Car Insurance Average Cost to Insure an 18 Yr Old
The average cost of car insurance for a 24-year-old is $314 per month, or $3,765 per year, according to our research. For 24-year-olds looking for cheap car insurance, we recommend Erie, USAA and Geico.
We compared the average costs of auto insurance for 24-year-olds by gender, company, age, and state. To find the most affordable car insurance coverage, compare quotes from multiple insurance companies and identify potential discounts.
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Which companies offer the cheapest car insurance for 24-year-olds?
Erie, which is available in 13 states, offers the cheapest car insurance for 24-year-olds, at $120 per month. USAA offers the second-cheapest rate, at $153 per month. However, only current and former members of the military and their families can qualify for a USAA policy.
Geico was the cheapest car insurance company for a 24-year-old that's available to most drivers, at a rate of $176 per month.
Find Cheap 24-Year-Old Auto Insurance Quotes
The wide discrepancy in auto insurance rates across insurance companies demonstrates why young drivers should shop around for multiple quotes to find the cheapest car insurance. For example, the average cost of insurance for a 24-year-old through Allstate is $405 more expensive per month than Erie.
Cost of insurance for 24-year-old male and female drivers
The average cost of auto insurance for a 24-year-old male driver is $321 per month, compared to $306 per month for a 24-year-old female driver.
Car insurance is typically more expensive for male rather than female drivers, and rate disparities are often greater among teenagers and young adults. Young male drivers typically pay more for insurance because they tend to get into more accidents.
| Age | Monthly rate, male | Monthly rate, female | Difference |
|---|---|---|---|
| 23 | $344 | $326 | 6% |
| 24 | $321 | $306 | 5% |
| 25 | $283 | $275 | 3% |
However, a few states and local municipalities prohibit insurers from using gender as a variable to determine car insurance premiums. These states include California, Hawaii, Massachusetts, Montana, North Carolina, Pennsylvania and parts of Michigan. This means that 24-year-old male drivers should pay the same as female drivers in these states, all else being equal.
How much is car insurance for a 24-year old?
Just a small difference in age can have a significant impact on rates for young adults. The average cost of full-coverage auto insurance for a 24-year-old is $302 cheaper per month than for an 18-year-old. The average difference between the cost for a 23-year-old and a 24-year-old is much smaller, at $21 per month.
Due to their inexperience and tendency to get into more accidents, car insurance for young drivers under 25 can be costly.
| Age | Average monthly rate |
|---|---|
| 18 | $616 |
| 19 | $515 |
| 20 | $460 |
| 21 | $384 |
| 22 | $359 |
| 23 | $335 |
| 24 | $314 |
| 25 | $279 |
Cheapest insurers in our sample states
For each state in our study, we identified the cheapest car insurance companies for 24-year-olds. We found that Geico was the cheapest insurer in the most states (four), but these are average rates. The best way to find the cheapest rate for you is to get quotes from multiple insurers.
Cheapest auto insurance for 24-year-olds by state
The average cost of car insurance varies widely by state. Auto insurance in North Carolina is the cheapest for 24-year-olds, at $139 per month. This is $773 cheaper than the average cost to insure a 24-year-old in Michigan.
| State | Average monthly rate for 24-year-old |
|---|---|
| North Carolina | $139 |
| Ohio | $164 |
| California | $186 |
| Illinois | $247 |
| Georgia | $263 |
| New York | $281 |
| Texas | $297 |
| Florida | $330 |
| Michigan | $912 |
How to get cheap car insurance as a 24-year-old
We recommend comparing quotes from multiple insurance companies to find the best car insurance plan. Insurers use many variables to price car insurance policies. Relevant factors may include not only your age, but also your driving record, history of claim filings, vehicle and more.
Given the multitude of factors affecting car insurance costs, the insurer that offers you the cheapest rate could be very different for someone else.
Twenty-four-year-olds can also reduce their costs by taking advantage of eligible discounts. Common auto insurance discounts available to 24-year-old drivers include:
The discounts available and how much you'll save may vary significantly depending on the insurance company. This variation further highlights the benefits of shopping around for multiple car insurance quotes to ultimately get the best rate.
Methodology
This study collected auto insurance quotes from thousands of ZIP codes across nine of the most populated states in the country. We used 24-year-old male and female drivers with a 2015 Honda Civic EX as our sample drivers. All other variables affecting car insurance costs were kept consistent.
The quotes were for a full-coverage policy with the following limits:
| Coverage | Limits |
|---|---|
| Bodily injury liability | $50,000 per person/$100,000 per accident |
| Property damage liability | $25,000 per accident |
| Uninsured/underinsured motorist bodily injury | $50,000 per person/$100,000 per accident |
| Comprehensive and collision | $500 deductible |
| Personal injury protection (PIP) | Minimum, when required by state |
Our analysis covered 29 different insurers, though car insurance premiums were only included in the analysis if their policies were available in at least three of the nine states.
ValuePenguin's analysis gathered insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should only be used as a reference for comparative purposes — your own quotes may be different.
Car Insurance Average Cost to Insure an 18 Yr Old
Source: https://www.valuepenguin.com/24-year-old-car-insurance