Locating budget auto insurance is confusing at best, and figuring out which company has the most affordable car insurance rates for 18 year olds will require even more rate comparisons.
Every insurance provider uses a little different formula to establish rates, so we’ll go over the car insurance companies with the overall best prices in Raleigh. We do need to point out that Raleigh car insurance rates are based on many factors which can substantially decrease or increase the price of coverage. Taking a driver safety course, moving to a different location, or getting a driving violation can produce rate changes resulting in some rates now being more affordable than the competition.
Compare Cheap Insurance Quotes for Teens
Utica National offers some of the cheapest car insurance rates in Raleigh at around $636 annually. Progressive, NC Farm Bureau, Penn National, and GEICO are also some of the most economical Raleigh, NC car insurance companies.
In this example, if you currently have a policy with Penn National and switched to Progressive, you might realize a yearly price reduction of around $74. Insureds with GEICO could save as much as $77 a year, and Liberty Mutual insureds might see rate reductions of $77 a year.
To find out how your current rates compare, click here to get quotes or quote rates from the companies below.
These premiums are averaged for all insureds and vehicles and and are not figured with a specific zip code for 18 year olds. So the insurer that has the cheapest rates for you may not even be in the top 20 companies shown above. That is why you need to quote rates from many companies using your own specific driver and vehicle information.
One of the more important factors that are looked at to determine auto insurance rates is where you keep your vehicle. Larger areas tend to pay more, whereas areas with less congestion benefit from lower coverage costs.
The following table ranks the highest-priced places in North Carolina for 18 year olds to purchase auto insurance in. Raleigh is ranked #15 with a yearly premium of $744 for coverage, which is about $62 monthly.
| Rank | City | Premium Per Year |
|---|---|---|
| 1 | Fayetteville | $896 |
| 2 | Jacksonville | $891 |
| 3 | Charlotte | $840 |
| 4 | Durham | $797 |
| 5 | Wilmington | $788 |
| 6 | Greensboro | $786 |
| 7 | Gastonia | $779 |
| 8 | Greenville | $760 |
| 9 | Goldsboro | $758 |
| 10 | Huntersville | $756 |
| 11 | Cary | $749 |
| 12 | Rocky Mount | $748 |
| 13 | Wilson | $746 |
| 14 | Indian Trail | $745 |
| 15 | Raleigh | $744 |
| 16 | Apex | $739 |
| 17 | Hickory | $732 |
| 18 | Chapel Hill | $724 |
| 19 | High Point | $723 |
| 20 | Winston Salem | $716 |
| 21 | Burlington | $699 |
| 22 | Concord | $697 |
| 23 | Salisbury | $691 |
| 24 | Asheville | $681 |
| 25 | Kannapolis | $676 |
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Premium amounts are comparative as the garaging address in Raleigh can influence prices significantly.
The type of vehicle requiring coverage is one of the largest factors that determines if you can find the most economical insurance for 18 year olds. Vehicles with economical engines, a great safety record, or a track record of few liability claims will cost substantially less to insure than fast, unsafe models.
The data below features coverage prices for a selection of the most economical automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX 4-Dr Sedan | $3,551 |
| Ford Escape XLT 4WD | $3,590 |
| Honda CR-V EX-L 2WD | $3,597 |
| Toyota Prius | $3,870 |
| Jeep Wrangler Sport Islander Package 4WD 2-Dr | $3,936 |
| Honda Odyssey LX | $3,946 |
| Ford Explorer Eddie Bauer 2WD | $3,975 |
| Dodge Grand Caravan CV | $3,985 |
| Chevrolet Equinox LS 2WD | $4,213 |
| Chevrolet Impala LT | $4,223 |
| Jeep Grand Cherokee Laredo 4WD | $4,213 |
| Toyota RAV4 Limited 4WD | $4,221 |
| Ford Fusion S 4-Dr Sedan | $4,213 |
| Chevrolet Malibu LT | $4,255 |
| Hyundai Elantra Blue 4-Dr Sedan | $4,411 |
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Data based on single male driver age 18, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, and claim-free. Price information does not factor in Raleigh, NC location which can influence coverage rates considerably.
Looking at the data, cars like the Honda Accord, Ford Escape, and Honda CR-V are a few of the most affordable vehicles to insure for teen drivers. Rates will tend to be higher because of the fact that there is a higher risk for 18 year olds, but overall those models will probably have the best insurance prices compared to other types of vehicles.
The diagram below shows how choosing a deductible can affect insurance rates when quoting cheap insurance for 18 year olds. The rate quotes are based on a married male driver, comp and collision included, and no policy discounts are applied.
The data above shows that a 50-year-old driver could save $208 a year by changing from a $100 deductible up to a $500 deductible, or save $314 by switching to a $1,000 deductible. Even younger drivers, like the 20-year-old, could reduce their rates up to $692 every year just by choosing larger deductibles. When choosing a higher deductible, it will be required to have enough funds in savings to satisfy the extra out-of-pocket expense, which is the main drawback of higher deductibles.
Ratings for North Carolina car insurance companies
Choosing a high-quality insurance provider can be difficult considering how many companies provide coverage in North Carolina. The ranking information in the next section could help you choose which providers you want to consider when comparing auto insurance rates for 18 year olds.
The rankings below are only made up of the largest companies in the United States, so smaller companies will not be included in these rankings. If you’d like to compare prices from these top insurers and more, follow this link.
Top 10 Large Auto Insurance Providers in Raleigh Ranked by Value
- Travelers
- American Family
- AAA Insurance
- Safeco Insurance
- Progressive
- The Hartford
- The General
- 21st Century
- Esurance
- Titan Insurance
Types of discounts on Raleigh car insurance rates
Car insurance companies that provide policies for 18 year olds may also offer policy discounts that can lower rates by 35% or more if you meet certain criteria. Large car insurance companies and some of the premium reductions they offer can be found below.
- 21st Century offers discounts including teen driver, 55 and older, theft prevention, automatic seat belts, early bird, and student driver.
- Progressive may have discounts that include good student, online signing, online quote discount, continuous coverage, multi-policy, and homeowner.
- State Farm may include discounts for Steer Clear safe driver discount, anti-theft, safe vehicle, multiple autos, accident-free, and driver’s education.
- Nationwide offers discounts for good student, defensive driving, Farm Bureau membership, anti-theft, and family plan.
- Esurance has discounts for homeowner, Pac-12 alumni, safety device, anti-lock brakes, emergency road assistance, multi-car, and paid-in-full.
- The Hartford policyholders can earn discounts including good student, defensive driver, bundle, air bag, and driver training.
The example below illustrates the comparison of auto insurance rates with and without discounts. The information is based on a male driver, no violations or accidents, North Carolina state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with paid-in-full, passive restraint, anti-theft, paperless filing, continuous coverage, and good student discounts applied. When drivers qualify for the discounts, theaverage yearly reduction on car insurance for 18 year olds is 28% or $491.
Low rates can quickly become overpriced
North Carolina car insurance rates are calculated based on many things that control the cost of your policy. Simply having a birthday, moving to a different location, or getting a ticket for running a stop sign can produce rate changes resulting in some companies being cheaper than before.
In addition to those changes, insurers change premium rates as often as every quarter to ensure their profitability. Heavy losses can result in rate increases, while a lower level of claims may cause cheaper Raleigh car insurance rates.
For instance, the data below shows a variety of companies that have the cheapest car insurance in Raleigh, NC for a 40-year-old male driver with a good driving record, no prior claims, and solid credit. If we estimate prices based on his personal profile, Progressive has the cheapest car insurance rates in Raleigh at $717 annually. This is $155 less than the average premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and Penn National are the rest of the best Raleigh, NC auto insurance companies.
Now we will give the driver from the first set of rates a couple of claims, a little lower credit rating, and a speeding ticket. Since each auto insurer has their own unique process to set their prices, getting updated rate quotes will most likely result in a different set of the cheapest car insurance companies in Raleigh as shown below.
State Farm now has the best auto insurance rate in Raleigh, NC with GEICO, Auto-Owners, Erie, and Travelers also being competitive. This example illustrates why consumers need to do a thorough rate comparison when trying to get the most budget-friendly insurance rates for 18 year olds. Rates are made up of many things and change dramatically, so the best company the last time you shopped around may now be quite expensive.