reduced liability limits or collision coverage only to find out that they should have had better coverage. The aim is to buy the best coverage you can find for the lowest cost and still be able to protect your assets.
Cost effective Tesla Model S insurance is available both online and with local Durham insurance agents, and you need to comparison shop both to have the best selection. A few companies may not have the ability to get a quote online and many times these small, regional companies work with independent insurance agents.
To read more, link through to the articles below:
- Comprehensive Coverage (Liberty Mutual)
- Who Has Affordable Car Insurance for a Mazda CX-7 in Durham? (FAQ)
- Rearview cameras reduce backing crashes (Insurance Institute for Highway Safety)
- Honda warning system reduces insurance claims (Insurance Institute for Highway Safety)
- Five Steps to Filing an Auto Insurance Claim (Insurance Information Institute)
- Coverage Information (Progressive Insurance)