More than 77% of Raleigh’s residents drive alone to work every day, and 40% own two cars. Raleigh drivers have car insurance that is less expensive than the national average. It costs $459 per annum for liability coverage, and $1,286 for full coverage.
Comparing quotes and shopping around for car insurance is a great way of saving even more on car insurance in Raleigh. Bankrate reviewed North Carolina insurance companies to determine the most affordable rates. This was done based on third party rankings and other criteria.
Raleigh’s best car insurance companies
We compared coverages, discounts and financial strength to find Raleigh’s best car insurance companies. Power Auto Insurance Study. Below is a table listing the top-performing companies.
|Insurance company||J.D. J.D.|
|Minimum coverage: Average annual premium||For full coverage, the average annual premium|
|Erie||871 / 1000||$446||$1,157|
|Geico||857 / 1000||$281||$797|
|North Carolina Farm Bureau||854 / 1000||$410||$1,085|
|State Farm||835 / 1000||$359||$929|
Erie offers auto, home, and other insurance policies to North Carolina residents for over 100 years. Erie is the only company that offers coverage for rideshare drivers. In addition, insureds can lock in their rate for as long as they want.
Erie is in the ninth place for North Carolina market share with 4.1% of drivers insuring cars with the company. Erie is ranked high in the Southeast region of the 2020 J.D. With 871 points, Erie is second in the 2020 J.D. Power Auto Insurance Satisfaction Study. Erie, a mid-size insurance company, is second in U.S. for purchasing experience. Insurance Shopping Study. Erie is also among the top 10 auto insurance companies, ranking seventh out of 24 spots in the 2020 J.D. Power Auto Claims Study.
Nearly everyone recognizes Geico’s gecko mascot. North Carolina drivers are more likely to insure their cars through Geico. The company holds 12.9% of the state’s market share. Geico offers a variety of discounts to keep your costs down and is the cheapest on this list.
Geico ranks fourth in Southeast region customer satisfaction with 857 points. However, it is first for large insurers in terms of purchase experience in the 2020 U.S. Insurance Shopping Study. Geico was one point behind the industry average on the 2020 Claims Satisfaction Study with 871 points.
North Carolina Farm Bureau
An annual membership fee is required to obtain North Carolina Farm Bureau car insurance. It comes with many benefits, including low rates for car, home, and health insurance. With 9.7% market share, the North Carolina Farm Bureau is a popular choice among Raleigh drivers. The agency has a location in every North Carolina county.
With a score of 854 in satisfaction in auto insurance, the North Carolina Farm Bureau was ranked sixth in the Southeast region rankings. Although the North Carolina Farm Bureau isn’t large enough to be included in the 2020 J.D Power Insurance Shopping Study and the Auto Claims Satisfaction Study (both are available online), it has a slightly higher than average complaint index with National Association of Insurance Commissioners.
State Farm holds 14.1% of North Carolina’s market share. State Farm offers North Carolina drivers a wide range of services, including rideshare coverage and 24/7 roadside assistance.
State Farm’s purchase experience is comparable to the industry average on 2020 J.D. The 2020 J.D. has rated State Farm as being on par with the industry average for purchase experience. It has 835 points in Southeast Region in the Auto Insurance Study. This puts it just below the industry standard. State Farm, however, is well above the industry average in the Auto Claims Satisfaction Study. It also has exceptional financial strength that shows it can pay any amount.
Raleigh has the lowest car insurance
Raleigh is home to the lowest cost of full coverage car insurance than any other area in North Carolina. Raleigh drivers pay an average $1,286 annually for full coverage. North Carolina averages $1,325 per annual. Rates for liability coverage are slightly higher in Raleigh, at $459 per annum, compared with North Carolina’s average rate which is $413 per annum. The average cost of car insurance in Raleigh and North Carolina is lower than the national average. It is $565 annually for liability coverage and $1,674 per year for full coverage.
To find the lowest rates on car insurance in North Carolina, we compared the most well-known carriers.
|Insurance company||Minimum coverage: Average annual premium||For full coverage, the average annual premium|
|All over the country||$388||$1,259|
Geico’s average premium for full and liability coverage is the lowest, while State Farm comes in second. All of the featured companies offer a variety of coverage options and discounts, with exceptional or better financial strength to cover claims. Erie doesn’t offer the ability to file claims online. However, you can track the progress of your claim.
Raleigh insurance requirements
- $30,000 per person for bodily injuries
- $60,000 per accident for bodily injury
- $25,000 per accident for property damage
North Carolina has additional requirements regarding uninsured motorist coverage. These include:
- $30,000 per person for bodily injury to uninsured motorist
- $60,000 per accident for bodily injury to uninsured motorist
- $25,00 for uninsured/underinsured motorist property damage
If you are at fault in North Carolina, you will be responsible for the bodily injury or property damage of others. Higher liability limits can protect you financially, compared to the state minimums. It may be worth getting quotes for 100/300/100 in order to avoid having to take out insurance. You may be required to have full coverage if you purchase a vehicle on a loan or lease.
Raleigh car insurance discounts
Ask about the various discounts offered by car insurance companies in Raleigh to keep your rates low. These are the top discounts available for Raleigh car insurance.
- Accident forgiveness: You may be eligible to receive a discount for accidents that have not occurred within the last three years. Your rates won’t increase if you are involved in an at-fault incident. This could result in substantial savings over the time you would have had to pay higher rates.
- Driving behavior discount: A telematics program offered by an insurance company could help you save money. You can either install a plug-in device in your car, or use an app to track your driving habits to potentially save big.
- Multiple policy discount: You may be eligible for a discount on both your car and home insurance if you insure them with the same company. If you have all of your insurance policies, it makes it easier to keep track.
- Discounts based on usage: While some companies offer flat rates regardless of how many miles you drive, others may offer lower rates for drivers who don’t put as many miles on their vehicles.
You can stack discounts together to get more savings.
Questions frequently asked
Which Raleigh car insurance company is best?
The best car insurer in Raleigh offers discounts that you are eligible for, as well as the right coverages for you and your family. Comparing multiple quotes will help you choose the right car insurance company.
Raleigh: Who is the most affordable car insurance?
When we compared premiums using the same methodology, Geico and State Farm had some of North Carolina’s lowest car insurance rates. Depending on your driving record and vehicle type, you might find lower car insurance elsewhere. To compare low-cost car insurance quotes, you can search for discounts and coverage options from multiple companies.
Raleigh: How much car insurance do you need?
Although you may not be legally required by law to carry the minimums, many Raleigh drivers purchase comprehensive and collision coverage in addition to liability limits to provide financial protection against potential out-of-pocket expenses if they are found at fault in an accident. Although full coverage is more expensive, it could be worthwhile, especially if your vehicle is newer.