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When it comes to car insurance for 23-year-old drivers, the cost can vary depending on the coverage levels chosen. On average, car insurance for 23-year-old drivers can cost around $692 per year or $58 per month for state minimum liability only coverage. Opting for 50/100/50 liability coverage can increase the average cost to $844 per year or $70 per month. For more comprehensive coverage with 100/300/100 liability and a $500 deductible for comprehensive and collision, the average cost jumps to $2,370 per year or $197 per month.

Coverage level Average annual premium Average monthly premium
State Minimum Liability Only $692 $58
50/100/50 Liability Only $844 $70
100/300/100 Liability with $500 Comp/Coll Deductible $2,370 $197

Average car Insurance rates for 23-year-old male and female: Decoding gender impact

Gender can also play a role in determining car insurance rates for 23-year-old drivers. On average, 23-year-old females can expect to pay around $2,176 per year for car insurance, while their male counterparts may face slightly higher rates at $2,370 per year.

Gender Average annual premium Average monthly premium
Female $2,176 $181
Male $2,370 $197

How average car insurance rates for 23-year-old vary by State

Car insurance rates for 23-year-old drivers can vary significantly depending on the state they reside in. For example, in Alaska, the average cost for car insurance for a 23-year-old is $1,985 per year, while in Alabama it is $2,040 . In other states like Louisiana and Florida, the average cost can skyrocket to $3,798 and $3,499 per year, respectively. On the other end of the spectrum, Hawaii offers the lowest average cost at $1,306 per year.

State Average annual premium Average monthly premium
Virginia $1,925 $160

Low-cost car insurance for 23-year-old: Drive without breaking the bank

Finding affordable car insurance for 23-year-old drivers is possible. Some companies offer lower average annual costs, such as North Carolina Farm Bureau at $1,273 , American National Finance at $1,315 , and Safety Insurance at $1,445 .

Comparing rates from multiple insurers is one of the easiest ways to find which insurer offers the lowest cost for 23-year-old driver and provides all the required coverage.

Company group Average annual premium Average monthly premium
American National Finance $1,315 $110
North Carolina Farm Bureau $1,273 $106
Safety Insurance $1,445 $120
Nationwide $1,783 $149
USAA $1,709 $142
Geico $1,699 $142
New Jersey Manufacturers $1,675 $140
Palisades $1,836 $153
Erie Insurance $2,065 $172
American Family $1,888 $157
Vermont Mutual $2,555 $213
Auto-Owners $2,170 $181
State Farm $2,168 $181
Amica Mutual $2,151 $179
Travelers $2,074 $173
Arbella Insurance $1,732 $144
Island Insurance $1,668 $139
Frankenmuth Insurance $2,758 $230
Southern Farm Bureau $2,182 $182
Western National Mutual $2,542 $212
Progressive $2,509 $209
Mapfre Insurance $4,035 $336
Shelter Insurance $3,119 $260
Farmers $2,706 $226
Allstate $2,876 $240
Country Financial $3,052 $254
Auto Club Enterprises (AAA) $3,366 $280
Westfield Insurance $4,183 $349
Iowa Farm Bureau $2,815 $235
Kentucky Farm Bureau $3,570 $298
The Hartford $3,469 $289
National General Insurance $3,047 $254
Mercury Insurance $3,505 $292
CSAA Insurance (AAA) $3,306 $275
Automobile Club MI (AAA) $3,961 $330
Kemper Insurance $4,028 $336
Oklahoma Farm Bureau $4,247 $354
Chubb Ltd $4,601 $383
Safeway Insurance $4,172 $348
The Hanover $7,269 $606
Sentry Insurance $6,504 $542

Conclusion

Car insurance costs for 23-year-old drivers can vary based on coverage levels, gender, state of residence, and choice of the insurance company. Opting for higher coverage increases the average cost, while gender differences can also impact insurance rates. The average cost varies significantly by state, with some states having substantially higher premiums than others. However, affordable options exist, and it is possible to find lower-cost insurance for 23-year-old drivers by comparing rates from different insurers.

Methodology

CompuQuote commissioned 2022 data for Average car insurance rates for 23-year-old drivers from Quadrant Information Services for all 50 states and Washington, D.C. Rates are based on the following profile:

  • 23-year-old driver
  • Honda Accord LX
  • 12-mile daily commute, 10,000 annual miles
  • Good credit
  • Clean record

Rates are based on coverage limits of:

  • $100,000 bodily injury per person
  • $300,000 bodily injury per accident
  • $100,000 property damage per accident
  • $500 comprehensive and collision deductible

CompuQuotes analyzed rates from more than 34,000 ZIP codes, 56 million quotes, and 136 companies. Rates sourced from Quadrant Information Services are for comparison purposes only; your rates may differ.

About the Author: CompuQuotes Editorial
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