How many times have you put off comparing quotes for lower-priced Chevy Aveo insurance in Durham? Have you finally had enough of sacrificing each month for insurance? Your situation is no different than many other consumers in North Carolina.
Statistics show that nearly 70% of customers have remained with the same insurance company for over three years, and 38% of drivers have never compared rates with other companies. With the average insurance premium being $1,847, American drivers could save an average of $860 each year by just shopping around, but they just don’t understand the benefits if they switched. Due to the fact that there are so many insurance companies to choose from, it is hard for the average consumer to choose the cheapest insurance provider.
The companies in the list below are our best choices to provide price quotes in Durham, NC. To buy cheap auto insurance in Durham, we suggest you visit several of them to get the most competitive price.
Chevy Aveo insurance rate analysis
The premium information shown below highlights different insurance policy prices for Chevy Aveo models. Learning how car insurance premiums are determined can aid in making decisions when choosing a new policy provider.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Aveo LS 4-Dr Hatchback | $178 | $308 | $326 | $20 | $98 | $930 | $78 |
| Aveo LS 4-Dr Sedan | $178 | $308 | $326 | $20 | $98 | $930 | $78 |
| Aveo LT 4-Dr Hatchback | $202 | $308 | $326 | $20 | $98 | $954 | $80 |
| Aveo LT 4-Dr Sedan | $202 | $308 | $326 | $20 | $98 | $954 | $80 |
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Data rating is based on single male driver age 30, no speeding tickets, no at-fault accidents, $500 deductibles, and North Carolina minimum liability limits. Discounts applied include multi-vehicle, safe-driver, homeowner, multi-policy, and claim-free. Table data does not factor in specific zip code location which can alter auto insurance rates greatly.
Choosing deductibles
One of the hardest decisions when shopping for auto insurance is how high should your deductibles be. The premium rates below highlight the price difference between high and low coverage deductibles. The first set of rates uses a $100 comprehensive and collision deductible and the second set of prices uses a $500 deductible.
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Aveo LS 4-Dr Hatchback | $214 | $456 | $250 | $14 | $74 | $1,033 | $86 |
| Aveo LS 4-Dr Sedan | $214 | $456 | $250 | $14 | $74 | $1,033 | $86 |
| Aveo LT 4-Dr Hatchback | $242 | $456 | $250 | $14 | $74 | $1,061 | $88 |
| Aveo LT 4-Dr Sedan | $242 | $456 | $250 | $14 | $74 | $1,061 | $88 |
| Get Your Own Custom Quote Go | |||||||
| Model | Comp | Collision | Liability | Medical | UM/UIM | Annual Premium | Monthly Premium |
|---|---|---|---|---|---|---|---|
| Aveo LS 4-Dr Hatchback | $156 | $308 | $250 | $14 | $74 | $802 | $67 |
| Aveo LS 4-Dr Sedan | $156 | $308 | $250 | $14 | $74 | $802 | $67 |
| Aveo LT 4-Dr Hatchback | $176 | $308 | $250 | $14 | $74 | $822 | $69 |
| Aveo LT 4-Dr Sedan | $176 | $308 | $250 | $14 | $74 | $822 | $69 |
| Get Your Own Custom Quote Go | |||||||
Prices above based on married male driver age 30, no speeding tickets, no at-fault accidents, and North Carolina minimum liability limits. Discounts applied include safe-driver, multi-vehicle, claim-free, homeowner, and multi-policy. Premium costs do not factor in specific garaging location which can change coverage rates substantially.
Based on the above data, using a $100 deductible costs approximately $19 more each month or $228 annually averaged for all Aveo models than selecting the higher $500 deductible. Because you would pay $400 more out-of-pocket with a $500 deductible as compared to a $100 deductible, if you normally average at least 21 months between claim filings, you would most likely save money if you opt for a higher deductible.
How to determine if a higher deductible is a good idea
| Average monthly premium for $100 deductibles: | $87 |
| Average monthly premium for $500 deductibles (subtract): | – $68 |
| Monthly savings from raising deductible: | $19 |
| Difference between deductibles ($500 – $100): | $400 |
| Divide difference by monthly savings: | $400 / $19 |
| Number of months required between physical damage coverage claims in order to save money by choosing the higher deductible | 21 months |
One thing to note is that raising deductibles results in having to pay to pay more out-of-pocket at claim time. It will be required that you have enough disposable savings in the event you need to pay the deductible to have repairs made.
Careless driving habits raise auto insurance rates
The chart below highlights how speeding tickets and at-fault accidents can affect Chevy Aveo insurance rates for each different age group. The data is based on a single female driver, comp and collision included, $100 deductibles, and no discounts are applied.
Cost difference between full coverage and liability
The diagram below shows the difference between Chevy Aveo annual premium costs with liability coverage only compared to full coverage. The rates are based on no accidents or driving violations, $1,000 deductibles, single status, and no discounts are applied to the premium.
When to buy liability coverage only
There is no definitive formula to stop buying physical damage coverage, but there is a general convention. If the annual cost of coverage is about 10% or more of the replacement cost minus the deductible, then you might consider buying liability only.
For example, let’s assume your Chevy Aveo replacement cost is $9,000 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company would pay you is $8,000 after paying your deductible. If premium cost is more than $800 a year for physical damage coverage, the it may be a good time to stop paying for full coverage.
There are a few cases where dropping full coverage is not financially feasible. If you have an outstanding loan on your vehicle, you have to keep full coverage to satisfy the loan requirements. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should not consider dropping full coverage.
Protect more than your Chevy vehicle
Despite the high insurance cost for a Chevy Aveo in Durham, maintaining insurance may not be optional for several reasons.
- The majority of states have mandatory liability insurance requirements which means state laws require specific limits of liability coverage in order to be legal. In North Carolina these limits are 30/60/25 which means you must have $30,000 of bodily injury coverage per person, $60,000 of bodily injury coverage per accident, and $25,000 of property damage coverage.
- If you have a lien on your Aveo, almost every bank will have a requirement that you have physical damage coverage to guarantee payment of the loan. If you let the policy lapse, the bank or lender will purchase a policy for your Chevy at an extremely high rate and require you to fork over for the expensive policy.
- Insurance safeguards both your vehicle and your assets. It also can pay for medical bills that are the result of an accident. Liability coverage will also pay to defend you if anyone sues you for causing an accident. If your vehicle suffers damage from an accident or hail, comprehensive (other-than-collision) and collision coverage will cover the repair costs.
The benefits of having auto insurance definitely exceed the cost, especially for larger claims. The average driver in North Carolina is currently overpaying as much as $850 per year so it’s very important to do a rate comparison every year to make sure the price is not too high.
Informed Drivers Save on Insurance
It’s important that you understand some of the elements that help determine your premiums. When you understand what controls the rates you pay, this empowers consumers to make smart changes that can help you get better insurance rates. Many different elements are used in the calculation when pricing auto insurance. Some factors are common sense such as your driving history, although some other factors are not as apparent like where you live or your commute time.
Rates may be lower depending on your employer – Did you know your insurance rates can be affected by your occupation? Jobs such as lawyers, airline pilots, and accountants tend to pay higher rates than the rest of us because of stressful work requirements and extremely grueling work hours. Other careers like actors, athletes and the unemployed have the lowest average rates.
Protect yourself with liability coverage – Your policy’s liability coverage is the protection when a jury decides you are liable for causing damage or personal injury in an accident. This coverage provides you with a defense in court which can be incredibly expensive. Liability insurance is pretty cheap when compared to the cost of physical damage coverage, so drivers should buy more than the minimum limits required by law.
How credit score affects insurance premiums – Having a bad credit score can be a huge factor in calculating your premium rate. So if your credit leaves room for improvement, you could pay less to insure your Chevrolet Aveo by repairing your credit. Drivers with very good credit scores tend to file fewer claims and have better driving records as compared to drivers with poor credit.
Insurance companies don’t like frequent claims – If you frequently file small claims, you can expect much higher rates or policy non-renewal. Companies in North Carolina provide cheaper rates to drivers that do not abuse their auto insurance. Auto insurance is intended for the bigger claims that can’t be paid out-of-pocket.
Raise coverage deductibles and save – Your deductibles define the amount the insured will be required to pay if the claim is covered. Physical damage protection, commonly called comprehensive (or other-than-collision) and collision coverage, covers damage that occurs to your car. Examples of covered claims are colliding with a stationary object, damage caused by hail, and damage from wind. The more damage repair cost you are required to pay out-of-pocket, the lower your rates will be.
Where you live can modify rates – Choosing to live in less populated areas of the country has it’s advantages when talking about insurance. Drivers who live in large cities tend to have congested traffic and much longer commute distances. Less people corresponds to lower accident rates in addition to lower liability claims.
Getting married can save you money – Being married can get you a discount on your insurance policy. It demonstrates that you tend to be more mature and responsible and statistics prove married drivers tend to file fewer claims.
Different people need different insurance coverages
When quoting and choosing your policy, there really isn’t a single plan that fits everyone. Everyone’s needs are different.
For instance, these questions could help you determine if your insurance needs will benefit from professional help.
- Can I make deliveries for my home business?
- Does coverage follow the driver or the vehicle?
- Can I still get insurance after a DUI?
- Do I benefit by insuring my home with the same company?
- I have good health insurance, so how much medical payments coverage do I need?
- Do I need medical payments coverage since I have good health insurance?
- Can my teen driver be rated on a liability-only vehicle?
- How much liability do I need to cover my assets?
If you can’t answer these questions but you know they apply to you then you might want to talk to a licensed agent. If you don’t have a local agent, fill out this quick form. It is quick, free and you can get the answers you need.
Ratings for North Carolina car insurance companies
Selecting a high-quality auto insurance provider can be rather challenging considering how many companies sell coverage in North Carolina. The rank data below could help you decide which auto insurance companies you want to consider when comparing rate quotes.
Top 10 Durham Car Insurance Companies by A.M. Best Rank
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Titan Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
- Allstate – A+
Top 10 Durham Car Insurance Companies Ranked by Claims Service
- Travelers
- Nationwide
- Allstate
- State Farm
- Liberty Mutual
- GEICO
- American Family
- Esurance
- Titan Insurance
- AAA Insurance
Persistence pays off
Drivers switch companies for a number of reasons such as extreme rates for teen drivers, high rates after DUI convictions, policy non-renewal or even delays in responding to claim requests. It doesn’t matter what your reason, choosing a new insurance company is pretty simple and you could end up saving a buck or two.
As you prepare to switch companies, it’s not a good idea to sacrifice coverage to reduce premiums. There are a lot of situations where an insured cut collision coverage only to regret at claim time that saving that couple of dollars actually costed them tens of thousands. The proper strategy is to buy enough coverage at a price you can afford, but do not sacrifice coverage to save money.
Lower-priced Chevy Aveo insurance in Durham is possible online and also from your neighborhood Durham agents, so get free Durham auto insurance quotes from both of them to get a complete price analysis. Some insurance providers don’t offer rate quotes online and many times these small, regional companies provide coverage only through independent agencies.
Steps to quoting cheaper Chevy Aveo insurance in Durham
To save the most money, the best way to find the cheapest price for Chevy Aveo insurance in Durham is to compare prices annually from insurance carriers that sell auto insurance in North Carolina.
First, try to learn about coverages and the modifications you can make to prevent high rates. Many factors that increase rates like careless driving and a bad credit score can be remedied by improving your driving habits or financial responsibility.
Second, obtain price quotes from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can only quote rates from one company like GEICO or Allstate, while independent agents can provide price quotes for many different companies. Find a Durham insurance agent
Third, compare the new rate quotes to your current policy to see if switching to a new carrier will save money. If you find a better price and change companies, ensure there is no coverage lapse between policies.
One thing to remember is to compare identical limits and deductibles on every price quote and to quote with as many different insurance providers as possible. This guarantees a fair rate comparison and the most accurate and complete price analysis.
To read more, feel free to browse these articles:
- State Laws for Cellphones and Texting (iihs.org)
- Self-driving cars won’t replace humans (Insurance Institute for Highway Safety)
- Determining Your Vehicle’s Value and Repair Cost (Insurance Information Institute)
- Drunk Driving Statistics (Insurance Information Institute)
- Help Your Teen Be a Better Driver (State Farm)