How Much Does Car Insurance Cost Per Month On Average – Erie, USAA and Geico offer the cheapest insurance rates for 21-year-old drivers starting at $170 per month, based on our analysis of thousands of quotes. To get the cheapest price, compare car insurance rates and take advantage of young driver discounts, as rates for 21-year-olds can vary by up to $458 per month.
However, prices vary significantly between insurance companies. Erie Insurance, which is available in 13 states, offers the cheapest monthly rates for 21-year-olds at $170. USAA, which is only available to members of the military and their families, was the second most affordable at $177 a month.
How Much Does Car Insurance Cost Per Month On Average
The large price differences show why especially young drivers should compare car insurance prices from several insurance companies. For example, there is a $458 difference between the cheapest and most expensive car insurance rates for a 21-year-old driver.
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For 21-year-olds, women pay an average of $370 per month, while men pay $399 per month. This difference is due to the fact that younger male drivers tend to have more accidents than female drivers.
However, some states – California, Hawaii, Massachusetts, Michigan, Montana, North Carolina and Pennsylvania – prohibit insurers from using gender to determine auto insurance rates. Men and women should pay the same price for auto insurance coverage in these states, all else being equal.
The cost of comprehensive car insurance tends to decline with age and just a few years can result in significantly different rates for young drivers. For example, the average 21-year-old pays $384 per month, which is $232 cheaper per month than the cost of an 18-year-old.
Young drivers tend to pay more for car insurance than older drivers because insurance companies consider them to be a higher risk. This is due to the fact that younger drivers tend to have more accidents and make more insurance claims.
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Geico has consistently been the most affordable insurance company, as they are the cheapest company in four out of nine states. Below we recommend the cheapest car insurance companies for a 21-year-old in our nine sample states.
North Carolina is the cheapest state to insure a 21-year-old driver, with a monthly premium that is $234 cheaper than the overall average. Michigan is by far the most expensive state, with the monthly cost of insurance for a 21-year-old six times the cost in North Carolina.
The best strategy for finding cheap auto insurance as a 21-year-old driver — or a driver of any age, for that matter — is to shop around for quotes from different insurance companies. Insurance companies charge premiums based on many factors, from the car you drive to your driving history. The insurer that offers you the best rate may be very different from the one that is most suitable for your colleagues or family members.
When shopping around for quotes, 21-year-olds and other young drivers, especially teenagers, can save money by staying on their parents’ car insurance or taking advantage of any available discounts.
Car Insurance Rates For Men Vs. Women, In Every State
Yes, auto insurance rates generally drop after you turn 21. The average price for a 21-year-old is about 16% cheaper than the price paid by a 20-year-old. Car insurance rates generally decrease in the early 20s, with a smaller decrease in the late 20s.
Our study drew citations from thousands of zip codes in the nine most populous states in the United States. Our sample drivers were 21-year-old men and women driving a 2015 Honda Civic EX. The drivers were single and had clean driving records.
Our analysis includes 29 insurance companies. However, an insurer was added to our list of average rates and recommendations only if its policies were available in at least three of the nine states.
The analysis collected insurance pricing data from Quadrant Information Services. The rates used to calculate the average are publicly obtained from insurer filings. These averages should be used for comparative purposes only – your quotes may be different.
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For an insurance quote over the phone, call: (855) 596-3655 | Agents available 24 hours a day, 7 days a week! Since prices vary for each individual, comparing rates is often the best way to find savings on car insurance. Our analysis, based on hundreds of thousands of citations collected across the country, confirms this. We always recommend getting quotes from multiple car insurance companies to find the best rate for you.
Compare average car insurance costs by company, location, age and gender, vehicle make and model, accident history, DUI record, credit score and marital status.
A minimum policy is the cheapest policy you can buy because it only meets the minimum requirements for car insurance in that state.
Comprehensive car insurance includes comprehensive and collision coverage in addition to liability. Comprehensive insurance costs 159% more, but covers you for almost anything that could happen to your car.
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Your location is an important factor in car insurance rates. Your cost may change depending on your state, city and zip code.
Car insurance rates also vary based on the driver’s age and years of experience. Young and inexperienced drivers tend to have more accidents behind the wheel, which is why young drivers have higher car insurance rates.
Average annual car insurance costs can drop significantly between the ages of 18 and 25, as insurance companies tend to view older drivers as less risky and more likely to make a claim.
Among drivers over 30, car insurance rates vary slightly by gender. But among younger drivers, men can be charged 7% or more than women.
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Why is it like this? Insurance companies are looking at data trends that show young men are more likely to: Compared to young women:
Because of the increased likelihood that the auto insurance company will have to pay a claim by insuring these drivers, they often charge young men more for coverage.
Several states prevent insurance companies from using gender when pricing auto insurance. This means that male and female drivers in the state will pay the same amount for car insurance in these locations, all other factors affecting rates being equal.
Car insurance costs can vary depending on the make and model of the vehicle. The Nissan Rogue was the cheapest car model to insure compared to the latest base models of the country’s best-selling vehicle.
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Cars and trucks with higher values or MSRPs may have higher insurance costs than cheaper cars, but this is generally not the case. The Ford F-150 has the cheapest annual insurance premium, despite having a higher MSRP than many other vehicle models. Superior safety features and a lower chance of total loss may be contributing factors to making larger, more expensive cars cheaper to insure.
Car insurance rates are based on risk, and a driver with a history of accidents usually pays more for car insurance.
Geico saw the biggest increase in insurance rates, with premiums rising nearly 65% for a single-at-fault driver. On the other hand, the State Farm penalized drivers the least after collisions. Its prices increased by just 24% for our test driver.
Drivers with a history of accidents or traffic violations should be especially careful when looking for car insurance. Your combination of accident history, vehicle, location and other factors may be billed differently with another insurance company, and switching to an equivalent policy with a competing insurer can save you hundreds of dollars a year.
Cheapest Car Insurance For A Bad Driving Record (2022)
Insurance companies generally charge drivers with a history of DUI higher rates due to the increased risk of accidents associated with such behavior.
Drivers with a DUI history pay an average of 88% more for car insurance than drivers with a clean record. That’s $1,723 more per year for car insurance.
In our analysis, North Carolina saw the largest relative increase in insurance rates, with premiums rising nearly 300% for a driver with a DUI. In contrast, Nebraska penalized drivers the least after a DUI. Its prices increased by only 45% for our test driver.
Drivers with a history of DUI or DUI should consider getting free car insurance quotes from multiple carriers. Your mail may be rated differently between insurance companies, so multiple rates can help you find savings.
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The average price of car insurance is 20% lower for drivers with excellent credit compared to drivers with average credit.
Insurance companies consider drivers with good credit to be a lower risk and as a result can realize significant savings on car insurance costs.
State Farm offered the best overall price and the biggest discount for drivers with very good credit. Farmers had the highest rates, while the Farm Bureau had the lowest discount percentage for those with very good credit.
Bad credit increases your rates by an average of 59%, compared to average credit. Nationwide had the smallest rate increase (27%), while Farm Bureau had the lowest rates ($2,555 per year) for those with bad credit.
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Insurance companies usually charge single drivers more for car insurance than married drivers. Married drivers are often considered more financially stable and risk-averse and are therefore charged lower rates than single drivers.
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