Auto Insurance - Fargo ND

Auto insurance premiums are primarily based on the odds that a driver will be involved in a car accident. In most cases this is true, but market competition also plays a major role in pricing. If a company is trying to build market share in an area or has a streamlined infrastructure then that company will pressure prices in that market area. Some Auto Insurance companies that do business in Fargo have moved away from the traditional agent model and are basically offering more of a direct sales approach. You may deal with a customer service representative instead or even submit your application online. These more efficient, less "service oriented" options are one reason why premiums can vary widely from company to company even though they all are working with the same statistical odds.

Surprisingly however, we found that several agent based companies have extremely competitive pricing similar to the "Direct Sales" counterparts. Additionally, the following discounts vary from company to company so it's best to have a full assessment of your insurance needs to get the best prices:

Multi-Car discounts - If you insure more than one vehicle with the same insurance company you will often receive a substantial discount.

Home Insurance / Auto Insurance Discounts -  Most companies will give you a discount if you insure your home and vehicles with them. This varies from company to company and can be substantial. If applicable it's best to shop for you home insurance at the same time as your auto insurance.

The ND Insurance Commissioners office conducted a study in March 2009 of auto insurance premiums from 20 insurance companies doing business in North Dakota. Auto insurance rates in Fargo were lower than most of the state for several driver categories.

Fargo Auto Insurance Rates:

These examples of car insurance rates in Fargo, ND were all based on 6 month premiums with a clean driving record for the past 3 years. The coverage levels for examples 1 - 4 are as follows:

Liability Bodily Injury: $100,000 limit for injury to another person & $300,000 limit for injuries to all persons.

Liability Property Damage Limit: $50,000

UnInsured Motorist: $100,000 limit for injury to one person  $300,000 limit for injuries to all persons.

UnderInsured Motorist: Limits equal to the Uninsured Motorist limits.

Personal Injury Protection (PIP) Limit: $30,000

Collision Deductible: $500

Comprehensive Deductible: $250

Auto Insurance Example #1: 

Single Male, Age 25 - Fargo ND

Vehicle: 2003 Ford F150 4x4
Annual Mileage: 15,000
Clean Driving Record for 3 yrs.
No other drivers in household

Here is a sample of the companies that submitted the most competitive quotes:

6 Month Premiums ranged from $256 - $328 for these companies

As you can see most of these quotes were quite competitive for this auto insurance category. Each company has discounts that apply based on multiple coverage etc. please contact the designated agent for a live quote.

Auto Insurance Example #2:

Single Female 30 Yrs Old - Fargo ND

Vehicle: 2004 Acura TL
Annual Mileage: 10,000
Clean Driving Record for 3 yrs
No other drivers in household

Here is a sample of the companies that submitted the most competitive quotes:

6 Month Premiums ranged from $293 - $331 for these companies

Auto Insurance Example #3: 

Married Couple 35 Yrs Old - Fargo ND

Husband's Vehicle: 2004 Dodge Ram 4x4 Quad Cab
Annual Mileage: 12,000

Wife's Vehicle: 2004 Ford Taurus Sedan
Annual Mileage: 7,000

Both have a clean Driving Record for 3 yrs
No other drivers in household

Here is a sample of the companies that submitted the most competitive quotes:

6 Month Premiums ranged from $343 - $505 for these companies

Each company has discounts that apply based on multiple coverage etc. please contact the designated agent for a live quote.

Auto Insurance Example #4

Married Couple, both 65 Yrs Old and retired - Fargo ND

Husband's Vehicle: 2005 Ford F-150 Super Duty Extended Cab Pickup
Annual Mileage: 10,000

Wife's Vehicle: 2004 Buick LeSabre
Annual Mileage: 4,000

Both have a clean Driving Record for 3 yrs
No other drivers in household

Here is a sample of the companies that submitted the most competitive quotes:

6 Month Premiums ranged from $333 - $448 for these companies

Each company has discounts that apply based on multiple coverage etc. please contact the designated agent for a live quote.

Auto Insurance Example #5 - Not A Clean Driving Record

Married Couple, both 35 Yrs Old With 2 Young Children - Fargo ND

Husband's Vehicle: 2002 Toyota Camry 4 door sedan
Annual Mileage: 12,000

Wife's Vehicle: 2004 Ford Focus
Annual Mileage: 10,000

Husband had an accident one year ago, causing $2000 damage to another party.
Wife has a speeding ticket 45 in a 35 mph zone.
No other drivers in household

Here is a sample of the companies that submitted the most competitive quotes:

6 Month Premiums ranged from $560 - $728 for these companies

Each company has discounts that apply based on multiple coverage etc. please contact the designated agent for a live quote.


The Following Insurance Illustrates Different Coverage Levels

Liability Bodily Injury: $25,000 limit for injury to another person & $50,000 limit for injuries to all persons.

Liability Property Damage Limit: $25,000

UnInsured Motorist: $25,000 limit for injury to one person  $50,000 limit for injuries to all persons.

UnderInsured Motorist: Limits equal to the Uninsured Motorist limits.

Personal Injury Protection (PIP) Limit: $30,000

Collision Deductible: $500

Comprehensive Deductible: $250

Auto Insurance Example #6 - Higher Risk Young Male 

Single Male - 21 Years Old - Fargo ND

Vehicle: 2001 Pontiac Trans Am
Annual Mileage: 12,000

Wife's Vehicle: 2004 Ford Focus
Annual Mileage: 10,000

Speeding violation 2 years old - 75 in a 55 zone
Speeding violation 1 year old - 45 in a 25 zone
"At Fault" accident causing $4500 of damage to a 3rd party - 6 mos ago

No other drivers in household

Here is a sample of the companies that submitted the most competitive quotes:

6 Month Premiums ranged from $612 - $992 for these companies

Factors That Affect Your Auto Insurance Premiums

Age

Statistically, drivers under 25 years old are at greater risk of being in an accident than those over age 25. Drivers between the ages of 50 and 65 generally have the safest records.

Gender

Statistically women are safer drivers, but this trend has been changing as more female drivers get on the road.

Marital Status

In general, married people statistically have fewer accidents. Therefore if two people have the identical driving records and characteristics but one is married, that one will generally have lower premiums.

Geography

Traffic patterns, crime rates and even weather ( Hail damage ) can affect auto insurance premiums. However based on our research the level market competition is at least as important as any of these factors. Looking at the sample premiums in the ND Insurance commissioners study Fargo and Grand Forks were the two markets with the lowest rates, even though they both have more congestion and traffic than rural communities.

Driving Violations

The worst thing you can do for your insurance rates is to incur a DUI or Leaving The Scene of an accident. However all speeding tickets where points are given, reckless driving etc can rate your rates as you are more likely to have an accident. Some insurance companies go back as long as five years from when the incident occurred. If however, your record improves over time so will your insurance premiums.

Vehicle Type

More expensive cars are more expensive to repair and thus have higher insurance premiums. High performance cars tend to be involved in more accidents to they are more expensive to insure, especially if the driver is a male under age 25.

Accident Claims

A clean driving record free from accidents and traffic tickets will give you lower insurance rates. If you are a student, most companies will give you a discount for good grades (usually 3.0 +) as well.

Your Credit Rating

In recent years credit scores have become increasingly important. If you have a good credit score you will receive better insurance rates from most companies. You can get 3 free credit reports each year to keep tabs on what is happening with your credit.

Occupation

Insurance companies have found a statistically correlation between insured risk and your occupation. For instance, a delivery person is often viewed as a higher risk than someone who sits at a desk all day.

Education

Having a higher level of education can save on your premiums in addition to Good Student discounts.

Additional Auto Insurance Resources:

How much car insurance do I need?

North Dakota Insurance Commissioner Rate Study