If you are a teen or young driver, shopping for car insurance can be a tricky task! If you want to know how much is car insurance for a 20-year-old, then it is on the higher side. However, you need not worry as certain factors impact the rates, and discounts may be available to those who qualify.
The reason for high rates for young insurance aspirants is justifiable because they qualify as a higher class of risk for insurers.
Annually, a 20-year-old pays around $5333 as a car insurance policy per year. On the other hand, a student who is only 18 years old will pay around an average of $7179 annually. Now, let’s see how you can save some money on this expensive insurance policy for a 20-year-old.
How can You Find Cheap Full Coverage Car Insurance for a 20-year-old?
When you are shopping for car insurance for 20-year-olds, then you will feel that you are paying exorbitantly high rates because of their age. However, you can take some steps to reduce this premium and get affordable car insurance for 20 year old.
The first step to save money on insurance is to compare quotes you fetched from various companies. Rates will vary from company to company, and you might be able to get a much lower rate with one company that emphasizes your driving record than your age.
Request quotes from as many companies as possible and compare them to get the best deal for your car insurance.
If you have taken a drivers’ ed, you may be eligible for cheap full coverage car insurance for a 20-year-old. You may need to get your drivers’ school approved by your insurance company before taking up the course.
If you complete this course, you will be assessed in the less risky client category because you will be a safer driver due to the information you learn.
Another way you can save money on your auto insurance policy is to bundle it with your homeowners’ or renter’s insurance. Every state has made it mandatory to insure your residence, and this will cover your items stored within it.
By combining two policies, you will be eligible to get multiple policy discounts, and that can also help you get car insurance with no deposit to pay upfront.
Gender and Affordable Car Insurance for 20-year-old:-
Your gender is also one of the factors that will decide your insurance rates until you reach the age of 25. One of the prime factors that insurance companies will review will be the risk exposure or the likelihood of you being involved in an accident and filing a claim.
When you evaluate the stats, you will find that the risk exposure of a 20-year-old male is higher compared to a female driver of the same age. Annually, a 20-year-old man pays around $5590. In contrast, women of the same age will pay an average of $5076 annually—a 10 percent lower average annual rte.
Final Words
If you are 20 years of age and want to acquire insurance, then you will need to pay a higher amount for car insurance due to your inexperience behind the wheel. However, you need not worry, as the steps mentioned earlier can help you get affordable car insurance for a 20-year-old.
