Cheapest and Best Car Insurance in Greensboro, NC (2024)

Finding the right car insurance in Greensboro, North Carolina, starts with your unique needs. State Farm is the most affordable provider for minimum and full coverage car insurance. It also offers the lowest rates for families with teen drivers. For those prioritizing service, Erie stands out for customer satisfaction, while North Carolina Farm Bureau provides the best overall value in terms of price and service. Choose based on your preferences and coverage needs.

MoneyGeek found that State Farm offers the most affordable minimum coverage car insurance in Greensboro, a benefit for budget-conscious drivers looking for the cheapest car insurance. Here are the two providers with the lowest annual premiums:

• State Farm: $277 per year
• North Carolina Farm Bureau: $280 per year

Allstate offers the most expensive minimum coverage policy in Greensboro at around $963 annually. The significant $686 difference between the cheapest and most costly options underscores the value of comparing car insurance rates to ensure you're not overpaying. Smart shopping can lead to substantial savings on your auto insurance expenses.

In North Carolina cities like Greensboro, state laws determine car insurance minimums. Drivers must carry at least the mandated levels of coverage. Here are the required minimums:

• $30,000 bodily injury per person
• $60,000 bodily injury per accident
• $25,000 property damage liability per accident
• $30,000 uninsured motorist bodily injury per person
• $60,000 uninsured motorist bodily injury per accident
• $25,000 uninsured/Underinsured property damage coverage

If you’re at fault in an accident, and the other party's bodily injuries total $30,000, your minimum coverage policy will cover this amount for one person. If multiple people are injured, your policy would cover up to $60,000 for the entire accident. However, should costs exceed these limits, expect to pay out of pocket for the remainder.

MoneyGeek found that State Farm offers the cheapest full coverage car insurance in Greensboro.

• State Farm: $530 per year
• North Carolina Farm Bureau: $550 per year

Allstate has the most expensive full coverage policy in Greensboro, costing around $2,025 annually. The stark $1,495 difference between State Farm and Allstate highlights the value of comparing quotes to secure affordable full coverage, which tends to cost more than minimum coverage due to its comprehensive protection.

In addition to the higher liability thresholds, full coverage policies include comprehensive and collision insurance.

• Collision Insurance: This covers the repair or replacement costs of your car if it collides with another vehicle or an inanimate object like a tree or light pole. It also covers rollover accidents and pothole damage.

• Comprehensive Insurance: It provides financial protection against damages to your car that aren't collision-related, such as theft, vandalism, fires, natural disasters or being struck by an animal like a deer.

For owners of brand-new vehicles, opting for full coverage insurance is a prudent move to protect their substantial investment. However, this type of policy may not be economically feasible for owners of older cars due to the considerable additional cost. When calculating how much car insurance you need, it is imperative to balance the pros and cons: higher premiums for more extensive coverage against the risk of being underinsured with a lower coverage plan.

MoneyGeek found that the cheapest options in Greensboro for drivers with a poor driving record looking for a full coverage policy vary based on the offense. These are the most affordable options:

• Speeding Ticket: State Farm ($774 per year)
• At-Fault Accident: State Farm ($707 per year)
• DUI: North Carolina Farm Bureau ($1,973 per year)

Allstate has the highest premiums for drivers with DUIs and speeding tickets at $8,431 and $2,982, respectively. GEICO is the most costly option for those with an at-fault accident, with an average annual premium of $3,000. There's a notable difference of $1,199 between the cheapest annual rates after a speeding ticket with State Farm and the most expensive after a DUI with North Carolina Farm Bureau, demonstrating how the severity of an offense can influence car insurance premiums.

In Greensboro and across different cities, insurance rates generally escalate with the severity of a driving violation due to the increased risk assumed by insurers. For instance, a driver with a speeding ticket in Greensboro may see an average annual rate of $2,062, while a DUI offense can increase that figure to approximately $5,175. Consequently, this significant difference underlines the imperative for drivers with infractions to diligently compare insurance rates, as finding the most competitive policy can lead to substantial savings.

MoneyGeek found that State Farm offers the most affordable full coverage car insurance for families with teen drivers in Greensboro. For those in search of the cheapest car insurance for teens, here are the top two providers:

• State Farm: $1,179 per year for female and male teens
• Nationwide: $1,388 per year for female and male teens

These rates reflect the combined premium for a policy covering two parents and a teenage driver. In Greensboro, GEICO has the most expensive teen family policy at around $4,373 per year for both female and male teens. The difference of $3,194 between the cheapest and most costly options highlights the crucial importance of comparison shopping, particularly when adding higher-risk drivers like teenagers to a car insurance policy.

In Greensboro, teens independently purchasing car insurance face significantly higher premiums, averaging $3,205 annually, compared to a family policy's average annual premium of $2,511. This substantial difference is mainly due to insurers viewing young drivers as high-risk due to their inexperience, which statistically leads to a higher likelihood of filing a claim. Consequently, insurers often hesitate to approve individual policies for teenagers without the risk mitigation that comes from being included in family policy. Given this environment, teens and their families should carefully consider the financial benefits of shared policies.

MoneyGeek found that State Farm offers the cheapest car insurance for military backgrounds in Greensboro. For veterans and active-duty service members looking for cost-efficient options, consider the following insurers:

• State Farm: $530 per year
• North Carolina Farm Bureau: $550 per year

While USAA is not included in this study, it's worth noting that it does operate in North Carolina and is typically one of the more competitively priced options on a national scale. It is especially valued for its services that cater to the specific needs of active-duty military members.

In Greensboro, savvy drivers understand that comparing car insurance rates can lead to significant savings. Although traditionally, the comparison process might take upward of 15 minutes per insurer — or over an hour with at least three companies to consider — thorough evaluation is essential.

MoneyGeek's car insurance calculator expedites the endeavor by concentrating on critical factors influencing premiums. Inputting essential information such as age, driving history, credit score and coverage preferences yields quick rate estimates tailored to Greensboro drivers.

Finding the best auto insurance for you hinges on how you prioritize factors like service, cost and coverage. MoneyGeek's tailored research reveals that in Greensboro, the leading car insurance providers cater to a range of preferences, each scored distinctly for overall value, service quality and cost-effectiveness.

• Best overall: North Carolina Farm Bureau (MoneyGeek score 91 out of 100)
• Best for service: Erie (MoneyGeek score 85 out of 100)
• Best cheap: North Carolina Farm Bureau (MoneyGeek score 91 out of 100)

North Carolina Farm Bureau is the best choice for overall value and affordability in Greensboro, suggesting a combination of cost-efficiency and quality coverage. It is also the top choice for consumers seeking the most balanced option, delivering superior service and cost benefits. Erie excels in service, making it ideal for those seeking the finest customer experience.

MoneyGeek found that North Carolina Farm Bureau offers the best option in Greensboro for drivers seeking the best car insurance. The top insurance providers, according to their rankings, are:

• North Carolina Farm Bureau: MoneyGeek score of 91 out of 100 ($550 per year)
• Erie: MoneyGeek score of 88 out of 100 ($656 per year)

North Carolina Farm Bureau's outstanding combination of high satisfaction and affordability is the major contributor to its MoneyGeek score, which reflects the value and quality of its full coverage policy offerings.

MoneyGeek found that Erie is the best option in Greensboro for top-quality car insurance. It focuses exclusively on customer satisfaction, claims handling and coverages. This ranking is given irrespective of rates, showcasing the insurer's dedication to exceptional service and policy offerings.

• Erie: MoneyGeek score of 85 out of 100 ($656 per year)
• North Carolina Farm Bureau: MoneyGeek score of 84 out of 100 ($550 per year)

Erie achieved the highest overall MoneyGeek score, indicating superior service and comprehensive coverage options. It stands out in the coverage aspect, which is evident in the high coverage score that contributes significantly to its final MoneyGeek rating.

MoneyGeek found that North Carolina Farm Bureau is the top provider of budget-friendly car insurance in Greensboro. While prioritizing affordability, the MoneyGeek score also considers factors such as claims processing and overall customer satisfaction. This ensures that the recommended companies provide not just economic options but also quality service and reliability.

• North Carolina Farm Bureau: MoneyGeek score of 91 out of 100 ($280 per year)
• Erie: MoneyGeek score of 89 out of 100 ($319 per year)

North Carolina Farm Bureau combines the lowest average annual premium and a robust MoneyGeek score, making it the standout choice for a minimum coverage policy in Greensboro.

The average cost of car insurance in Greensboro is $1,034 per year. This value is $17 less than the North Carolina state average of $1,051 and $730 below the national average of $1,781.

Car insurance premiums are driven by various factors, including driving record, age, vehicle type and credit score. However, location plays a notable role. Fayetteville has the most expensive premium, around $1,308 per year, while Durham has the cheapest premium, around $914. This rate difference exemplifies the impact of location on insurance rates. Rural areas tend to have even lower rates due to decreased traffic density.