Car Insurance Costs for 24-Year-Old Males and Females

The average cost of car insurance for 24-year-olds is $3,597 per year, or about $300 per month. 24-year-olds pay approximately $250 less than 23-year-olds ($3,840) and approximately $400 more than 25-year-olds ($3,207). Young drivers under the age of 25, particularly teenagers, pay more for auto insurance than older drivers. We recommend Erie, USAA, and Geico to 24-year-olds looking for low-cost car insurance.

The average cost of auto insurance for 24-year-olds is compared in this guide by gender, company, and state. Nonetheless, young adults should use this guide as a starting point when shopping for car insurance. We always recommend comparing quotes and identifying potential discounts from multiple insurance companies when looking for the most affordable car insurance coverage.

How much is car insurance for a 24-year old?

The cost of car insurance for 24-year-olds varies greatly depending on the insurer. Erie, USAA, and Geico have the lowest annual premiums for 24-year-olds, at $1,472, $1,747, and $2,266 respectively. Erie's rates are nearly $4,000 less than the most expensive insurer in our sample, Allstate, which charges $5,598.

The wide disparity in auto insurance rates between insurance companies demonstrates why young drivers should always get multiple quotes.

Notably, USAA is one of the cheapest car insurers for 24-year-olds in our study, despite the fact that only current and former members of the military, as well as their families, are eligible for policies with the company. Erie's car insurance rates are lower than USAA's, despite the fact that Erie's policies are only available in 13 states. In our study, Geico was the largest national insurer, offering relatively low auto insurance quotes.

Compare car insurance rates for 24-year-old males and females

A 24-year-old man's average auto insurance cost is $3,702, while a 24-year-old woman's average cost is $3,493.

Car insurance is typically more expensive for men than for women, and rate disparities are often greater among teenagers and young adults. Twenty-four-year-old men, as well as those of similar ages, frequently pay 3-7 percent more for car insurance than their 24-year-old female counterparts. This difference can be as high as 10% for drivers under the age of 21, but it tends to diminish as drivers get older.

However, a few states and local municipalities prohibit insurers from using gender as a variable in determining car insurance premiums. California, Hawaii, Massachusetts, Montana, North Carolina, Pennsylvania, and parts of Michigan are among them. Men and women of any age should pay comparable amounts for auto insurance because gender cannot be used to determine rates in these areas.

How much does auto insurance cost by age?

The average cost of car insurance for a 24-year-old is $3,597, or nearly $300 per month.

Car insurance can be especially expensive for young drivers under the age of 25. And even a small difference in age can have a significant impact on young adult rates. The average cost of full coverage car insurance, including liability insurance, for 24-year-olds is more than $3,500 less than that of 18-year-olds, but still $400 more than that of 25-year-olds.

The cheapest auto insurance for 24-year-olds by state

The average cost of car insurance varies greatly depending on the state and area of residence. In the table below, we compare average car insurance prices for the ten most populous states and identify the insurance companies offering the cheapest car insurance policy in each.

North Carolina has the lowest auto insurance rates for 24-year-olds, at $1,592, which is less than half the national average. Auto insurance in Michigan, on the other hand, was by far the most expensive for 24-year-olds, costing $10,464, or nearly three times the national average.

We found the cheapest car insurance companies for 24-year-olds in each of the ten most populated states.

The best, cheap car insurance company for 24-year-olds in the 10 most populated states

USAA was excluded, as policies are only available for current or former military members and their families. If included, USAA would offer the cheapest car insurance for 24-year-olds in Georgia, Illinois, Michigan, New York, Pennsylvania and Texas.

Shopping for cheap car insurance as a 24-year-old

To find the best car insurance plan, we always recommend comparing quotes from multiple insurance companies. Insurers use a variety of variables to determine car insurance rates. Relevant factors may include not only your age, but also your driving record, claim filing history, vehicle type, and other factors. Given the plethora of factors influencing car insurance costs, the insurer that offers you the lowest rate is frequently very different from the insurer that offers the lowest rate to someone else, such as a first-time driver.

When possible, 24-year-olds can save money by staying on their parents' car insurance policies and taking advantage of eligible discounts. A combined family policy is usually less expensive than two separate policies, especially for young people and first-time drivers.

The following are some of the most common car insurance discounts available to 24-year-old drivers:

• Having good student grades.
• Maintaining a good credit score.
• Keeping a clean driving record.

The discounts available and the corresponding cost savings can vary greatly depending on the insurance company. This variation further highlights the benefits of shopping around for multiple car insurance quotes to ultimately get a good rate.

Methodology

This study analyzed auto insurance quotes from thousands of ZIP codes in the ten most populous states in the United States. Drivers in the study were 24-year-old men and women who drove a 2015 Honda Civic EX. All other factors influencing car insurance costs were consistent, including the fact that drivers were single and had a clean driving record. The following are the coverage levels included in the comprehensive car insurance policy, including liability insurance. These coverage limits are slightly higher than the minimum coverage requirements of any individual state:

The study included 23 insurers, but car insurance premiums were only included if they were available in at least three of the ten states.

The insurance rate data used in LowCostInsurance analysis came from Quadrant Information Services. These rates were obtained publicly from insurer filings and should only be used for comparison purposes — your own quotes may differ.