Drivers aged 24 have typically had many years of driving experience. Car insurance for 24-year-olds is generally cheaper than for young drivers with less experience, though premiums continue to drop each year. Bankrate’s research into the average cost of car insurance for 24-year-olds and what factors affect this premium might help you make more informed decisions about your coverage.
What is the cost of car insurance for a 24-year old?
According to data from Quadrant Information Services, the average premium for full coverage car insurance for 24-year-old drivers is $2,462 per annum. This information was based on 2021 data. Your average premium will drop as you gain more driving experience and if you avoid traffic citations or at-fault accidents,
Car insurance premiums are based on a variety of factors. Your rate may be affected by your age, gender, where you live, what type of car, driving record, and the coverages that you select. Your specific rating factors may affect whether you pay more or less than what the national average premium.
Car insurance rates for men and women aged 24 years old are comparable
Car insurance premiums are typically higher for young males because they are statistically more likely to indulge in risky driving activities such as speeding and drinking. Men also typically get into more accidents than women, and those accidents tend to be more serious. It is important to note that many states have banned gender-based pricing of car insurance premiums. These include California, Hawaii and Massachusetts.
Car insurance costs for 24-year-old male drivers average $250 more than those of female drivers the same age. Car insurance rates can also be affected by age. Your state also has an impact on how much you’ll pay.
Average car insurance costs for 24-year-olds based on state
The average cost of car insurance can vary greatly by state. The differences in car insurance requirements between states is one of the main reasons for price variation. Some states have higher minimum liability requirements or require additional coverage, such as personal injury protection or uninsured motorist coverage. Every state has its own statistics about accidents, weather-related damage, and the cost of parts and labor. These can all impact how much insurance you pay.
The best car insurance companies for 24-year-olds
Your premiums will also be affected by the car insurance company you choose. You can also find out what discounts, coverages and other policy features are available to you. Bankrate reviewed dozens of car insurers for information on rates, coverage options and customer satisfaction. The following companies might offer the best car insurance options for young adults aged 24 and over.
USAA is an excellent carrier for young drivers looking for affordable coverage. However, not all applicants are eligible. USAA is a membership-based insurance company for active duty, retired and veteran military personnel as well as their immediate families. USAA offers unique insurance options to military personnel, including a discount on garaging your vehicle at a military base. In some states, you can also get accident forgiveness coverage. Your policy will usually not charge you for your first accident after five years.
Geico offers more discounts than other insurers, which increases your chances of saving on your insurance premiums. You might be able to save money by bundling your car insurance with renter’s policy, or enrolling in defensive driving courses. Geico’s mobile app has ratings of 4.8/5.0 on both Google Play and the App Store. The app allows policyholders to pay their bills, file claims and print ID cards. They can also request roadside assistance through the app.
Progressive’s exclusive tools and discounts make it an attractive choice for drivers aged 24 years old. To see the range of coverage options available within your budget, you can use the Name Your Price tool. You may also want to consider enrolling in Progressive’s Snapshot program. Snapshot uses a plug-in device, or a mobile application to track your driving habits and determine whether you are a safe driver. You may be eligible for a discount depending on where you live.
The average premium for Travelers is the highest, but it might still be an option if you’re looking for a highly customizable policy. If available in your state, the company offers ridesharing coverage and new car replacement. You can save a lot by being a safe driver, continuing insurance, and insuring an electrical or hybrid vehicle. Amazon Alexa integrates with Travelers, so that you can manage some of your insurance needs by simply speaking.
Car insurance for 24-year-olds at the lowest price
Car insurance for 24-year olds is still more costly than the national average. This makes it even more important to find a low-cost policy. The following companies offer the lowest average rates for drivers aged 24 and over, according to our research:
These rates are lower than the national average annual cost of 24-year-old drivers. However, it is important to remember that your individual rating factors will affect the price you pay, such as your state, the coverages you buy, your driving record, and the type of car you drive.
How to Save on Car Insurance for 24-year-olds
Even though average premiums for young drivers aged 24 are lower than those for teens, many young adults will still seek ways to cut their auto insurance costs. Here are some ways that you can lower your auto insurance premium if you’re a 24-year old driver.
Many young adults aged 24 have left their parents and moved in on their own. It doesn’t matter if you rent an apartment, house, or bought a single-family home or condo, buying your homeowners, renters, condo owners or homeowners insurance from the same company could be a smart move. Multi-policy discounts are available from many companies that can help you save quite a bit.
Be sensible in your car
The car you drive has an impact on your insurance premiums. You might consider driving a smaller vehicle to save money on your car insurance if you have a tight budget. To get an idea of the cost of your premium, ask your agent.
Keep a clean driving record
Your premium will likely increase due to surcharges for tickets, accidents, and DUI convictions. You can avoid these increases by maintaining a clean driving record. You may be eligible to waive any surcharges if you have a clean driving record.
How to get the best car coverage for a 24-year old
You may be able to find the best car insurance by getting quotes from multiple carriers. This will allow you to compare coverage options, prices, and discounts. It may be a good idea to consider customer service reviews as well as financial strength ratings. Your auto insurance premiums will be lower if your driving record is clean, without any tickets or accidents.
Questions frequently asked
Which is the best car insurance company that 24-year-olds can get?
The best car insurance company will be different for every driver. Comparing prices and coverage options with several companies can help you find the best company. It can help to know what is most important to you before you start requesting quotes. You can search for companies with a high-rated digital app if you wish to manage your insurance online.
What is the cost of car insurance for 24-year old drivers?
A 24-year-old with full coverage car insurance costs $2,408. The cost of your policy will vary depending on where you live, what company you choose, how much you drive, and other factors. Comparing rates is a great way to find the right policy for you.
What amount of car insurance would a 24-year old need?
You can customize your car insurance coverage. Different coverages can be purchased at different amounts. You will need to buy at least your state’s minimum requirements, and if you have a loan or lease on your car, you will typically be required to carry full coverage. You can also consider optional coverages like roadside assistance or car rental coverage. A licensed agent can help you decide the coverage that is right for you.