You have surely seen all the catchy advertisements from companies like The General and Liberty Mutual claiming enormous savings, so you should just pick the one with the best commercial, right?
It’s not that easy, however, as there are a whole bunch of unknown factors like the annual mileage you drive, what liability limits you need, your marital status, and how many years you have been driving, that all impact the cost of coverage. We will attempt to cover the best ways to find cheap auto insurance and will hopefully give the reader a good start to your coverage search.
For young men, one of the more important components that are looked at to determine the cost of insurance is where you live. Areas with a lot of weather claims or more people tend to pay more, whereas areas that tend to be more rural benefit from lower prices.
The next table shows the priciest cities in Virginia for 20 year old guys to buy car insurance in. Virginia Beach is ranked #15 costing $948 for coverage, which is around $79 per month.
|Rank||City||Premium Per Year|
|Find Cheaper Insurance Go|
Table data uses comparative as specific Virginia Beach garaging address can raise or lower prices substantially.
The vehicle that needs insurance is a large consideration when trying to find low-cost coverage for 20 year old guys. Vehicles with economical engines, advanced safety features, or low incidents of liability claims will cost substantially less to insure than higher performance models.
The table below shows car insurance costs for the most affordable automobiles to buy insurance for.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$2,936|
|Ford Escape XLS 4WD||$2,945|
|Honda Accord LX 4-Dr Sedan||$2,936|
|Ford F-150 XL Super Cab 4WD||$3,267|
|Dodge Grand Caravan SE||$3,277|
|Ford Edge Limited 2WD||$3,440|
|Toyota Tacoma 2WD||$3,445|
|Honda Odyssey EX W/Rear Entertainment||$3,440|
|Honda Civic DX 4-Dr Sedan||$3,449|
|Chevrolet Impala LT||$3,483|
|Ford Fusion S 4-Dr Sedan||$3,493|
|Toyota Camry LE||$3,483|
|Jeep Grand Cherokee Laredo 2WD||$3,489|
|Toyota RAV4 Sport 4WD||$3,483|
|Volkswagen Jetta LE 4-Dr Sedan||$3,493|
|GMC Sierra SLE Crew Cab 2WD||$3,483|
|Chevrolet Silverado LS Extended Cab 4WD||$3,493|
|Dodge Ram Quad Cab ST 2WD||$3,517|
|Chevrolet Malibu LT||$3,526|
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Data based on single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Virginia minimum liability limits. Discounts applied include claim-free, and safe-driver. Price estimates do not factor in specific location information which can affect coverage prices significantly.
Looking at the numbers, vehicles like the Honda CR-V, Ford Escape, Honda Accord, and Toyota Prius are most likely to be the most economical vehicles to insure for young men. The cost of a car insurance policy will tend to be higher just due to the fact that there is a higher risk for 20 year old guys, but in general those particular models will probably have the best insurance prices that you are likely to find.
Full coverage versus liability only rates
Finding the cheapest insurance is important to the majority of drivers, and one of the best ways to find cheaper insurance for 20 year old guys is to not insure for full coverage. The chart below shows the comparison of insurance premiums with and without physical damage coverage. The data is based on no tickets, no at-fault accidents, $1,000 deductibles, single status, and no discounts are applied to the premium.
If we average the cost for all age groups, comprehensive and collision coverage on your policy costs an extra $1,466 per year more than just buying liability only. Many people question if buying full coverage is worth the money. There is no exact formula of when to drop comp and collision coverage, but there is a general guideline you can use. If the annual cost of coverage is about 10% or more of replacement cost minus your deductible, then you may want to consider only buying liability coverage.
For example, let’s pretend your vehicle’s claim settlement value is $5,000 and you have $1,000 deductibles. If your vehicle is totaled, the most you would receive is $4,000 after paying your policy deductible. If you are currently paying more than $400 annually for your policy with full coverage, then it could be time to drop full coverage.
There are a few situations where eliminating full coverage is not advised. If you still have a lienholder on your title, you are required to maintain full coverage in order to prevent the bank from purchasing higher-priced coverage. Also, if you can’t afford to buy a different vehicle if your current one is in an accident, you should not buy liability only.
The diagram below demonstrates how choosing different deductibles can influence yearly insurance costs when researching cheap insurance for 20 year old guys. The premiums are based on a married female driver, full physical damage coverage, and no discounts are applied.
A 40-year-old driver could reduce rates by $176 a year by changing from a $100 deductible to a $500 deductible, or save $266 by changing to a $1,000 deductible. Young drivers, like the 20-year-old example, could reduce their rates up to $436 or even more just by choosing larger deductibles. If you do raise deductibles, it will be required to have enough funds in savings to be able to cover the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Illustration showing the impact of accidents and violations
One of the best ways to receive the most affordable insurance rates in Virginia Beach for young men is to pay attention while driving and not receive tickets or have accidents. The illustration below shows how speeding tickets and accidents can impact yearly insurance costs for different age categories. The rate quotes are based on a single male driver, comprehensive and collision coverage, $100 deductibles, and no other discounts are factored in.
The data in the chart shows the average cost of a car insurance policy per year with a clean driving record and no accidents is $1,481. Add in one speeding ticket and the average cost swells to $1,667, an increase of $186 each year. Now throw in one accident along with the one speeding ticket and the 12-month cost of insurance for 20 year old guys jumps again to an average of $2,190. That’s an increase of $709, or $59 per month, just for being a little careless behind the wheel!
Tips for finding the cheapest auto insurance for 20 year old guys
The list below shows some of the recommended thrifty ideas that can help drivers buy more affordable coverage.
- Buy your auto and home insurance from the same company and save
- Maintain a clean driving record
- Increase your physical damage deductibles
- Avoid preventable accidents
- Avoid filing small claims
- Good credit can mean cheaper rates
- Compare prices as often as possible
That last tip is especially valuable, as was stressed in the prior article. Auto insurance rates go up and down frequently, so drivers shouldn’t hesitate to buy from a new company if a better rate can be found. Staying with the same car insurance company is fine, but we do not recommend it if your bullheadedness ends up costing you a small fortune. In just a few minutes you could shop around and find cheaper auto insurance for 20 year old guys in Virginia Beach.
If you wish to get some guidance when comparing insurance rates for 20 year old guys, the agents listed below are willing to aid you in deciding which policy is best. To locate a Virginia Beach insurance agent closest to you, click the link after the list.
Bell Insurance Agency Corporation
1501 Cornwell Ln – Virginia Beach, VA 23454 – (757) 340-0028
3213 Virginia Beach Blvd – Virginia Beach, VA 23452 – (757) 340-0028
Nationwide Insurance: Chesson Insurance Agency Inc
307 Lynnhaven Pkwy Ste 201 – Virginia Beach, VA 23452 – (757) 464-4443
John White State Farm®
1776 Princess Anne Rd – Virginia Beach, VA 23456 – (757) 426-2886
Mike McDonald – State Farm Insurance Agent
2122 General Booth Blvd #102 – Virginia Beach, VA 23454 – (757) 721-3300