By the time drivers reach 24-years-old, they may have several years of driving experience. However, insurance companies still view 24-year-olds as riskier to insure than older adults and charge higher premiums to account for the risk. Fortunately though, the average car insurance premium for 24-year-olds is lower than it was in their teen years. Even as their premiums decline, 24-year-old drivers should be aware of the average cost of auto insurance for their age group as well as the ways they can save money on their car insurance premium.
How much is car insurance for a 24-year-old?
The average full coverage car insurance premium for 24-year-old drivers with their own policy is $2,408 per year. As you gain more driving experience, assuming you are able to avoid at-fault accidents and traffic citations, your average premium should continue to drop as you get older.
However, car insurance premiums are calculated using a number of factors. Age is one, but gender, the state you live in, the type of car you drive, your driving history and the coverages you choose all impact your rate. You may pay more or less than the national average premium based on your specific rating factors.
Average car insurance costs for 24-year-old males and females
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.
|Average annual full coverage premium for 24-year-old male||Average annual full coverage premium for 24-year-old female|
On average, 24-year-old male drivers pay about $250 more per year for car insurance than female drivers of the same age. However, age is not the only factor that impacts car insurance rates. The state you live in also plays a role in determining how much you will pay.
Average car insurance cost for 24-year-olds by state
The average cost of car insurance can vary greatly by state. One of the biggest reasons for the variation in price is the differing requirements each state has for car insurance. Some states have higher required minimum liability limits or require other types of coverage as well, such as uninsured motorist coverage or personal injury protection.
|State||Average annual full coverage premium for 24-year-old male||Average annual full coverage premium for 24-year-old female||Overall average annual full coverage premium|
|District of Columbia||$2,701||$2,421||$2,561|
*These states do not allow insurers to rate consumers differently based on gender.
Cheapest car insurance companies for 24-year-olds
Saving on car insurance when you are a younger driver starts with the company you choose. The companies below offer some of the lowest rates for 24-year-old drivers.
|Car insurance company||Average annual full coverage premium for 24-year-old males||Average annual full coverage premium for 24-year-old females||Overall average annual full coverage premium|
Erie Insurance has some of the lowest rates for 24-year-old drivers. In addition to interesting coverages like pet coverage and locksmith coverage, Erie also provides multiple discounts. Young drivers can take advantage of the safe driving discount and reduced mileage discount, among others, to save on their insurance. However, Erie’s auto insurance is only sold through local agents and is not available nationwide.
USAA is a good carrier for young drivers in search of affordable coverage, but not everyone qualifies. USAA is a membership-based insurer for veterans, active duty and retired military personnel and their families. If you do qualify though, USAA provides unique insurance options for those affiliated with the military, including a discount for garaging your vehicle on a military base. Accident forgiveness coverage is also offered. If you remain accident-free for five years, your first at-fault accident after that time period will not be charged against your policy.
Geico has more discounts than some insurers, increasing the odds of finding ways to save on your insurance premiums. Bundling your car insurance with a renter’s insurance policy or taking a defensive driving course can save you money. Geico also has a mobile app with ratings of 4.8 out of 5.0 in the App Store and 4.7 out of 5.0 on Google Play. Policyholders who want to handle their insurance themselves can pay bills, file claims, print ID cards and request roadside assistance from the app.
Although Progressive has the highest rates of the four companies in the table above, it offers several ways for drivers to find a policy to fit their budget. You can use the Name Your Price tool to see a range of coverage options within your designated price range. You can also enroll in Progressive’s Snapshot program. Snapshot tracks your driving habits using a plug-in device or a mobile app to determine how safe of a driver you are. Depending on the state you live in, you may get a discount just for signing up, and you could earn additional savings based on your driving habits.
How to save on car insurance for 24-year-olds
Although average premiums for 24-year-old drivers are lower than they are for teen drivers, many young adult drivers will still want to find ways to save on their auto insurance. Below are some tips to help you lower your auto insurance premium as a 24-year-old driver.
Many 24-year-olds have moved out and are living on their own. Whether you are renting an apartment or house or you have bought a condo or single family home, purchasing your renters, condo owners, or homeowners insurance and your car insurance from the same carrier might be a good choice. Many companies offer multi-policy discounts that can save you quite a bit of money.
Drive a sensible car
The car you drive has an impact on your insurance premiums. If your budget is already stretched thin, you might want to consider driving a more modest vehicle in order to save money on car insurance. If you are unsure what kind of car to look for, you should be able to get quotes from your agent or company to get an idea of what the premium for certain makes and models might look like.
How to get the best car insurance for a 24-year-old
Car insurance premiums are still higher when you are 24-years-old than they will be when you are an older adult. To find the best car insurance for you, you may want to get quotes from several carriers to compare prices, coverage options and discounts. Taking customer service reviews and financial strength ratings into consideration may also be prudent. If you maintain a clean driving record, with no accidents or tickets, your auto insurance premiums should stay lower than if you have a history of citations or at-fault accidents.
Frequently asked questions
What is the best car insurance company for 24-year-olds?
The best car insurance company will be different for every driver, but USAA, Geico, Progressive and Erie Insurance are good companies for 24-year-olds to get quotes from. Getting quotes from several carriers and comparing prices and coverage options can help you to find the right company for you.
How much is car insurance for 24-year-old drivers?
The average annual cost of full coverage car insurance for a 24-year-old is $2,408. Your policy may be higher or lower, depending on the state you live in, the company you choose, the type of vehicle you drive, your driving history and your gender, among other factors. Shopping around to compare rates can help you find a policy within your budget.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 24-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $50,000 property damage liability per accident
- $100,000 uninsured motorist bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our sample drivers own a 2018 Honda Accord, commute five days a week and drive 12,000 miles annually.
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2021 Quadrant Information Services data.