Best Cheap Car Insurance Companies for 24-Year-Olds


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Updated: May 20, 2024

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The most affordable car insurance for 24-year-old drivers is offered by GEICO, with an average yearly rate of $1,571. This rate is much cheaper than the average premium for this age group, which is $3,063.

The cost of car insurance for 24-year-old drivers is less expensive than for younger age groups because at 24, drivers have more experience and, statistically, get into fewer accidents. However, these rates are still higher than those for older drivers who have even more driving experience and are viewed as lower risk.

Key Takeaways

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GEICO offers the best and cheapest car insurance for 24-year-olds at $131 monthly with solid customer satisfaction ratings.

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Drivers should shop around to get the best possible rates.

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Choose higher deductibles to lower the premium for a 24-year-old's car insurance.

Why Trust MoneyGeek? To calculate car insurance premiums for 24-year-old drivers, MoneyGeek used several driver profiles and data acquired from state insurance departments and Quadrant Information Services. The cost of auto insurance can vary dramatically amongst individuals based on a variety of factors, even those within the same age group. These include the driver's gender, driving record, credit history, type of coverage required and other variables.

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These rates reflect the average cost of car insurance for 24-year-old drivers as of 2024.

1,904Quotes Analyzed
 
6Companies Compared
 
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Cheapest Car Insurance Companies for 24-Year-Old Drivers

The cheapest car insurance companies for 24-year-olds are:

  • GEICO: $131 per month, $1,571 per year
  • State Farm: $144 per month, $1,724 per year

These rates represent the cost of an individual policy. Many 24-year-olds have enough driving experience and live on their own, which means they usually can't qualify for a family policy.

While 24-year-olds may have more driving experience than younger drivers, they are still considered high-risk drivers, which contributes to higher premiums in comparison to older adults. To help manage these costs, 24-year-olds should explore all available discounts.

Data filtered by:Results filtered by:
Coverage:
Coverage:100/300/100 w/ $1000 Deductible
GEICOAnnual Premium$1,571Monthly Premium$131
State FarmAnnual Premium$1,724Monthly Premium$144
TravelersAnnual Premium$1,851Monthly Premium$154
AllstateAnnual Premium$1,861Monthly Premium$155
NationwideAnnual Premium$1,902Monthly Premium$159
ProgressiveAnnual Premium$1,951Monthly Premium$163
FarmersAnnual Premium$2,265Monthly Premium$189
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    Younger drivers pay more for car insurance

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Cheapest Car Insurance for 24-Year-Olds by State

The cheapest state for car insurance for 24-year-olds is Massachusetts, with the lowest annual premium of $332 from State Farm. The second cheapest is Idaho, with the lowest premium of $464, also from State Farm.

Car insurance costs for a 24-year-old vary greatly from state to state. Minimum coverage laws, more accidents and car thefts can affect premiums.

AlabamaCompanyGEICOAnnual Premium$923Monthly Premium$77
AlaskaCompanyGEICOAnnual Premium$707Monthly Premium$59
ArizonaCompanyAuto-Owners Insurance CoAnnual Premium$879Monthly Premium$73
ArkansasCompanyState FarmAnnual Premium$825Monthly Premium$69
CaliforniaCompanyGEICOAnnual Premium$917Monthly Premium$76
ColoradoCompanyGEICOAnnual Premium$705Monthly Premium$59
ConnecticutCompanyGEICOAnnual Premium$670Monthly Premium$56
DelawareCompanyState FarmAnnual Premium$971Monthly Premium$81

Cheapest Car Insurance for 24-Year-Olds by Gender

Below are the cheapest car insurance companies for male and female 24-year-old drivers.

  • For males: GEICO, $121 per month, $1,454 per year
  • For females: State Farm, $116 per month, $1,392 per year

Car insurance for a 24-year-old male driver generally costs more than for a female driver because young male drivers are statistically more likely to be involved in accidents.

Annual Car Insurance Rates for Males and Females

female
24-Year-Old Female

Average Annual Premium

$1,392
male
24-Year-Old Male

Average Annual Premium

$1,454
Rates for males are:$62 more

This is 4% more expensive.

Data filtered by:Results filtered by:
Gender:
Gender:Male
GEICOAnnual Premium$1,454Monthly Premium$121
State FarmAnnual Premium$1,616Monthly Premium$135
TravelersAnnual Premium$1,726Monthly Premium$144
AllstateAnnual Premium$1,733Monthly Premium$144
NationwideAnnual Premium$1,802Monthly Premium$150
ProgressiveAnnual Premium$1,838Monthly Premium$153
FarmersAnnual Premium$2,263Monthly Premium$189

Cheapest Cars to Insure for 24-Year-Olds

Here are the cheapest cars to insure for 24-year-old drivers:

  • Subaru Forester: $107 per month, $1,279 per year
  • Subaru Outback: $114 per month, $1,368 per year

To save money, consider choosing a safe and affordable car. Older cars that are reliable and have good safety ratings are usually cheaper to insure.

Subaru ForesterCategoryCompact SUVCompanyGEICOAnnual Premium$1,279
Subaru OutbackCategorySedanCompanyNationwideAnnual Premium$1,368
Toyota TacomaCategoryPickup TruckCompanyGEICOAnnual Premium$1,405
Audi Q5CategoryLuxury SUVCompanyGEICOAnnual Premium$1,413
Honda PassportCategorySUVCompanyGEICOAnnual Premium$1,486
Toyota CorollaCategoryCompactCompanyGEICOAnnual Premium$1,507
Ford Mustang Mach ECategorySports CarCompanyGEICOAnnual Premium$1,538
Honda OdysseyCategoryMinivanCompanyState FarmAnnual Premium$1,560

Best Car Insurance for 24-Year-Old Drivers

GEICO stands out as the best car insurance company for 24-year-olds, with an average monthly premium of $131 and an annual premium of $1,571.

A top provider like GEICO offers quality coverage, solid customer service and financial stability, which can significantly impact your experience if you get into an accident and need to file a claim.

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Best OverallGEICO
MoneyGeek Score:
85/ of 100

Overview

GEICO stands out for 24-year-olds due to its comprehensive coverage options and customer care. It understands younger drivers want both protection on the road and assurance that they can afford their premiums. The discounts available can help young drivers working to establish their driving record keep insurance affordable.

Potential driver discounts for 24-year-olds include:

  • Driver's education discount for completing an approved driver's education course
  • Safe driving discount rewarding those with no accidents for five years
  • Multiple car discount for insuring more than one vehicle

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

Full coverage car insurance for a 24-year-old driver costs an average of $3,063 per year. While car insurance premiums are based partly on age, they are also influenced by a variety of other factors, including gender, driving history and credit history. To get the best auto insurance for your particular situation, shop around and compare rates and coverage between different providers.

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ANNUAL CAR INSURANCE PREMIUM FOR A 24-YEAR-OLD

The average annual full coverage premium for a 24-year-old driver is $3,063.

How to Save on Car Insurance for 24-Year-Olds

While car insurance is typically more expensive for 24-year-olds than it is for older drivers, there are still plenty of ways to reduce your monthly premium and find the cheapest car insurance available to you. Young adult drivers may significantly reduce auto insurance costs if included on a family insurance policy, but their permanent residence must be the family's home for this option.

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    Compare Quotes for the Best Policy

    When shopping around for insurance, compare auto insurance quotes in order to ensure that you’re getting the best deal possible. Depending on your individual situation, rates from different insurers can vary by hundreds of dollars annually, so it pays to consider all of your options before making a final decision.

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    Ensure a Clean Driving Record

    At-fault accidents and tickets can dramatically increase car insurance costs for 24-year-olds for three to five years. With this in mind, it’s important to try to maintain a clean driving record to get the best possible deals. But if you have at-fault accidents or other violations on your driving history, it’s still a good idea to check and see if you might qualify for better rates. Some providers may even offer accident forgiveness for a first-time at-fault accident as an additional coverage you can include on your policy or award it for maintaining a good driving record prior to the accident.

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    Find Companies That Offer Discounts

    Many car insurance companies offer discounts that 24-year-olds can take advantage of. Depending on the insurer, there may be discounts available for alumni associations, sorority or fraternity membership and more.

    Young drivers can also often secure a lower rate by completing a defensive driving course. This course will not only save drivers on car insurance, but it can also help them prevent accidents in the future by promoting safe driving habits. There are also telematics-based safe driving programs, such as State Farm's Steer Clear, that provide a discount upon completion to drivers under 25.

    Other discounts you may qualify for include bundling auto and renters or homeowners insurance, anti-theft system, safe driver and airbags.

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    Lower the Coverage Amount

    One simple way to lower your car insurance rates is to reduce your coverage amount. If you own an inexpensive car, you may want to consider liability-only car insurance in order to reduce your monthly costs. That said, lowering your coverage amount can cost you more money in the long run if you end up in an at-fault accident or if something happens to your car. In general, you should try to purchase as much car insurance coverage as you can comfortably afford.

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    Choose a Sedan Over a Sports Car

    Certain cars cost more to insure, especially for younger drivers. Sports cars and luxury vehicles can often come with much higher monthly insurance premiums for 24-year-olds. For example, for this age group, insuring a Subaru Forester costs an estimated $1,279, while insuring a BMW Series 3 costs roughly $1,955 — an increase of almost $700 per year.

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Why Car Insurance Is So Expensive for a 24-Year-Old

Car insurance is expensive for 24-year-olds primarily because younger drivers are riskier drivers. While you might be an incredibly safe and responsible driver, statistically speaking, young people are more likely to get in at-fault accidents that require insurance companies to pay out.

FAQ: Best Cheap Car Insurance Companies for 24-Year-Olds

Many 24-year-olds struggle to find affordable car insurance due to their age group's higher risk profile. Get answers to find the cheapest rates for car insurance.

What is the cheapest car insurance for a 24-year-old?
What is the best insurance company for a 24-year-old?
Why is car insurance expensive for 24-year-old drivers?
Is car insurance more expensive for 24-year-old males?

About Margaret Wack


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Margaret Wack, a contributing journalist at MoneyGeek, is an award-winning poet with over six years of editorial experience in digital publications. She writes about insurance, saving, investing and banking, with bylines on Money Under 30 and Bankrate.

Wack earned her Bachelor of Arts in Classics, Comparative Literature and Poetry from Smith College and her Master of Arts from St. John's College.