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When it comes to car insurance for 24-year-old drivers, the cost can vary depending on the coverage levels chosen. On average, car insurance for 24-year-old drivers can cost around $645 per year or $54 per month for state minimum liability only coverage. Opting for 50/100/50 liability coverage can increase the average cost to $788 per year or $66 per month. For more comprehensive coverage with 100/300/100 liability and a $500 deductible for comprehensive and collision, the average cost jumps to $2,215 per year or $185 per month.

Coverage level Average annual premium Average monthly premium
State Minimum Liability Only $645 $54
50/100/50 Liability Only $788 $66
100/300/100 Liability with $500 Comp/Coll Deductible $2,215 $185

Average car Insurance rates for 24-year-old male and female: Decoding gender impact

Gender can also play a role in determining car insurance rates for 24-year-old drivers. On average, 24-year-old females can expect to pay around $2,061 per year for car insurance, while their male counterparts may face slightly higher rates at $2,215 per year.

Gender Average annual premium Average monthly premium
Female $2,061 $172
Male $2,215 $185

How average car insurance rates for 24-year-old vary by State

Car insurance rates for 24-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 24-year-old is $1,881 per year, while in Alabama it is $1,905 . In other states like Louisiana and Florida, the average cost can skyrocket to $3,531 and $3,264 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 $1,754 $146

Low-cost car insurance for 24-year-old: Drive without breaking the bank

Finding affordable car insurance for 24-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 $1,426 .

Comparing rates from multiple insurers is one of the easiest ways to find which insurer offers the lowest cost for 24-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 $1,426 $119
Nationwide $1,688 $141
USAA $1,625 $135
Geico $1,606 $134
New Jersey Manufacturers $1,621 $135
Palisades $1,731 $144
Erie Insurance $1,600 $133
American Family $1,743 $145
Vermont Mutual $2,555 $213
Auto-Owners $2,025 $169
State Farm $2,014 $168
Amica Mutual $2,029 $169
Travelers $1,936 $161
Arbella Insurance $1,732 $144
Island Insurance $1,668 $139
Frankenmuth Insurance $2,758 $230
Southern Farm Bureau $2,085 $174
Western National Mutual $2,422 $202
Progressive $2,299 $192
Mapfre Insurance $4,035 $336
Shelter Insurance $2,880 $240
Farmers $2,626 $219
Allstate $2,721 $227
Country Financial $2,863 $239
Auto Club Enterprises (AAA) $3,104 $259
Westfield Insurance $3,650 $304
Iowa Farm Bureau $2,781 $232
Kentucky Farm Bureau $3,570 $298
The Hartford $3,315 $276
National General Insurance $2,967 $247
Mercury Insurance $3,124 $260
CSAA Insurance (AAA) $3,133 $261
Automobile Club MI (AAA) $3,857 $321
Kemper Insurance $3,851 $321
Oklahoma Farm Bureau $3,806 $317
Chubb Ltd $4,601 $383
Safeway Insurance $4,172 $348
The Hanover $6,665 $555
Sentry Insurance $6,504 $542

Conclusion

Car insurance costs for 24-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 24-year-old drivers by comparing rates from different insurers.

Methodology

CompuQuote commissioned 2022 data for Average car insurance rates for 24-year-old drivers from Quadrant Information Services for all 50 states and Washington, D.C. Rates are based on the following profile:

  • 24-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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