Cheapest Auto Insurance For College Students - Younger drivers pay a lot more than older drivers for car insurance, but the rates also rise after the age of 60.
Age is one of the main factors that insurance companies take into consideration when preparing an auto insurance quote. For an auto insurance company, a driver's age measures his driving experience and the risk of an accident.
Cheapest Auto Insurance For College Students
According to the analysis, younger and older drivers pay significantly more than middle-aged drivers. Rates drop dramatically from age 16 to 25 and then start rising again after age 60.
How To Shop For Car Insurance
Rates for teenagers are three times more expensive than rates for drivers in their 30s and closer to four times the price for drivers in their 50s. As young drivers gain more experience and reach the age of 25, car insurance costs drop by around 33%.
Costs generally continue to decline with each birthday. Once drivers turn 50, they will see their best rates. Around the age of 60, however, car insurance costs start to rise and are comparable to what drivers see in their 40s.
As a young driver, choosing the right insurance company can mean big savings. The difference between companies can be over $ 10,000 per year.
Which insurance company is the best option can change every year, so we recommend that you get a free insurance quote online whenever your policy is due to expire.
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Farm Bureau has the lowest rates we've found for drivers aged 16, averaging $ 3,003 per year. It's a little cheaper than Erie ($ 3,111) and USAA ($ 3,935).
Erie is only available in 12 states, but it also offers plenty of discounts for young drivers. Farm Bureau has a safety program for young drivers, but coverage options may vary depending on your state.
Farm Bureau also offers the cheapest rates for 17-year-old drivers, followed by Erie, USAA and State Farm. The Farm Bureau rate of $ 2,660 per year is less than half the overall average, saving over $ 3,000 per year.
Farm Bureau, Erie, and USAA offer the cheapest rates for 18-year-old drivers. These three companies have average prices 47% lower than the overall average for drivers of this age.
How Much Car Insurance Do I Need?
USAA and Erie are not available to most drivers, and Farm Bureau options may vary depending on where you live. If you're looking for the safety of a national insurer, Travelers offers a below-average price tag of $ 3,219 per year, with accident forgiveness options and more discounts for young drivers.
Gender also plays an important role in car insurance costs. Over the course of their lives, men will pay around 9% more than women, although the difference in price varies by age.
At 21, for example, men pay an average of 13% more than women. This difference shrinks after age 30, when driver prices are $ 20 per year lower until the mid-1960s.
Young drivers pay more because statistics show teens are inexperienced, which makes them more likely to be involved in road accidents than other age groups.
Average Car Insurance Costs For 22 Year Olds
So, because your insurance company thinks you're more likely to crash when you're young, your rates will be expensive. Experienced drivers between the ages of 30 and 50 have better driving skills and road maturity, which usually results in lower accident rates.
As drivers approach their 60s, however, the trend begins to slowly reverse as age and slower reflexes begin to affect driving. Insurance companies usually start charging older people more when they reach 70. An 80-year-old driver ends up paying a little more than a 25-year-old.
The most effective way for young and old drivers to save on auto insurance is to shop around, claim discounts, and take out someone else's policy.
We recommend that you get quotes from at least three companies. Most major insurance companies allow you to start an online quote, making it easy to compare prices.
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Maintaining good grades (for young drivers still in school) and taking defensive driving lessons can save drivers up to 10% on car insurance costs.
For senior discounts, companies like Allstate offer a "55 and retirees" discount, in which confident retired drivers over the age of 55 will automatically qualify for a 10% discount. Some companies also allow drivers over the age of 55 to take defensive driving courses to qualify for discounts.
We found that signing up for your parents' car insurance costs around 62% less than starting your own as an 18-year-old driver.
This is because your parents are taking some of the risk as a young driver, so insurers are more comfortable giving a lower price.
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However, keep in mind that your parents' rate will increase significantly. If they're still willing to add you, it's a surefire way to get a lower rate.
Tariff data was collected using quadrant information services. Your quotes will vary as the rates should be used for comparison purposes only. Prices are publicly obtained from insurance company documents.
For an insurance quote by phone, call: (855) 596-3655 | Agents are available 24 hours a day, 7 days a week! For a 22-year-old looking for the cheapest auto insurance, we recommend Erie, USAA and Geico. Erie offers the cheapest auto insurance rates for 22-year-old drivers at $ 1,922 per year for comprehensive coverage, based on our analysis of thousands of rates across multiple states.
The average cost of auto insurance for 22-year-olds is $ 4,304 per year, or $ 359 per month for full coverage.
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Available in 13 states nationwide, Erie Insurance has the cheapest rate for a 22-year-old with an average price of $ 1,922 per year for full coverage. The USAA comes in second at the rate of $ 1,999 per year, although only current and former members of the military and their families can qualify for a USAA policy.
With a rate of $ 2,317 per year, Geico is the cheapest auto insurance company for 22-year-olds available in all 50 states.
The significant price differences between insurers illustrate why young drivers should always look for auto insurance quotes.
Car insurance for a 22-year-old male driver costs an average of $ 4,425 per year, compared to $ 4,183 per year for a 22-year-old driver. The average cost of car insurance is usually more expensive for young male drivers because they are more likely to be involved in accidents.
Looking For The Best And Affordable Car Insurance For College Students?
Several states ban insurance companies from using sex to calculate auto insurance premiums. These states include California, Hawaii, Massachusetts, Montana, North Carolina and Pennsylvania, and parts of Michigan. This means that all things being equal, 22-year-old male and female drivers in these areas should pay the same fares.
The average annual cost of auto insurance for a 22-year-old is $ 4,304, or nearly $ 359 per month. As insurance companies consider drivers under the age of 25 to be the riskiest, car insurance premiums for this age group can be particularly expensive. However, just a few years of age difference can make a big difference in rates.
For example, once you turn 22, your annual rate is likely to drop by an average of $ 307.
Geico offers the cheapest rates in four of our nine sample states. However, these are average prices and the best way to find the lowest price for you is to shop around.
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The average cost of auto insurance varies greatly by state. North Carolina offers the cheapest auto insurance for 22-year-olds at $ 1,751 per year, which is $ 2,553 less than the average. On the other hand, auto insurance policies in Michigan are by far the most expensive for 22-year-olds at $ 8,234 above average.
Comparing quotes from different insurance companies is often the best way to find cheap auto insurance. Insurance companies use many variables to determine auto insurance rates, such as driving record, previous claim history, age, vehicle type, and more. Due to the variability of factors affecting auto insurance premiums, the insurance company offering the lowest price for an individual is often different from the cheapest insurance company for someone else.
The 22-year-old could also benefit from staying on the policy with his parents for as long as possible and to take advantage of any discounts. A combined family policy can be more expensive for your parents; however, the total cost is generally significantly less than paying for two different policies. You can stay with your parents' car insurance as long as you live in the same house or go to school regularly.
The type and amount of the discount can vary widely between insurers and locations, which is another reason to look for auto insurance quotes.
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You can also get a rough estimate of insurance costs by using our car insurance calculator.
This analysis used auto insurance quotes from thousands of postcodes in the nine most populous states in the United States. The driving champions were a 22-year-old man and woman driving a 2015 Honda Civic EX. Both drivers had clean driving records.
The study included 29 insurance companies, although auto insurance premiums were only included in the analysis if their policies were available in at least three of the nine countries.
User analysis collected insurance rate data from Quadrant Information Services. The rates have been publicly obtained from insurance company records and should be used for comparison purposes only. Your offers may differ from our averages
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