Who Has the Cheapest Auto Insurance Rates for Teenage Males in Raleigh?

For teen boys, one of the largest factors that are looked at to help calculate the price you pay for insurance is where you live. Areas with a lot of weather claims or more people are more likely to pay higher prices, whereas more rural areas receive better rates.

The next table shows the most expensive places in North Carolina for teenage males to purchase auto insurance in. Raleigh comes in at #7 with an annual cost of $767 for the average insurance policy, which is approximately $64 monthly.

Information shown are approximated as vehicle location can increase or decrease rates considerably.

The vehicle model you are insuring is probably the biggest factor when comparison shopping for economical auto insurance for teenage males. Vehicles with high performance, a lack of safety features, or high incidents of liability claims will cost quite a bit more to insure than safer, lower-performance models. The next table shows auto insurance prices for a selection of the most economical automobiles to buy insurance for.

Cost estimates assume single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, and claim-free. Table data does not factor in specific garaging location which can raise or lower auto insurance rates significantly.

Based upon these rates, makes and models like the Honda Accord, Honda CR-V, Hyundai Elantra, and Ford Escape will definitely be some of the cheaper vehicles to insure for teen boys. Car insurance rates will tend to be higher because of the fact that there is a higher risk for teenage males, but generally speaking those specific models will most likely have the best insurance prices compared to other vehicles.

Trying to find affordable car insurance is not most people’s favorite thing to do, and figuring out which companies have the lowest-priced car insurance rates for teenage males involves a bit more work. Each insurer uses a different method to determine rates, so we’ll go over the most budget-friendly car insurance companies in Raleigh, NC.

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Utica National normally has some of the most affordable car insurance rates in Raleigh at around $636 per year. This is $236 less than the average price paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and GEICO would also be considered some of the more affordable Raleigh, NC auto insurance companies.

In the above rates, if you are a policyholder with GEICO and switched to Progressive, you could earn savings of in the neighborhood of $70. Insureds with Titan might save as much as $79 a year, and Penn National insureds might lower prices by up to $89 a year.

To see if your current coverage is too expensive, click here to begin a quote or click through to the companies below.

Understand that those rates are averages across all ages of drivers and types of vehicles and do not take into consideration a vehicle location for teenage males. So the auto insurance company that fits you best may not even be in the top 20 companies shown above. That underscores the importance of why you need to compare rates from multiple companies using your own driver data and vehicle information.

Do you need full coverage?

Saving money on car insurance should be important to the majority of drivers, and one way to find cheaper insurance for teenage males is to buy liability only. The chart below illustrates the difference between insurance premiums with full coverage compared to only the North Carolina minimum liability coverage. The premiums are based on a clean driving record, no at-fault accidents, $500 deductibles, single status, and no discounts are taken into consideration.

If the expense is averaged for all age categories, physical damage coverage on your policy costs $1,598 per year over and above liability coverage. That is a large expense and it proposes the question when is it a good idea to stop buying full coverage. There is no definitive rule to exclude comp and collision coverage, but there is a general guideline you can use. If the yearly cost for physical damage coverage is about 10% or more of replacement cost minus your deductible, the it may be a good time to stop paying for full coverage.

Impact of violations and accidents on rates in Raleigh

One of the best ways to get the most affordable car insurance prices in Raleigh for teen boys is to be a safe driver and avoid accidents and traffic citations. The illustration below demonstrates how speeding tickets and accidents influence annual premium costs for different age groups. The data assumes a married male driver, full physical damage coverage, $500 deductibles, and no additional discounts are factored in.

In the previous example, the average cost of a car insurance policy in North Carolina per year with no accidents or violations is $1,362. Get one speeding ticket and the average cost jumps to $1,564, an increase of $202 each year. Next add two accidents along with the one speeding ticket and the 12-month cost of car insurance for teenage males jumps again to an average of $3,381. That’s an increase of $2,019, or $168 per month, just for being a little careless behind the wheel!

The diagram below demonstrates how choosing different deductibles can influence annual premium costs when getting quotes for cheap insurance for teenage males. The rates are based on a married female driver, comp and collision included, and no discounts are applied.

A 50-year-old driver could pocket $230 a year by changing their physical damage coverage from a $100 deductible to a $500 deductible, or save $344 by selecting a $1,000 deductible. Even younger drivers, such as the 20-year-old chart data, have the ability to save $568 every year by choosing a higher deductible. When raising deductibles, it is important to have plenty of savings on hand to be able to pay the extra out-of-pocket expense. That is the one drawback of using higher deductibles.

Why you should be shopping around

Raleigh, NC car insurance rates are based on many factors that control the price of coverage. Simply having a birthday, filing a claim, or getting a ticket for running a stop sign may prompt premium changes that can now make some companies more affordable than competitors.

In addition to those changes, car insurance companies change the rates they charge in North Carolina without warning to ensure their profitability. Heavy losses may result in increased policy costs, while lower claim expenses may result in lower-cost Raleigh car insurance rates.

For instance, the graph below shows the cheapest car insurance in Raleigh, NC for a 40-year-old female driver with no prior accidents, a clean driving record, and good credit. If we compare prices based on her current situation, Progressive may have the most affordable car insurance rates in Raleigh at $727 a year. This is $145 less than the average premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, NC Farm Bureau, and GEICO are the remaining best Raleigh, NC auto insurance companies.

The example below compares rates after we give the driver from the first set of rates a chargeable claim, a lower credit rating, and a few traffic violations. Due to the fact that each insurance company has their own formula for setting prices, analyzing rates most likely will result in a different ranking of the cheapest Raleigh car insurance companies as shown below.

Penn National now has the best price in Raleigh with State Farm, Auto-Owners, Utica National, and National General also being competitive. This illustrates why North Carolina drivers need to shop around to find cheap car insurance rates for teenage males. Insurance prices are determined by many risk factors and can change without notice, so the most economical option when you last compared rates may now be an over-priced policy.

If you aren’t sure which coverage you need and prefer to get some professional input when shopping for the best coverage for teenage males, the insurance agencies below can most likely help you make a decision which coverages are best.

To locate a Raleigh car insurance agency nearest to you, click the button after the list or click here to compare prices now.

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