Charlotte's annual average rate for auto insurance is $939, more expensive than the average in North Carolina. The cheapest company is Nationwide, with an average price of $647 per year. MoneyGeek evaluated the cheapest companies by coverage level and type of driver. Additionally, MoneyGeek recommended the best companies based on quality and cost.
Compare the Cheapest Car Insurance Quotes in Charlotte, NC
The Cheapest and Best Car Insurance in Charlotte
The Cheapest Car Insurance Companies in Charlotte
The most affordable options for a full coverage auto insurance policy in Charlotte are:
- Nationwide: $647 per year
- Erie: $781 per year
Drivers in Charlotte can sign up for a car insurance policy for as little as $647 on average, per year, from Nationwide. Similar coverage can go for nearly twice as much if you acquire auto insurance from Progressive or MetLife, which costs an average of $1,208 and $1,213, respectively.
The prices indicated in this study are based on MoneyGeek’s sample driver profile for a 40-year-old male driver with a full coverage policy and comprehensive and collision insurance.
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Average Cost of Car Insurance in Charlotte
The annual car insurance rate in Charlotte is $939 on average, which is about 11.7% more expensive than the state’s $841 average annual premium. However, when you compare it with the national average of $1,424 per year, car insurance premiums in Charlotte are around 34% cheaper than elsewhere in the country.
The Best Car Insurance Companies in Charlotte
If you’re looking for a balance of affordability and quality service, MoneyGeek recommended the best companies in Charlotte based on a unique scoring system. The top insurance providers for most drivers are:
- Erie: MoneyGeek score of 93 out 100
- Auto-Owners: MoneyGeek score of 90 out 100
USAA received the highest score in Charlott by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
The final scores, which are out of 100, are based on J.D. Power user satisfaction, affordability and financial stability ratings.
Personalized Quotes to Get You the Cheapest Car Insurance in Charlotte
How expensive your premium will be depends on a lot of factors, including your marital status, age and driving history. For that reason, you must get a personalized insurance quote so that you get the most accurate rate for you. Additionally, when you get a personalized quote as your situation changes, you may enjoy discounts and rebates.
Shopping around for car insurance in Charlotte could save you $292, which is enough to buy:
Cheapest Car Insurance in Charlotte by Coverage Amount
The cost of car insurance in Charlotte and elsewhere depends on different factors. One of these is the amount of coverage you buy. In Charlotte, a state minimum liability-only policy costs $500 on average. A full coverage policy with higher liability limits typically costs $939 per year, a difference of $439.
North Carolina Minimum Liability Requirements
- Bodily Injury and Property Damage$30,000 per person, $60,000 per accident and $25,000 for property damage. A more protective level is 100/300/100.
- Uninsured Motorist$30,000 per person, $60,000 per incident and $25,000 for property damage. The minimum coverage may not be enough if you're in a serious accident.
Some drivers might be thinking of getting only the state-minimum liability policy, rather than full coverage, to save money. However, it’s best to compare the protection you’ll receive with each plan. For instance, State Farm’s 50/100/50 liability-only coverage costs $511 per year, while its 100/300/100 full coverage costs $799. For an average difference of $204 in annual premiums, you’ll get $100,000 for personal injury coverage (up to $300,000 per vehicle) and $100,000 for property damages.
Average Car Insurance Premiums: Liability-Only vs. Full Coverage
- CompanyState Minimumper year50 / 100 / 50per year
- 3.North Carolina Farm Bureau$441$491
- Company50 / 100 / 50per year100 / 300 / 100per year
- 3.North Carolina Farm Bureau$736$815
Cheapest Car Insurance in Charlotte if You Have Driving Violations
Drivers who have violations on their record are likely to pay higher rates for car insurance in Charlotte. While MetLife will not charge you more for having a speeding ticket, its premium costs an average of $719 more annually if you are at fault in an accident compared to when you have no violations. If you have a DUI, the premium is an average of $3,492 more expensive per year than it would be if you had a clean record.
- CompanySpeeding Ticketper yearAt-Fault Accidentper yearDUIper year
- 2.North Carolina Farm Bureau$1,177$1,177$3,053
Average Cost of Car Insurance by Postal Code
In Charlotte, ZIP code is also a factor that can affect car insurance rates. ZIP code 28215 is the most expensive part of the city for auto coverage at an average of $1,094 a year. That’s around $302 more expensive than the cheapest ZIP code, which is 28269. This difference likely means that 28215 has more accidents, thefts or uninsured drivers compared to the rest of the ZIP codes in the city.
- Zip CodeState Minimumper year
Top Agents Offering Affordable Car Insurance in Charlotte
Factors That Impact Insurance Costs in Charlotte
In addition to individual driver needs and history, location-specific factors like the percentage of uninsured motorists and the rate of fatal accidents also contribute to car insurance rates in Charlotte. How Charlotte ranks compared to the 300 most populous cities in the United States can have a significant impact on premium costs.
Methodology and Assumptions
MoneyGeek’s average premium rates for Charlotte are based on 100/300/100 comprehensive collision coverage with a $1,000 deductible for a 40-year-old male driver. The average driver profiled drives a 2010 Toyota Camry LE and has no tickets or accidents on their record. Additional premiums are added based on coverage type, location and driving record. Learn more about MoneyGeek’s data and methodology here.
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