Who Has Affordable Durham Auto Insurance Rates for Electric Cars?

The vehicle model you are trying to insure is one of the biggest factors that determines if you can find low-priced coverage for electric cars. Vehicles with higher performance, poor safety ratings, or a high likelihood of having liability claims will cost more to insure than more modest models.

The data below illustrates car insurance prices for some of the most affordable vehicles to insure.

Cheapest Vehicles to Insure in Durham, NC
Insured Vehicle Estimated Cost for Full Coverage
Hyundai Elantra SE Touring Station Wagon $1,170
Ford F-150 STX Regular Cab 2WD $1,186
Honda CR-V LX 2WD $1,238
Ford Edge SE AWD $1,252
Ford Focus S 4-Dr Sedan $1,260
Chevrolet Silverado LT Extended Cab 4WD $1,278
Chevrolet Malibu LT $1,302
Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr $1,321
Ford Escape XLT 2WD $1,323
Toyota Prius $1,368
Hyundai Sonata SE 4-Dr Sedan $1,436
Kia Optima SX $1,460
Dodge Grand Caravan SXT $1,491
Ford Explorer Limited 4WD $1,497
Toyota Tacoma 2WD $1,538
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Price data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, claim-free, and multi-vehicle. Information does not factor in Durham, NC location which can decrease or increase premium rates noticeably.

Based on these rates, we can infer that cars like the Hyundai Elantra, Ford F-150, Honda CR-V, Ford Edge, and Ford Focus are likely to be some of the cheaper vehicles to insure for eco-friendly vehicles.

Finding out which insurers offer the best car insurance rates for electric cars involves more time in order to find the best price. Each insurance company has a proprietary method for determining rates, so we’ll take a look at the most affordable car insurance companies in North Carolina.

Lowest Insurance Price Quotes for EV’s

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Cheapest North Carolina car insurance ranked by price
Rank Company Cost Per Year
1 Progressive $658
2 Utica National $662
3 NC Farm Bureau $716
4 Liberty Mutual $728
5 Titan $729
6 Penn National $739
7 GEICO $750
8 State Farm $756
9 Auto-Owners $878
10 National General $881
11 Allied $892
12 Erie $904
13 Travelers $936
14 Peerless $972
15 Nationwide $1,001
16 MetLife $1,018
17 Encompass $1,041
18 Unitrin $1,042
19 Safeco $1,076
20 Allstate $1,097
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Progressive normally has some of the lowest car insurance rates in Durham at around $658 per year. Utica National, NC Farm Bureau, Liberty Mutual, and Titan would also be considered some of the more affordable Durham, NC insurance companies.

As shown in the rates above, if you are a policyholder with Liberty Mutual and switched to Progressive, you might achieve savings of approximately $70. Policyholders with Titan might save as much as $71 a year, and Penn National insureds might see rate reductions of $81 a year.

It’s important to note that these estimates are averages for all drivers and vehicles in North Carolina and and are not calculated with an exact zip code location for electric cars. So the company that is best suited for you may not even be in the list above. That illustrates why you need to get quotes using your own personal information and vehicle type.

Price comparison of only insuring for liability

Saving money on car insurance is important to the majority of vehicle owners, and a great way to reduce the cost of insurance for electric cars is to not insure for full coverage. The information below shows the difference between insurance rates with liability coverage only compared to full coverage. The premium estimates are based on no violations or accidents, $1,000 deductibles, single status, and no discounts are factored in.

As an overall average, comp and collision coverage costs an extra $1,053 per year more than just buying liability insurance. Many drivers may wonder if it’s a good idea to buy full coverage. There is no clear-cut formula of when to phase out comp and collision coverage, but there is a general guideline. If the yearly cost of full coverage is more than about 10% of any settlement you would receive from your insurance company, then you might consider buying liability only.

For example, let’s say your vehicle’s replacement cost is $10,500 and you have $1,000 physical damage deductibles. If your vehicle is totaled, the most you would receive is $9,500 after the deductible is paid. If premium cost is more than $950 annually for physical damage coverage, then you might want to consider buying only liability coverage.

Driving violations and accidents

The recommended way to obtain the best car insurance premiums for eco-friendly vehicles is to be a cautious driver and not get tickets or have accidents. The illustration below illustrates how violations and accident claims can drive up premium costs for each age group. The information is based on a married male driver, comprehensive and collision coverage, $100 deductibles, and no policy discounts are applied.

The data above shows the average cost of auto insurance in North Carolina per year with a clean driving record and no accidents is $1,367. Factor in one speeding ticket and the average cost swells to $1,564, an increase of $197 each year. Then add one accident along with the one speeding ticket and the annual cost of car insurance for electric cars jumps again to an average of $2,132. That’s an increase of $765, or $64 per month, just for not being attentive to the road!

Comparing rates can save you money

Durham, NC car insurance rates are determined by lots of factors that can increase the policy premium. Simply having another birthday, buying higher coverage limits, or getting a few speeding tickets can trigger price changes that can cause some rates to be more affordable than the competition. And not only may your rating factors change, but companies file new North Carolina car insurance rates every year to reflect underwriting profits or losses. Higher than normal claim frequency or severity can result in high rates, while a profitable period can result in lower-cost Durham car insurance rates.

To illustrate this example, the bar chart below shows which company has the cheapest car insurance in Durham, NC for a 45-year-old female driver with no prior accidents, a clean driving record, and solid credit. If we estimate rates based on her personal risk profile, Utica National may offer the most affordable car insurance rates in Durham at $750 a year. This is $122 less than the average rate paid by North Carolina drivers of $872. Progressive, Liberty Mutual, Titan, and NC Farm Bureau are the rest of the best Durham, NC auto insurance companies.

The chart below compares rates after we give the driver in the first chart a chargeable claim, poor credit, and a blemish on her driving record. Since each auto insurance company has their own unique process for setting rates, comparing rates may now present a different ranking of affordable companies as shown below.

GEICO now has the lowest price on auto insurance in Durham with State Farm, Auto-Owners, Progressive, and Travelers also having competitive pricing. This example demonstrates why consumers need to take the time to compare rates to find the most economical auto insurance rates for electric cars.

Rates can be altered by many different factors and can change without notice, so the most affordable company the last time you shopped around may now be wasting a lot of money.

The insurance agencies listed below can probably help you make a decision which policy fits your needs best, as many people would rather get some guidance when comparing insurance rates for eco-friendly vehicles. It can be time-consuming to find the cheapest auto insurance company, and getting professional guidance from a licensed agent can give satisfaction knowing your policy gives you sufficient coverage at claim time. To locate a Durham auto insurance agent near you, click the button below the list or click here to get price quotes now.

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