I'm sure you've seen the captivating commercials from insurers like Liberty Mutual, Progressive, and Nationwide claiming big savings. So you should just pick the company with the best ad, right?
Unfortunately, it's just not that easy, as there are a whole slew of unknown aspects such as if you have points on your license, the crime level of your neighborhood, and if you are married or single. In this article, we will cover the best ways to find cheap auto insurance and hopefully give you enough understanding to have a good start in finding the cheapest car insurance for students.
For teenagers, one of the largest considerations that are looked at to determine auto insurance rates is where you live in Nevada. More densely populated places like Winchester, Paradise, and Las Vegas are more likely to have higher rates, whereas areas with lower crime rates and fewer weather claims tend to receive cheaper rates.
The next table ranks the most expensive places in Nevada for high school students in which to purchase auto insurance.
|6||North Las Vegas||$1,882|
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Premium amounts are estimated as the specific zip code location can change coverage rates greatly.
Determining which company offers the lowest-priced auto insurance rates for high school students in Nevada will require a little more work in order to find a policy that fits your budget.
Every auto insurer has a unique formula to determine rates, so let's look at the rankings for the most affordable auto insurance companies in Nevada. It's important that readers know that Nevada auto insurance rates are influenced by many factors which can substantially change the price you pay. Improving your credit score, increasing liability limits, or getting a driving violation can trigger rate changes that can make some companies more affordable than before.
Cheap Insurance Rates for Students
|Rank||Company||Cost Per Year|
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Travelers may offer some of the most affordable car insurance rates in Nevada at around $939 annually. Allied, Capital, Oregon Mutual, and American Family would also be considered some of the best Nevada auto insurance companies.
As depicted above, if you are a policyholder with Oregon Mutual and switched to Allied, you could see savings of approximately $233. Policyholders with American Family could save as much as $245 a year, and Progressive customers might reduce prices by as much as $253 a year.
Be aware that those premium estimates are averages across all types of insureds and vehicles and do not take into consideration a rate surcharge for high school students. So the company that can offer you the lowest price may not even be in the top 20 companies in the list above. That underscores the importance of why you need to get quotes using your own driver data and vehicle information.
The car, truck, or SUV you are buying coverage for is one of the main factors that determines the availability of low-cost coverage for high school students. Vehicles with lower performance, good safety features, or a track record of few liability claims will cost less to insure than adrenaline junky models.
The table below outlines car insurance prices for the most economical vehicles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$2,965|
|Hyundai Elantra SE Touring Station Wagon||$3,175|
|Ford Escape Limited 4WD||$3,185|
|Volkswagen Jetta 2.0T Station Wagon||$3,386|
|Ford Edge SEL AWD||$3,487|
|Ford Focus S 4-Dr Sedan||$3,497|
|Toyota RAV4 2WD||$3,515|
|Ford Fusion S 4-Dr Sedan||$3,520|
|Chevrolet Impala LT||$3,515|
|Chevrolet Malibu LS||$3,521|
|GMC Sierra SLE Crew Cab 2WD||$3,515|
|Chevrolet Equinox LT AWD||$3,523|
|Ford Explorer Limited AWD||$3,544|
|Dodge Ram 3500 Crew Cab Laramie 2WD||$3,549|
|Dodge Grand Caravan SXT||$3,544|
|Toyota Tacoma Double Cab TRD Off-Road Package 4WD||$3,554|
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Cost estimates assume single male driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include claim-free, and safe-driver. Estimates do not factor in specific garaging location which can lower or raise prices greatly.
Looking at the data, we can presume that vehicles like the Honda CR-V, Hyundai Elantra, Ford Escape, and Toyota Prius are most likely going to be a few of the cheapest vehicles to insure for teenagers. Rates will tend to be more expensive anyway just due to the fact that there is more liability risk for high school students, but overall those models will most likely have the best insurance prices available.
The diagram below illustrates how choosing a deductible can affect yearly insurance costs when getting quotes for cheap insurance for high school students in Nevada. The premium estimates are based on a married male driver, comprehensive and collision coverage, and no discounts are applied to the premium.
In the chart above, a 40-year-old driver could lower their policy premium by $298 a year by switching their comprehensive and collision coverages from a $100 deductible to a $500 deductible, or save $452 by changing to a $1,000 deductible. Even younger insureds, like the 20-year-old, could save $1,002 or more by choosing a larger deductible amount. If you do make the decision to raise your deductibles, it is important to have plenty of money set aside to satisfy the extra out-of-pocket expense. That is the one disadvantage of using higher deductibles.
Cost comparison with and without full coverage
Saving on auto insurance is the goal of the majority of people, and one easy way to find cheap insurance for high school students in Nevada is to not pay for full coverage. The illustration below illustrates the comparison of insurance prices with full physical damage coverage and with liability coverage only. The premium estimates are based on no driving violations, no at-fault accidents, $100 deductibles, single marital status, and no additional discounts are factored in.
If we average the cost for all age groups, full coverage on your policy costs $1,969 per year more than buying just liability insurance. That amount may make you wonder if buying full coverage is a waste of money. There is no written rule of when to phase out physical damage coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is more than around 10% of the replacement cost of your vehicle minus the policy deductible, then it may be the right time to buy liability only.
There are some cases where removing full coverage is not recommended. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage to protect the lienholder's interest. Also, if you cannot afford to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage.
How accidents and tickets impact rates
A great way to score affordable auto insurance prices in Nevada for teenagers is to be a cautious driver and avoid getting tickets or having accidents. The example below demonstrates how speeding tickets and accident claims can drive up insurance prices for different age categories. The data is based on a married male driver, full coverage, $250 deductibles, and no additional discounts are factored in.
In the previous chart, the average cost of car insurance in Nevada per year with no violations or accidents is $1,844. Get written up for one speeding ticket and the average cost rises to $2,120, an increase of $276 each year. Now include two accidents along with the one speeding ticket and the yearly cost of auto insurance for high school students in Nevada goes up to an average of $4,509. That's an increase of $2,665, or $222 per month, just for being a careless driver!