Would you like to find more affordable car insurance rates in Raleigh, NC? Did you come to the realization that you have overpriced car insurance? It's a common feeling and you're not the only one.
Amazingly, a recent NerdWallet.com study showed that a large majority of drivers have bought car insurance from the same company for a minimum of four years, and nearly half have never even compared quotes to find cheaper rates. Drivers in the United States could cut their rates by up to 47% a year just by comparing rates, but they don't know the big savings they would realize if they switched to a cheaper policy.
Vehicle owners have many auto insurance companies to buy insurance from, and although it's a good thing to have a selection, it can be more challenging to compare rates and find the lowest cost car insurance.
Finding the cheapest auto insurance coverage in Raleigh is much easier if you have a good place to start. If you have a current auto insurance policy, you should be able to lower your rates using the ideas you're about to read. But North Carolina car owners must learn the way companies market on the web and apply this information to your search.
The method we recommend to compare car insurance company rates is to understand all the major auto insurance companies will pay a fee to provide you with free rate quotes. To get started, all you need to do is take a few minutes to give details such as if you require a SR-22, the make and model of your vehicles, whether the vehicles are used for commuting, and driver ages. Your rating data is instantly provided to multiple top-rated companies and they provide comparison quotes instantly.
To get price quotes for your car now, click here and find out if you can get cheaper insurance in Raleigh.
The car insurance companies shown below can provide free rate quotes in North Carolina. If the list has multiple companies, we suggest you visit as many as you can in order to get a fair rate comparison.
Premium data assumes married male driver age 50, no speeding tickets, no at-fault accidents, $1000 deductibles, and North Carolina minimum liability limits. Discounts applied include claim-free, safe-driver, homeowner, multi-policy, and multi-vehicle. Premium amounts do not factor in Raleigh location which can increase or decrease prices greatly.
Cost difference between full coverage and liability
The information below shows the comparison of Kia Optima insurance costs with full physical damage coverage compared to only buying liability only. The data is based on no claims or driving citations, $1,000 deductibles, single male driver, and no discounts are factored in.
Kia Optima rates are for example purposes only. To get rates for your specific vehicle, click here.
When to buy liability coverage only
There is no clear-cut formula of when to stop paying for full coverage, but there is a guideline you can use. If the annual cost of having full coverage is more than 10% of the vehicle's replacement cost less your deductible, then it might be time to consider dropping full coverage.
For example, let's assume your Kia Optima claim settlement value is $8,000 and you have $1,000 physical damage deductibles. If your vehicle is destroyed, the most you would get paid by your company is $7,000 after the deductible is paid. If you are currently paying more than $700 annually for full coverage, then you may need to consider dropping full coverage.
There are a few cases where only buying liability is not a good idea. If you haven't satisfied your loan, you have to keep full coverage to protect the lienholder's interest in the vehicle. Also, if you can't afford to buy a different vehicle in the event your current vehicle is totaled, you should not drop full coverage.
Save money with these eight price cutting discounts
Some insurers don't list the entire discount list very clearly, so the next list breaks down a few of the more common and the more hidden discounts that you may qualify for.
- Good Student - Maintaining excellent grades can save 20 to 25%. Earning this discount can benefit you up to age 25.
- Discounts for New Vehicles - Insuring a new car can save you some money since newer vehicles are generally safer.
- Paperwork-free - Some of the larger companies will discount your bill up to fifty bucks for completing your application on the web.
- No Accidents - Claim-free drivers pay much less compared to frequent claim filers.
- Multi-car Discount - Having multiple vehicles on the same car insurance policy can reduce rates for all insured vehicles.
- Driver Safety - Taking part in a course in defensive driver could earn you a small percentage discount if you qualify.
- Payment Discounts - By paying your entire bill at once as opposed to paying monthly you may have a lower total premium amount.
- Discounts for Cautious Drivers - Insureds without accidents may receive a discount up to 45% than drivers with accident claims.
A little note about advertised discounts, many deductions do not apply to all coverage premiums. Most cut individual premiums such as medical payments or collision. Just because you may think you would end up receiving a 100% discount, you won't be that lucky. Any qualifying discounts should help lower your car insurance premiums.
A few companies that may include some of the discounts shown above may include but are not limited to:
Check with each company or agent which credits you are entitled to. Savings may not be available in every state. If you would like to view providers that offer the discounts shown above in North Carolina, follow this link.
Three main reasons to buy insurance
Despite the high cost of buying insurance in Raleigh, buying insurance serves several important purposes.
- The majority of states have minimum liability requirements which means you are required to buy a specific level of liability coverage if you want to drive legally. 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 have a lien on your vehicle, almost every bank will make it a condition of the loan that you have comprehensive coverage to guarantee loan repayment. If you do not keep the policy in force, the bank may buy a policy for your vehicle at an extremely high rate and require you to fork over much more than you were paying before.
- Insurance preserves both your assets and your vehicle. It also can pay for medical transport and hospital expenses for both you and anyone you injure as the result of an accident. Liability coverage will also pay for a defense attorney if someone files suit against you as the result of an accident. If your car is damaged in a storm or accident, collision and comprehensive coverages will pay to repair the damage minus the deductible amount.
The benefits of carrying enough insurance outweigh the cost, especially if you ever need it. According to a 2015 survey, the average American driver overpays more than $865 each year so you should quote rates each time the policy renews to be sure current rates are still competitive.
Local agents and insurance
Many people still prefer to go talk to an agent and we recommend doing that A good thing about comparing rate quotes online is that drivers can save money and get the best rates but still work with a licensed agent.
To find an agent, once you fill out this simple form, the coverage information is sent to participating agents in Raleigh who will gladly provide quotes for your insurance coverage. You won't need to find an agent on your own since price quotes are sent to your email. You can find the lowest rates AND an agent nearby. If for some reason you want to compare prices for a specific company, feel free to jump over to their website and fill out their quote form.
Picking an provider is decision based upon more than just the quoted price. Here are some questions to ask:
- Which members of your family are coverage by the policy?
- How experienced are they in personal risk management?
- Will you be dealing directly with the agent or with a Custom Service Representative (CSR)?
- In the event of vehicle damage, can you pick the collision repair facility?
- How is replacement cost determined on your vehicle?
- Does their agency support local causes in Raleigh?
If you're trying to find an insurance agent, it's helpful to know the different agency structures and how they work. Insurance agencies are considered either exclusive or independent (non-exclusive).
Exclusive Insurance Agencies
Exclusive agents can only write with one company like AAA, Allstate, and State Farm. They usually cannot shop your coverage around so they have to upsell other benefits. Exclusive agents receive a lot of sales training on sales techniques which aids in selling service over price.
Shown below is a short list of exclusive agents in Raleigh who can help you get price quote information.
Independent Insurance Agents
Agents that choose to be independent often have affiliation with several companies and that allows them to write policies through many companies and potentially find a lower price. If they quote lower rates, they simply switch companies in-house and you don't have to switch agencies. When shopping rates, you need to include price quotes from several independent insurance agents in order to compare the most rates.
Below are independent insurance agents in Raleigh who can help you get comparison quotes.
Nationwide Insurance: E Bradford Parker Insurance Agency Inc
1425 Rock Quarry Rd #105a - Raleigh, NC 27610 - (919) 833-6111 - View Map
Auto insurance coverage information
Learning about specific coverages of your policy can be of help when determining appropriate coverage and the correct deductibles and limits. Auto insurance terms can be confusing and even agents have difficulty translating policy wording. Shown next are typical coverage types offered by auto insurance companies.
Auto liability - Liability coverage will cover damage or injury you incur to people or other property that is your fault. It protects you from legal claims by others. It does not cover your own vehicle damage or injuries.
Split limit liability has three limits of coverage: per person bodily injury, per accident bodily injury, and a property damage limit. You might see policy limits of 30/60/25 which means $30,000 bodily injury coverage, $60,000 for the entire accident, and a limit of $25,000 paid for damaged property.
Liability coverage protects against things such as court costs, repair costs for stationary objects, repair bills for other people's vehicles, structural damage and medical expenses. How much liability coverage do you need? That is a decision to put some thought into, but buy as high a limit as you can afford. North Carolina requires drivers to carry at least 30/60/25 but it's recommended drivers buy more liability than the minimum.
Medical expense insurance - Medical payments and Personal Injury Protection insurance provide coverage for expenses such as nursing services, prosthetic devices, surgery and X-ray expenses. They are often used to cover expenses not covered by your health insurance plan or if you lack health insurance entirely. Coverage applies to you and your occupants and also covers getting struck while a pedestrian. Personal Injury Protection is not universally available and gives slightly broader coverage than med pay
Protection from uninsured/underinsured drivers - This protects you and your vehicle's occupants when other motorists are uninsured or don't have enough coverage. It can pay for injuries sustained by your vehicle's occupants as well as your vehicle's damage.
Due to the fact that many North Carolina drivers carry very low liability coverage limits (30/60/25), it only takes a small accident to exceed their coverage. So UM/UIM coverage is important protection for you and your family.
Comprehensive (Other than Collision) - Comprehensive insurance pays to fix your vehicle from damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.
Comprehensive coverage pays for things like hitting a deer, hitting a bird and damage from getting keyed. The maximum amount your auto insurance company will pay is the market value of your vehicle, so if it's not worth much more than your deductible consider removing comprehensive coverage.
Collision coverage - Collision insurance will pay to fix damage to your vehicle resulting from colliding with another vehicle or an object, but not an animal. A deductible applies then your collision coverage will kick in.
Collision coverage protects against things like sideswiping another vehicle, sustaining damage from a pot hole and scraping a guard rail. Collision coverage makes up a good portion of your premium, so you might think about dropping it from lower value vehicles. You can also choose a higher deductible in order to get cheaper collision rates.