Average Cost of Car Insurance for 24-Year-Olds

Average Cost of Car Insurance for 24-Year-Olds

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The average cost of car insurance for a 24-year-old is $314 per month, or $3,765 per year, according to our research. For 24-year-olds looking for cheap car insurance, we recommend Erie, USAA and Geico.

We compared the average costs of auto insurance for 24-year-olds by gender, company, age, and state. To find the most affordable car insurance coverage, compare quotes from multiple insurance companies and identify potential discounts.

Find insurance rates by:
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Which companies offer the cheapest car insurance for 24-year-olds?

Erie, which is available in 13 states, offers the cheapest car insurance for 24-year-olds, at $120 per month. USAA offers the second-cheapest rate, at $153 per month. However, only current and former members of the military and their families can qualify for a USAA policy.

Geico was the cheapest car insurance company for a 24-year-old that's available to most drivers, at a rate of $176 per month.

This graph ranks car insurance quotes for 24-year-olds across varying insurers.

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The wide discrepancy in auto insurance rates across insurance companies demonstrates why young drivers should shop around for multiple quotes to find the cheapest car insurance. For example, the average cost of insurance for a 24-year-old through Allstate is $405 more expensive per month than Erie.

Insurer
Average monthly rate
Erie$120
USAA$153
Geico$176
Nationwide$205
Progressive$234
State Farm$234
Farmers$344
Allstate$525

Cost of insurance for 24-year-old male and female drivers

The average cost of auto insurance for a 24-year-old male driver is $321 per month, compared to $306 per month for a 24-year-old female driver.

Car insurance is typically more expensive for male rather than female drivers, and rate disparities are often greater among teenagers and young adults. Young male drivers typically pay more for insurance because they tend to get into more accidents.

Age
Monthly rate, male
Monthly rate, female
Difference
23$344$3266%
24$321$3065%
25$283$2753%

However, a few states and local municipalities prohibit insurers from using gender as a variable to determine car insurance premiums. These states include California, Hawaii, Massachusetts, Montana, North Carolina, Pennsylvania and parts of Michigan. This means that 24-year-old male drivers should pay the same as female drivers in these states, all else being equal.

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

Just a small difference in age can have a significant impact on rates for young adults. The average cost of full-coverage auto insurance for a 24-year-old is $302 cheaper per month than for an 18-year-old. The average difference between the cost for a 23-year-old and a 24-year-old is much smaller, at $21 per month.

Due to their inexperience and tendency to get into more accidents, car insurance for young drivers under 25 can be costly.

Age
Average monthly rate
18$616
19$515
20$460
21$384
22$359
23$335
24$314
25$279

Cheapest insurers in our sample states

For each state in our study, we identified the cheapest car insurance companies for 24-year-olds. We found that Geico was the cheapest insurer in the most states (four), but these are average rates. The best way to find the cheapest rate for you is to get quotes from multiple insurers.

Cheapest auto insurance for 24-year-olds by state

The average cost of car insurance varies widely by state. Auto insurance in North Carolina is the cheapest for 24-year-olds, at $139 per month. This is $773 cheaper than the average cost to insure a 24-year-old in Michigan.

State
Average monthly rate for 24-year-old
North Carolina$139
Ohio$164
California$186
Illinois$247
Georgia$263
New York$281
Texas$297
Florida$330
Michigan$912

How to get cheap car insurance as a 24-year-old

We recommend comparing quotes from multiple insurance companies to find the best car insurance plan. Insurers use many variables to price car insurance policies. Relevant factors may include not only your age, but also your driving record, history of claim filings, vehicle and more.

Given the multitude of factors affecting car insurance costs, the insurer that offers you the cheapest rate could be very different for someone else.

Twenty-four-year-olds can also reduce their costs by taking advantage of eligible discounts. Common auto insurance discounts available to 24-year-old drivers include:

The discounts available and how much you'll save may vary significantly depending on the insurance company. This variation further highlights the benefits of shopping around for multiple car insurance quotes to ultimately get the best rate.

Methodology

This study collected auto insurance quotes from thousands of ZIP codes across nine of the most populated states in the country. We used 24-year-old male and female drivers with a 2015 Honda Civic EX as our sample drivers. All other variables affecting car insurance costs were kept consistent.

The quotes were for a full-coverage policy with the following limits:

Coverage
Limits
Bodily injury liability$50,000 per person/$100,000 per accident
Property damage liability$25,000 per accident
Uninsured/underinsured motorist bodily injury$50,000 per person/$100,000 per accident
Comprehensive and collision$500 deductible
Personal injury protection (PIP)Minimum, when required by state

Our analysis covered 29 different insurers, though car insurance premiums were only included in the analysis if their policies were available in at least three of the nine states.

ValuePenguin's analysis gathered insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should only be used as a reference for comparative purposes — your own quotes may be different.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.