The cheapest car insurance provider can vary based on your driving profile. Nationwide is the cheapest company for drivers in the military, those with bad credit, seniors, those with sports cars and those with a speeding violation. Erie is the cheapest option for young adults, while State Farm offers the cheapest rates for teen drivers.
MoneyGeek also analyzed the best car insurance in Charlotte to help you find a balance between cost and quality service.
Cheapest Car Insurance in Charlotte, NC
Cheapest Minimum Coverage Car Insurance in Charlotte
The cheapest companies for minimum coverage car insurance in Charlotte are:
- Nationwide: $295 per year
- Erie: $392 per year
Allstate is the most expensive company for minimum coverage at $1,109 per year. As of October 2022, Nationwide also offers the cheapest car insurance in North Carolina at $295 per year for minimum coverage — the same as the rate for Charlotte.
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A minimum coverage policy in Charlotte includes coverage for bodily injury liability, property damage liability and uninsured motorists. The minimum limits required by North Carolina state law are:
- $30,000 bodily injury liability per person
- $60,000 bodily injury liability per accident
- $25,000 property damage liability per accident
- $30,000 uninsured motorist coverage per person
- $60,000 uninsured motorist coverage per accident
- $25,000 uninsured motorist property damage coverage per accident
With a minimum liability policy, your insurer will pay up to a maximum of $30,000 in medical expenses per person, with a maximum of $60,000 total if you are involved in an at-fault accident. You'll have to pay for any costs above these limits out of pocket.
Cheapest Full Coverage Car Insurance in Charlotte
The cheapest car insurance companies for full coverage in Charlotte are:
- Nationwide: $733 per year
- Erie: $762 per year
Allstate is the most expensive option for full coverage at $1,869 per year. Although it takes second place in Charlotte, Erie offers the cheapest full coverage car insurance in North Carolina at $629 per year. The cheapest company can vary by area as location is a key factor in determining car insurance rates.
A full coverage policy adds comprehensive and collision insurance to your liability coverage.
- Collision insurance: Covers damages to your vehicle caused by collisions with other vehicles or objects, such as trees, fences and light poles, and rollover accidents.
- Comprehensive insurance: Covers damages to your vehicle caused by non-collision incidents such as theft, vandalism, fire and severe weather events.
Full coverage policies cost hundreds of dollars more per year, and the extra cost may not be worth it if you have an older car with low value since you may end up paying more in premiums than the car is worth.
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Cheaper insurers could pocket you hundreds of dollars per year.
Cheapest Car Insurance in Charlotte After a Driving Offense
The cheapest auto insurance companies in Charlotte after a driving offense are:
- Speeding ticket: Nationwide ($1,043 per year)
- At-fault accident: Erie ($1,104 per year)
- DUI: National General ($2,371 per year)
Allstate is the most expensive option following a speeding ticket ($2,763), an at-fault accident ($2,359) and a DUI ($7,892).
Having a poor record significantly increases your car insurance rates. Even the cheapest rates for a poor record are still much higher than rates for a clean record.
Rates tend to increase for more severe violations and for a minimum of three to five years, so if you're looking for cheap car insurance for a bad record, you may have to pay more for serious offenses.
In Charlotte, drivers with a DUI can expect to pay around $3,097 more per year for car insurance, while those with a speeding ticket will only pay around $551 more.
To avoid paying more after your first at-fault accident, include accident forgiveness on your auto insurance policy. If you have a clean motor vehicle record and then are involved in an at-fault accident, this coverage stops your premium from going up. You can get accident forgiveness from many companies, and if you maintain a clean record for a set period, some companies, such as GEICO, award it at no cost to you. — Mark Friedlander, Director, Corporate Communications, Insurance Information Institute
Cheapest Car Insurance in Charlotte for Teens and Their Families
The cheapest car insurance companies in Charlotte for teens on a family policy are:
- State Farm: $1,657 per year for male and female teens
- Nationwide: $1,716 per year for male and female teens
GEICO is the most expensive company for teens on a family policy at $5,147 per year for both male and female teens.
Car insurance for teens is much more expensive if they purchase an individual policy, so a family policy is the best option for cheap teen car insurance. Plus, if the teen is under 18, in most cases, they cannot legally purchase auto insurance without a parent or guardian as a co-signer.
Teen drivers in Charlotte who purchase an individual policy pay $3,119 per year — $538 more than what they pay when added to a family policy.
Cheapest Car Insurance in Charlotte for Military Drivers
The cheapest car insurance companies in Charlotte for drivers with a military background are:
- Nationwide: $733 per year
- Erie: $762 per year
USAA is also a good option for veteran and active-duty military families since it tailors its services to military personnel.
If you're looking for cheap military car insurance, Nationwide and Erie also offer the cheapest rates for minimum coverage at $295 and $392 per year, respectively.
How to Compare Cheap Charlotte Car Insurance Quotes Online
Getting a car insurance quote online in Charlotte will require you to enter a lot of personal details, and the process can take more than 15 minutes.
You can use MoneyGeek’s car insurance calculator to get a quick estimate based on just your age, driving background, coverage level and vehicle type.
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Cheapest Car Insurance in Charlotte for Young Adults
The cheapest car insurance for young drivers in Charlotte purchasing a full coverage policy is offered by:
- Erie: $780 per year
- Nationwide: $851 per year
Allstate has the most expensive rates for young adults at $2,081 per year. The average car insurance rate for 25-year-olds in Charlotte is $1,171 per year, which is $83 more than the average rate for 40-year-olds. Young adults typically pay slightly higher rates than middle-aged drivers as they're less experienced drivers.
Cheapest Car Insurance in Charlotte for Seniors
The cheapest full coverage car insurance for senior drivers in Charlotte is offered by:
- Nationwide: $593 per year
- Erie: $749 per year
Allstate is the least affordable provider for senior drivers in Charlotte at $1,614 per year. MoneyGeek found the average cost of car insurance for 65-year-old drivers in Charlotte is $1,059 per year, which is $29 cheaper than rates for 40-year-old drivers. That's not the norm, as higher accident frequency usually causes rates for seniors to be more than what middle-aged drivers pay.
Cheapest Car Insurance in Charlotte for Poor Credit
The cheapest car insurance for drivers with bad credit purchasing a full coverage policy in Charlotte is offered by:
- Nationwide: $885 per year
- Erie: $1,035 per year
Allstate is the most expensive company for drivers with poor credit at $3,196 per year. In Charlotte, the average cost of car insurance if you have bad credit is $1,604 per year, which is $517 more than the average rate for good credit ($1,088). That's an increase of 48%.
Insurance companies have found that drivers with bad credit are more likely to file claims, so they charge them more due to the increased risk. However, even with bad credit, you can take steps to lower your premium, such as by comparing quotes from different providers, searching for discounts and bundling policies. You will also get better rates in the future if you improve your credit score over time.
Cheapest Car Insurance in Charlotte for Sports Cars
The cheapest car insurance for drivers with sports cars and a full coverage policy in Charlotte is offered by:
- Nationwide: $812 per year
- State Farm: $998 per year
Allstate is the most expensive company for full coverage if you have a sports car at $1,985 per year. Car insurance for a sports car in Charlotte costs an average of $1,265 per year, which is $160 or 14% more than the rate for a standard vehicle.
MoneyGeek’s sample sports car for this analysis was a Ford Mustang, but rates may vary for other sports car models. Sports cars, electric and luxury vehicles are generally the most expensive models to insure due to the high cost of repairing or replacing them in case of damage.
Average Cost of Car Insurance in Charlotte
Car insurance in Charlotte costs an average of $1,032 per year for a full coverage policy with $100,000 in bodily injury liability per person, $300,000 in bodily injury liability per accident and $100,000 in property damage liability per accident.
Charlotte drivers pay $171 more compared to the average cost of car insurance in North Carolina. However, rates in Charlotte are cheaper than the average national cost of car insurance. Location is one of the factors that impact car insurance rates — compared to cities like Raleigh, Durham and High Point, rates in Charlotte are more expensive.
About Mark Fitzpatrick