Average Cost of Car Insurance for 24-Year-Olds – ValuePenguin

The average cost of auto insurance for a 24 year old is $314 per month or $3,765 per year. For 24-year-olds looking for cheap car insurance, we recommend erie, usaa and geico.

Which companies offer the cheapest car insurance for 24-year-olds?

erie, which is available in 13 states, offers the cheapest auto 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.

Reading: How much is car insurance for a 24-year-old per month

geico was the cheapest auto insurance company for a 24 year old available to most drivers, at a rate of $176 per month.

The wide discrepancy in car insurance rates between insurance companies demonstrates why young drivers must search 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 tends to be more expensive for men than for women, and rate disparities tend to be greater among teens and young adults. Young male drivers tend to pay more for insurance because they tend to have more accidents.

See also: How to Compensate Employees Who Opt-Out of Health Insurance

However, some states and local municipalities prohibit insurers from using gender as a variable in determining auto 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 things being equal.

how much does car insurance cost for a 24 year old?

A small age difference 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.

Because of their lack of experience and tendency to have more accidents, car insurance for young drivers under the age of 25 can be expensive.

cheapest insurers for 24-year-olds

For each state in our study, we identified the cheapest car insurance companies for 24-year-olds. geico was the cheapest insurer in most states (four), but these are average rates. The best way to find the cheapest rate for you is to get free quotes from multiple insurers.

cheapest auto insurance for 24 year olds by state

The average cost of auto insurance varies widely by state. car 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.

how to get cheap car insurance at age 24

We recommend comparing quotes from multiple insurance companies to find the best auto insurance plan. Insurers use many variables to price auto insurance policies. Relevant factors may include not only your age, but also your driving record, claim filing history, vehicle, and more.

See also: The Benefits of Joining a Top Insurance FMO | Ritter Insurance Marketing

Given the multitude of factors that affect auto insurance costs, the insurer that offers you the cheapest rate could be very different to someone else.

Twenty-four-year-olds can also lower their costs by taking advantage of eligible discounts. Common auto insurance discounts available to 24-year-old drivers include:

Discounts available and how much you’ll save can vary significantly by insurance company. this variation further highlights the benefits of searching multiple auto insurance quotes to ultimately get the best rate.


This study collected auto insurance quotes from thousands of zip codes in nine of the nation’s most populous states. We use 24 year old male and female drivers with a 2015 Honda Civic Ex as our sample drivers. all other variables that affect auto insurance costs were held constant.

quotes were for a full coverage policy with the following limits:

Our analysis covered 29 different insurers, although auto insurance premiums were only included in the analysis if their policies were available in at least three of the nine states.

valuepenguin analysis collected insurance rate data from quadrant information services. These rates were obtained publicly from carrier filings and should only be used as a reference for comparison purposes; your own quotes may be different.

See also: 5 Steps to Be Your Own Bank with Whole Life Insurance – Banking Truths

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