How much is full coverage car insurance for 24-year-olds?

The cost of car insurance typically goes down the most between the ages of 18 and 19, when rates drop by about 25% on average. Car insurance premiums generally continue to go down each year until age 25, when rates begin to level off for the next few decades. When drivers turn 25 years old, they can expect a discount of about 14%.... read full answer

When Car Insurance Rates Go Down the Most

Note: The table above shows average annual rates for minimum coverage across all 50 states.

Around middle age, rates may begin to creep back up. This is because middle-aged drivers tend to insure newer, nicer cars and begin to add their children to the policy, increasing the average rate for this age range overall. Individual rates also start to go up again between the ages of 65 and 75 because senior drivers have a higher risk of accidents than middle-aged drivers.

Why Age Affects Car Insurance

Age affects car insurance rates because it’s an indicator of a driver’s risk to an insurance company. Young drivers are statistically more likely to get into a car accident than older, more experienced drivers. As a result, they’re considered high-risk and are more expensive to insure.

The risk for the insurer and the cost for the insured then generally decline as drivers age and gain experience. Once drivers pass the age of 65, however, their risk starts to go up again. Not only are senior drivers more likely to get into an accident than middle-aged drivers, but they’re also more likely to be injured as a result.

States Where Age Does Not Affect Rates

Although most people in the U.S. will find their prices change according to this timeline, there are a few states in which insurers can’t use age to determine your rate. In California, Hawaii, and Massachusetts, age won’t have a direct effect on how much you pay for car insurance. Other factors will still have an impact, though. Your driving record, credit score, and marital status can all affect your final premium.

Age affects the cost of car insurance by up to 389% on average because certain age groups are statistically more likely to be involved in accidents. Age is a factor in car insurance pricing in nearly all states, though California, Hawaii and Massachusetts do not allow the practice.

Average Car Insurance Rates by Age... read full answer

Young drivers can be added to a family policy to help reduce the impact of their high insurance rates. Also, most insurers offer discounts specifically to help lower the cost of insuring a teenager, like good student discounts.

States That Do Not Use Age in Determining Premiums

Hawaii, California, and Massachusetts have laws that prevent insurance companies from using age to determine a driver’s premiums. However, insurers are still able to take driving and insurance history into account, so teens still tend to pay significantly higher rates.

To learn more, check out WalletHub’s guide to average car insurance rates by age and gender.

Car insurance for a 24-year-old costs an average of $952 per year for minimum coverage. Twenty-four-year-old drivers pay more for car insurance than older, more experienced drivers because insurers consider them to be high-risk, meaning they’re more likely to file a claim.

The exact cost of car insurance for a 24-year-old depends on a ... read full answerfew factors, including their driving record, gender, location, vehicle, and car insurance company. Some of the best insurance companies for 24-year-old drivers are Geico, USAA, and AAA.

Cost of Car Insurance for a 24-Year-Old by Company

Note: Rates are an approximation based on a driver in California with minimum coverage. Actual rates will vary.

To learn more, check out WalletHub’s guide to the best car insurance for teens and young drivers.