North Carolina Auto Insurance Requirements
North Carolina has very tough auto insurance laws for both private and commercial vehicle owners. Minimum auto insurance coverage requirements in North Carolina are mandated by state law and the North Carolina Department of Insurance. The following minimum coverage is required on every registered vehicle, except as noted below:
(Source: North Carolina Department of Insurance)
Driving without the mandatory liability insurance in North Carolina will result in a $50 fine and 30 day suspension of driving privileges. Subsequent offenses may be subject to higher fines, reinstatement fees, and jail time.
The North Carolina Reinsurance Facility is available to drivers who are unable to obtain required coverage through the voluntary market. More information is available on the NCRF website.
Factors Influencing Car Insurance Premiums in North Carolina
Getting a quote for cheap car insurance in North Carolina requires some research and rate comparisons between different insurance companies, even though North Carolina ranks below national averages for car insurance costs. Some factors that impact insurance rates in North Carolina include:
– North Carolina is not a “no-fault” state, and does not require PIP insurance
– Vehicle repair costs are generally less expensive in North Carolina than elsewhere
– Overall accident fatality rates are above than national averages
– A higher percentage of uninsured drivers compared to national averages
– Auto insurance fraud
– Vehicle theft rates near national averages
The average auto insurance premium for residents in North Carolina is $1,154 in 2011; the national average is $1,790.
Tips for Obtaining Cheap Car Insurance in North Carolina
– If you’re over 55, take a state-approved defensive driving course for a policy discount
– Several insurance companies offer “pay as you drive” car insurance for low mileage drivers in North Carolina
– Maintain a good driving record
– Bind multiple policies (homeowners, life, auto) with the same provider
– Maintain a good credit score
– Create a personal “emergency fund” of up to $1500 and increase deductibles accordingly
– Discuss affinity discounts with your insurance provider
– Drop comprehensive and collision insurance on older vehicles
North Carolina Statistics
– Auto Theft: North Carolina has a relatively high vehicle theft rate, but it has been decreasing (as is the case in most states) consistently over the past 10 years. This can be attributed primarily to anti-theft devices being standard on recent model cars, as well as public awareness of the issue:
(Source: Auto Thiefs)
– Automobile Accidents: The total vehicle miles traveled in North Carolina has remained fairly constant in recent years, but vehicle accident fatality rates have declined. North Carolina is near the national average in numbers of deaths in car crashes.
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