From fender benders in the Harris Teeter parking lot to multi-car collisions on Fordham Boulevard, accidents can happen anytime, anywhere and to anyone – even to the most experienced drivers. Fortunately, a reliable car insurance policy can shield you from facing large financial losses following a collision. If you own a vehicle in Chapel Hill, you are required by law to have auto insurance. A local independent insurance agent can help you find the best and most affordable car insurance policy to meet your coverage needs.
How Much Does Car Insurance Cost in Chapel Hill, NC?
North Carolina is among the least expensive states for auto insurance. The average rate in this state is significantly lower than the national average. The cost of car insurance in Chapel Hill is slightly higher than the state average.
- National average annual car insurance cost: $1,311
- North Carolina average annual car insurance cost: $986
- Chapel Hill average annual car insurance cost: $1,054
Of course, auto insurance rates can vary significantly from one driver to the next, so these average rates should be taken with a grain of salt. This is because costs are calculated on a case-by-case basis according to several factors such as:
- Your age, driving history, and credit score
- Details about other licensed drivers in your household
- Your car’s make, model, trim, and year
- The amount of liability insurance you are purchasing
- Whether your policy includes comprehensive and/or collision coverage
- Whether you are bundling your auto insurance with other policies like homeowners insurance or renters insurance
Every auto insurance company has its own formula for assessing risk and calculating costs. Comparing quotes lets you find the policy that comes at the best price. Independent agents in Chapel Hill can make comparison shopping easy by obtaining a variety of customized car insurance quotes on your behalf.
Car Insurance Requirements for Chapel Hill Drivers
In the state of North Carolina, all car insurance policies must include, at a minimum, the following:
- Bodily injury liability: Coverage of at least $30,000 per individual; $60,000 per accident
- Property damage liability: Coverage of at least $25,000 per accident
- Uninsured motorist insurance: Coverage of at least $30,000 in bodily injury per person; $60,000 bodily injury per accident; and $25,000 property damage per accident
In the case of most accidents, North Carolina’s minimum coverage requirements are high enough to cover your damage and liability responsibilities. However, a serious collision with significant injuries can easily exceed the limits of a minimum-coverage policy. If you do not have enough insurance to cover the costs you have incurred, you will be required to make up the difference out-of-pocket.
That is why many Chapel Hill residents choose to purchase auto liability coverage in amounts that are much higher than the state requires. Adding an umbrella insurance policy can further boost your liability coverage and is necessary if you wish to have even more coverage than your auto policy will allow. Talk to your local independent insurance agent to learn how much it will cost you for various levels of liability insurance coverage.
What Else Can Chapel Hill Car Insurance Cover?
In addition to the liability insurance and uninsured motorist insurance required by the state, you can also choose to include the following coverage options in your car insurance policy.
- Personal injury protection (PIP): This is designed to cover the cost of medical treatment for you and your passengers if you are injured in a collision, regardless of fault.
- Collision and comprehensive coverage: These are designed to cover damage to your vehicle that may result from collisions or non-collision events. This coverage is typically required by lenders if you carry an auto loan and by dealerships if you lease your vehicle.
- Towing and roadside assistance: This covers the cost of assistance if your vehicle becomes disabled while you are out on the road.
- Rental car reimbursement: This can pay for the cost of renting a comparable vehicle while your car is being repaired.
Talk to your insurance agent to learn more about your coverage options and to find out how much each will cost to add to your policy.
Chapel Hill Car Insurance Covers against Uninsured Motorists
North Carolina residents who are caught operating an uninsured vehicle can be fined and put on probation. Repeat offenders can face jail time. Despite this, nearly one in ten drivers in this state are uninsured.
- Percentage of US drivers who are uninsured: 12.6%
- Percentage of North Carolina drivers who are uninsured: 9.1%
Although it is optional in many states, uninsured motorist insurance is required in North Carolina. This insurance enables you to receive immediate coverage for damage and medical treatment if you are in a collision caused by an uninsured, underinsured, or hit-and-run driver. Your insurance company will then take on the task of collecting the money owed by the at-fault driver and will absorb the costs if they are unsuccessful.
Number of Auto Thefts in Chapel Hill
The auto theft rate in Chapel Hill is only about one-third of the national average rate, but the risk is still apparent. Approximately 65 cars are reported stolen in this city every year.
- National auto theft rate per 1,000 vehicles: 2.94
- North Carolina auto theft rate per 1,000 vehicles: 2.12
- Chapel Hill auto theft rate per 1,000 vehicles: 1.10
If your car is stolen, you cannot be compensated for your loss unless your auto insurance policy includes comprehensive coverage. Also referred to as “other than collision” insurance, this coverage is designed to compensate you for a wide variety of non-collision damage, including that caused by falling objects, floods, fires, and property crimes.
Why Work with an Independent Insurance Agent in Chapel Hill?
Independent insurance agents can be a huge help when you are shopping for auto insurance. These agents can explain your various coverage options, answer your insurance-related questions, and provide you with a selection of customized quotes to review and compare. This enables you to easily choose the policy that best meets your coverage and budgetary needs.
Contact an insurance agent in or near Chapel Hill to get started with your search for the right car insurance policy.
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