The words “economical” and “insurance” really shouldn’t be used in the same sentence, especially when looking for the best car insurance for 20 year old guys. Let’s open your eyes to a few of the things that impact car insurance premiums, and figure out some ways to reduce the cost of the next policy you buy.
The vehicle you are buying coverage for is probably the largest consideration that determines the availability of the cheapest car insurance for 20 year old guys. Vehicles with limited speed and performance, a great safety record, or a positive history of liability claims will cost substantially less to insure than high performance models.
The table below showcases coverage prices for a number of the more affordable automobiles to buy insurance for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$2,708|
|Ford Escape XLT 4WD||$2,713|
|Volkswagen Jetta S 2.5 Station Wagon||$2,907|
|Honda Accord EX-L 4-Dr Sedan||$2,917|
|Toyota Tacoma 4WD||$2,969|
|Ford F-150 XL Regular Cab 4WD||$2,974|
|Jeep Grand Cherokee Laredo 4WD||$3,167|
|Chevrolet Equinox LT AWD||$3,172|
|Chevrolet Malibu LS||$3,167|
|Toyota RAV4 2WD||$3,176|
|Chevrolet Impala LT||$3,167|
|Dodge Ram Quad Cab ST 2WD||$3,197|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$3,206|
|Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr||$3,214|
|Ford Explorer Eddie Bauer 4WD||$3,206|
|Dodge Grand Caravan SXT||$3,214|
|Toyota Corolla S||$3,364|
|Honda Odyssey EX-L W/Rear Entertainment||$3,374|
|Ford Edge Limited AWD||$3,364|
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Data variables include single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, and claim-free. Table data does not factor in your specific Durham, NC location which can lower or raise premium rates substantially.
Based upon the table data, you can conclude that vehicles like the Honda CR-V, Ford Escape, Volkswagen Jetta, Honda Accord, and Toyota Prius are likely to be some of the more affordable vehicles to insure for young men. The price for an auto insurance policy will tend to be higher just due to the fact that there is more exposure for 20 year old guys, but in general those makes and models will most likely have the best insurance prices compared to other vehicles.
Determining which companies offer the best auto insurance rates for 20 year old guys will take a little more effort in order to find the best price. Every car insurance company has a unique formula for determining prices, so let’s take a look at the most competitive auto insurance companies in North Carolina.
It’s important to understand that Durham, NC auto insurance rates are impacted by many things which can significantly increase or decrease your annual premium. Simply improving your credit, moving across town, or having an at-fault accident may generate price changes resulting in some companies being cheaper in comparison to the competition.
Best Insurance Companies for Men Age 20
|Rank||Company||Cost Per Year|
|4||NC Farm Bureau||$737|
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Utica National may have some of the cheapest car insurance rates in Durham at around $643 a year. This is $229 less than the average price paid by North Carolina drivers of $872. Progressive, Liberty Mutual, NC Farm Bureau, and Titan also qualify as some of the lowest-priced Durham, NC car insurance companies.
As the example above demonstrates, if you are a policyholder with NC Farm Bureau and switched to Utica National, you might see yearly savings of in the neighborhood of $94. Customers with Titan may save as much as $94 a year, and Penn National policyholders might reduce prices by as much as $96 a year.
Remember that these policy prices are averaged across all drivers and vehicles in North Carolina and do not factor in an exact vehicle garaging location for 20 year old guys. So the auto insurance company that has the lowest price for you may not even be in the list above. That illustrates why you need to compare as many prices as possible using your own driver and vehicle profiles.
For young men, one of the largest things that are used to help calculate the price you pay for insurance is where you keep your vehicle in Durham. Regions with more people or even just more weather-related claims tend to have more expensive car insurance rates, whereas less populated areas have the luxury of lower rates.
The illustration below sorts the priciest cities in North Carolina for 20 year old guys to purchase a policy in. Durham is ranked at #7 with the annual price of $765 for the average insurance policy, which is about $64 each month.
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Information shown are estimated as the specific zip code location can revise price quotes significantly.
Ending up with a high-quality insurer can be difficult considering how many choices you have in Durham. The information shown next can help you pick which insurers to look at purchasing a policy from.
These ratings are for companies that insure vehicles across America, so companies with more of a regional focus are not taken into consideration for these rankings. To check rates from these companies and more, click this link.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
How accidents and tickets impact rates
A great way to enjoy the best auto insurance prices for young men is to drive attentively and not have accidents or get tickets. The chart below illustrates how speeding tickets and fender-benders influence auto insurance costs for each different age group. The premium estimates are based on a single male driver, full physical damage coverage, $250 deductibles, and no discounts are taken into consideration.
The data above shows the average cost of car insurance in North Carolina per year with no accidents and a clean driving record is $1,316. Get written up for two speeding tickets and the average cost swells to $1,739, an increase of $424 each year. Then add in two accidents along with the two speeding tickets and the 12-month cost of auto insurance for 20 year old guys goes up to an average of $3,303. That’s an increase of $1,987, or $166 per month, just for not driving responsibly!
Your cheap policy may actually be overpriced
Durham auto insurance rates are determined by lots of factors which can substantially change the price of your policy. Simply improving your credit, buying a different home, or getting a ticket for careless driving may prompt premium changes resulting in some companies being more affordable than competitors. In addition to those changes, car insurance companies change prices at least once a year to ensure their profitability. Larger than normal claims can result in higher rates, while lower claim expenses can produce cheaper Durham car insurance rates.
For instance, the bar chart below analyzes the cheapest car insurance in Durham, NC for a 45-year-old male driver with no accidents or violations, and a good credit history. When comparing rates based on his current risk profile, Progressive quotes the lowest car insurance rates in Durham at $745 annually. This is $127 less than the average premium paid by North Carolina drivers of $872. Utica National, Liberty Mutual, GEICO, and Penn National are also included in the most affordable Durham, NC auto insurance companies.
Now let’s give the driver from the above example a chargeable accident, slightly worse credit, and an imperfect driving record. Because every insurance company uses a different method to establish rates, getting updated rate quotes may result in a significantly different list of companies as shown below.
Titan now has the lowest car insurance rate in Durham, NC with State Farm, Auto-Owners, Allied, and Travelers now being in the top five. This example proves why it is critical to take the time to shop around to get the cheapest car insurance quotes for 20 year old guys. Insurance prices are made up of many risk factors and can change without notice, so the lowest-price company three years ago may now be costing you a lot of money.