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The cheapest car insurance for 16-year-olds is available with Erie Insurance for an average of $284 per month or $3,410 per year for full coverage.
Sports Car Insurance For Young Drivers
Written by: Daniel Robinson Written by: Daniel Robinson Writer Daniel is a writer for the Guides team and has published articles in the US, UK. Wrote for a number of motoring news websites and marketing organizations across Australia, specializing in vehicle finance and car care topics. Danielle is the authority on auto insurance, loans, warranty options, auto service and more.
Factors That Impact Your Cost Of Car Insurance
Edited by: Rashan MichnerEdited by: Rashan Michner Managing Editor Rashan Michner is an editor on the Guides team with over 10 years of experience covering personal finance and insurance topics.
Becoming a licensed driver at age 16 opens up a world of new possibilities and freedom, but it’s expensive. We at the Guide team have looked at prices from dozens of providers for 16-year-olds and we recommend comparing prices from providers to find the cheapest car insurance for your situation.
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The Guide team is dedicated to providing reliable information to help you make the best possible decision about insuring your vehicle. Because consumers rely on us to provide objective and accurate information, we have created a comprehensive rating system to rank the best car insurance companies. We’ve collected data on a wide range of factors, from dozens of auto insurance providers to rated companies. After 800 hours of research, the end result is an overall rating for each provider, with the highest-scoring insurers at the top of the list.
Cheapest Car Insurance Companies (september 2023)
The average car insurance cost for a 16-year-old on their own comprehensive coverage policy is $6,912 per year, or $576 per month. That’s nearly four times the national average for middle-aged drivers, which is $1,730 a year.
Car insurance companies base consumer rates on the risk of a driver making a claim. Sixteen-year-olds do not have much driving experience and are more likely to get into an accident. Car insurance companies charge higher prices to cover this risk.
According to the AAA Foundation for Traffic Safety, in 2015, 16- and 17-year-olds in the U.S. At twice the rate of accidents as 18 and 19-year-olds, 16- and 17-year-olds are involved in four times as many accidents as drivers in the 30-39, 40-49 and 50-59 age groups. The study details of the foundation are given below.
Cheap car insurance for 16 year olds varies based on several factors. Car insurance companies calculate premiums based on the driver’s age, location, driving history and credit score. Because teenagers have no driving experience or credit history, they can expect to face higher rates than other age groups.
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In our estimation, Erie Insurance is the cheapest regional insurance company for 16-year-olds. This works out to $284 per month or $3,410 per year for 16-year-olds with individual policies. State Farm is the cheapest national provider, with average monthly fees of $345 and average annual fees of $4,146.
*Car insurance estimates are based on full coverage policies with deductibles of $50,000 per person for bodily injury, $100,000 per accident for bodily injury, $50,000 for property damage and collision coverage, and $500 for comprehensive coverage.
In our analysis, we compared the top 10 providers in each state by age and found the cheapest for 16-year-olds. Depending on where you live, you may want to consider getting a quote from one of the companies below.
You’re not going to save on car insurance, but it’s nice to know how to find the best rates for a 16-year-old. Below are the 10 cheapest states for full coverage car insurance for 16-year-olds.
How Much Is Car Insurance For A 16 Year Old?
There are some states that have astronomical rates for individual full coverage car insurance policies for 16 year olds. Michigan, Connecticut and Louisiana topped the list.
Our top five picks for the best car insurance for 16-year-olds offer below-average rates and discounts that apply to teenagers and families.
If you’re looking for the best car insurance for a 16-year-old, it’s a good idea to get a quote from State Farm. Not only do these providers offer low average rates for 16-year-olds, but they also have great programs to save even more money.
The app tracks driving habits and can offer discounts of up to 30%. Additionally, drivers under the age of 25 can participate in Steer Clear
Best Car Insurance For Teens & Young Drivers (2023)
According to our rate estimates, Erie Insurance is the cheapest car insurance for 16-year-olds overall. However, it is available in 12 states and Washington DC. Get a quote from Erie when you shop if you’re in one of the following locations:
Geico is another affordable company for 16-year-olds. The estimated rate from Geico was $372 per month, about 35% cheaper than the industry average of $576 per month. Geco also has useful discounts for young drivers with good grades or who have completed a driver education course.
Nationwide car insurance rates for 16-year-olds are about 34% cheaper than the national average for this age group. Smart ride across the country
This program adjusts your rate based on mileage. The company offers discounts to good students and accident-free drivers.
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USAA offers average fares about 31% lower than the national average for 16-year-olds and has an excellent customer service reputation. Available only to USAA military members and their immediate family. Teens can join a family policy or qualify on their own if their parents are already USAA members.
With rates so high for young drivers, what can you do to lower car insurance costs? Here are five tips to keep in mind.
The best way to save on insurance for teenage drivers is to add them to a parent’s policy. Doing this can save you hundreds of dollars a year. You’ll still pay higher insurance premiums overall, but not as expensive as a 16-year-old having their own policy.
If you are comfortable, you can reduce your coverage amount to save money on car insurance. You can waive collision insurance and comprehensive insurance and go with the minimum liability coverage required by your state.
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Make sure you can afford to fix your car if you or your teen damages your car or someone who doesn’t have enough insurance causes an accident, because in those cases you won’t get coverage. And if the car is being financed, the lender must have full insurance coverage for you.
Here are some car insurance discounts to look for when adding a 16-year-old to an existing policy or starting a separate policy:
Consider a policy with an accident waiver, even if it’s not a discount. A single car accident can cost a teenager thousands of dollars a year. Some companies offer this add-on to keep car insurance costs the same after an accident.
The type of car a 16-year-old driver owns can affect their rates. Generally speaking, car insurance rates are higher for luxury vehicles and sports cars. To save money, choose a reliable and affordable car with good safety ratings.
Young Drivers Feel The Pressure Of High Insurance Premiums
A minor infraction like speeding can increase car insurance costs for teenagers, so the best thing they can do is keep a clean driving record. Many providers offer safe driving discounts for those who do.
In this article, we’ve provided the cheapest car insurance rates for 16-year-olds and broken down the cost by state. We’ve also outlined the average cost by age group and some of the key factors that affect car insurance premiums.
It’s worth considering our recommendations for the best car insurance for 16-year-olds, and we recommend comparing at least three car insurance quotes when you shop.
Based on our research, Erie Insurance is the cheapest car insurance provider for 16-year-olds, costing an average of $284 per month or $3,410 per year. Auto owners insurance, State Farm and Geico are also affordable options for drivers.
Cheapest Car Insurance For Drivers Under 25 (2023)
We found the cheapest car insurance in AZ with Geico for an annual estimate of $3,222 per year for a 16-year-old.
Generally, the most expensive cars to insure for teenage drivers are luxury and performance vehicles. We recommend choosing a vehicle with good safety ratings and an affordable price.
Full coverage car insurance for a 16-year-old child costs an average of $576 per month. A 16-year-old who owns a Mustang costs more for auto insurance.
New teenage drivers can pay $3,000 to $6,000 or more per year for full coverage car insurance. Drivers can save money by limiting their coverage and finding discounts. Costs depend on factors such as the policyholder’s vehicle, driving history and location.
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Because consumers rely on us to provide objective and accurate information, we have created a comprehensive rating system to rank the best car insurance companies. We’ve collected data on a wide range of factors, from dozens of auto insurance providers to rated companies. those
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