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Auto Insurance in North Carolina
Getting auto insurance in NC might seem like an option more than a need, especially when you’re strapped for cash. It’s a decision that every motorist in North Carolina needs to go through, however; driving without a valid car insurance is illegal and can have serious consequences, both with the law and the people you injure if you get into an accident.
Being accountable for a car accident you caused on the road depends largely on purchasing the right car insurance. Determining the auto insurance that’s right for you depends on several factors. These include your financial situation, the age and condition of your vehicle, your desired level of coverage, and more.
At Amistad Insurance Services, we will guide you through the process and help you find the best auto insurance in North Carolina. We will discuss all the options,so you can maximize your coverage.
Auto Insurance Requirements in North Carolina
If you cause a vehicular accident while driving, insurance is your best friend. After all, it covers the cost of any medical treatment and property damage that resulted from the accident, so you don’t have to pay right out of your pocket. It also provides legal protection and preserves your vehicle’s value.
Auto insurance in North Carolina is divided into four types of coverage. This includes:
Registered cars in North Carolina are required to have their own liability insurance. The policy pays for bodily injury, property damage,and other supplementary payments that an individual is legally responsible for.
- Bodily injury liability – Bodily injury liability coverage pays for the costs related to the other person’s physical injuries. This includes medical expenses, pain and suffering, and income loss. The minimum liability coverage is $30,000 per person per accident.
- Property damage liability – Property damage covers the cost of damage from someone else’s car or property in an accident you were found guilty of causing. The coverage limit is $60,000 total per accident. Additionally, the insurance pays for damaged vehicles and other properties like houses, fences, or lamp posts.
- Supplementary payments – Apart from stated limits of liability, this part of the policy includes bail bonds, emergency first aid, loss of earnings, and more. The coverage entail an amount of$25,000 per accident.
Coverage for Automobile Damage
Physical damage coverage protects your car during a collision. With the right insurance, you’ll receive a payment for your vehicle’s market value. More than collision coverage, it can also include payments for damage caused by fire, falling objects, flood, theft, and other causes of vehicle damage.
Medical Payments Coverage
The coverage pays for medical or funeral expenses following an accident. This includes you, your family, and anyone else involved in the accident.
Uninsured/Underinsured Motorists Coverage
Unlike normal car insurance, uninsured motorists are only entitled to bodily and property damage. Underinsured motorist coverage, meanwhile, only includes coverage for bodily injuries.
The North Carolina Reinsurance Facility
The North Carolina Reinsurance Facility (NCRF) was created in 1973 to ensure that all drivers have the right to purchase their own liability insurance. All companies offering an auto insurance in North Carolina are a part of the NCRF. The goal of the NCRF is to distribute losses equally among insurer members to offset the high-risk policies taken on by high-risk drivers.
Insurance companies have prescribed maximum coverage limits for facility policy holders to keep risks low. These include:
- Bodily injury liability - $30,000 per person per accident and a $60,000total per accident
- Property damage liability - $25,000 per accident
- Medical payments - $2,000
- Uninsured drivers - $1,000,000
Getting an Insurance as a High-Risk Driver
High-risk drivers with a poor driving record are also entitled to an auto insurance NC policy. They can, in fact, turn to the NCRF for assistance. Unlike their non-risk counterparts, however, high-risk motorists need to pay for higher premiums.
Determining Insurance Rates
A lot of factors come into play when it comes to identifying insurance rates or premiums. Often, insurance companies evaluate several factors to see whether your meet its guidelines. Some of the factors considered include:
- Driving record – Driving records play a significant role in identifying your insurance premium. Accidents and violations like DUI charges and accident claims can potentially lead to higher rates.
- Location – Different factors in your area like the vehicle and population density, hospital and medical costs, road conditions, the number and frequency of accident claims, and crime rates play a big part in determining your insurance rates. On top of that, urban areas often have higher rates than rural ones.
- Type of car – The style of your vehicle, as well as the cost of repair and replacement, influence your premium. A sports car, for instance, will have a higher rate than an SUV or family sedan.
- Overall vehicle use – A heavily used car carries a greater risk than one that a driver only uses occasionally.
- Age, gender, and civil status – On average, drivers under 25 years old end up paying larger amounts for their premiums. Meanwhile, older, married drivers are considered more financially stable and will, therefore, receive lower rates. Women, who statistically have fewer accidents than their male counterparts, pay less for their insurance premiums.
- Credit score – A bad credit score can affect your financial reputation and cast doubt on your ability to pay off an insurance policy. Maintain a good credit score,so you get lower insurance rates.
If you need auto insurance coverage in North Carolina, visit our office or call us 24 hours a day to request a free quote today. We offer quick and affordable rates in Raleigh, Charlotte, and Durham. Our experienced agents will be glad to help you find a policy that suits your needs.