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Best Car Insurance For Young Adults
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Even if you pass your driving test with flying colors and stay within the speed limit, many rewards await you when you begin your driving journey behind the wheel.
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The price of car insurance varies depending on a variety of factors - but one of the biggest determinants of that price is your age. Because teenagers and young drivers have just started behind the wheel, they tend to be the most expensive group to insure.
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According to Bankrate, parents can expect an average increase in their annual insurance bill of $2,168 when they add a 16-year-old driver to their comprehensive insurance. To be clear, that's not the one
Cost. By comparison, the average annual premium for comprehensive insurance for a 40-year-old driver with good driving skills and good credit is $1,668. In addition, if a young driver has a car accident or gets a speeding ticket, insurance prices can increase by another 20% to 40%.
Given the astronomical prices, we have compiled a list of airlines with stellar ratings that also offer strong discounts for young drivers to lower your premium. All of our options include accident forgiveness features and work in all 50 states and Washington, DC with the exception of Amica (which excludes Hawaii).
Youth drivers are between 16 and 19 years old, while young adult drivers are between 20 and 25 years old. The most expensive age group to insure is 16-year-olds. (Teenage boys tend to be involved in more serious car accidents than others and are more expensive to insure.) Premiums typically decrease each year as a young driver gains driving experience.
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If you're a parent, once your child turns 18, you'll need to decide whether to get separate motor insurance for your teen or enroll them in your policy.
"It's almost certainly cheaper to have teenagers enrolled in their own insurance," said Michael Giusti, an analyst at InsuranceQuotes.com. "Almost every metric used to evaluate insurance policies favors parents - credit score, age, driving history - so the base cost of insurance is set, with the teenager as an add-on."
However, there are niche situations where it is better for teenagers to have their own insurance plan - such as if they have a bad driving history.
"Putting the teenager on a separate policy is not much cheaper, but it will prevent that story from dragging the parent's rate," Giusti said.
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There are ways to reduce the cost of insurance premiums. For example, being a safe driver and using more efficient vehicles (such as Honda Civics, Toyota Priuses, and Nissan Rogues) can reduce costs, even for teenage drivers, according to Giusti. There are also discounts based on how often you use your car: "Some companies offer discounts to drivers who drive less than the average number of miles per year," says Janet Ruiz, director in strategic communication at the Insurance Information Institute.
Teens may also qualify for "good student" discounts or discounts based on learning safe driving habits in a defensive driving course or driver's license programs.
You can also save money if the younger driver on your policy doesn't use his car because he's in college. "If you have a young driver on your policy who...is in college without a car, you may qualify for a lower rate," Ruiz said. Each insurance carrier offers different discounts depending on your insurance option and other factors, so it's worth checking which one applies to you before signing up.
Geico made this list for the same reason they topped our other best of lists. The airline offers competitive rates for young drivers nationwide — the average annual add-on premium for full coverage for a 16-year-old is $2,168, according to Bankrate. Additionally, according to the National Association of Insurance Commissioners (NAIC), Geico has a high customer satisfaction score according to J.D. Power Surveys small number of complaints.
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Specifically aimed at young drivers, Geico's strong discounts make it a great option if you need to lower your premium. These include a "good student" discount from a B average (saving up to 15%), a new car discount (saving up to 15%), a multi-car discount (saving up to 25 %) and a good driver discount for young Adults who have been driving for five years without an accident (save up to 22%).
That's a lot of discounts, and what we love about Geico is the transparency of how much you can save. Some insurers may tell you they offer discounts, but they don't tell you how much you could save.
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