The words "low-priced" and "insurance" really don't belong together, especially when you are looking for the lowest insurance prices for young drivers. Let's lead off by showing you some things that determine insurance prices, and figure out some ways to shave a little off your next policy.
The vehicle to be insured is probably the most important factor that determines whether or not you can buy the most affordable car insurance for young drivers. Vehicles with economical engines, advanced safety features, or a track record of few liability claims will cost less to insure than fast, unsafe models.
The information below features insurance rates for a number of the most budget-friendly automobiles to insure.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V LX 2WD||$660|
|Honda Odyssey EX W/Rear Entertainment||$765|
|Volkswagen Jetta LE 4-Dr Sedan||$780|
|Chevrolet Impala LT||$789|
|Ford Explorer Limited 4WD||$795|
|Hyundai Elantra SE Touring Station Wagon||$821|
|Toyota Corolla LE||$827|
|Toyota Camry SE||$821|
|Nissan Altima 2.5 S 4-Dr Sedan||$827|
|Ford Escape Limited 2WD||$830|
|Ford Edge SE 2WD||$832|
|Chevrolet Silverado 2500HD LTZ Crew Cab 4WD||$835|
|Hyundai Sonata GLS 4-Dr Sedan||$839|
|Chevrolet Silverado LT Extended Cab 2WD||$847|
|Honda Civic EX-L 4-Dr Sedan||$861|
|Ford F-150 STX Super Cab 4WD||$865|
|Kia Optima EX||$894|
|Start a Quote Go|
Prices based on single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include multi-policy, homeowner, safe-driver, multi-vehicle, and claim-free. Rate quotes do not factor in the specific area where the vehicle is garaged which can impact coverage rates significantly.
Looking at the rates, makes and models like the Honda CR-V, Honda Odyssey, Volkswagen Jetta, and Chevrolet Impala are most likely to be the most affordable vehicles to insure for youthful drivers.
One of the many factors that are looked at to determine car insurance rates is the neighborhood you call home. Areas with increased crime or more people like Winchester, Sunrise Manor, and Enterprise likely pay more, whereas more rural areas have the enjoyment of a little cheaper coverage.
The information below ranks the priciest cities in Nevada for young drivers to buy auto insurance in.
|Rank||City||Average Per Year|
|6||North Las Vegas||$1,900|
|Find Cheaper Rates Go|
Annual rates are approximated as the specific Nevada residence address can decrease or increase coverage prices significantly.
The information below demonstrates how deductibles can influence premium costs when quoting cheap insurance for young drivers in Nevada. The price estimates are based on a single male driver, full physical damage coverage, and no policy discounts are applied.
The chart above illustrates that a 40-year-old driver could cut expenses by $254 a year by switching from a $100 deductible up to a $500 deductible, or save $382 by using a $1,000 deductible. Younger drivers, like the Age 20 category, could lower their rates as much as $830 every year by selecting a higher deductible.
If you do raise deductibles, it will now be necessary to have plenty of money set aside to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Full coverage rates compared to liability only
Paying a lower price for auto insurance is important to most people, and one good way to save on the cost of insurance for young drivers in Nevada is to not buy comprehensive and collision coverage. The illustration below shows the comparison of premium costs with full physical damage coverage and with liability coverage only. The prices are based on no accidents, no driving violations, $100 deductibles, drivers are single, and no other discounts are factored in.
If averaged for all ages, physical damage coverage costs an extra $1,768 per year more than insuring for liability only. That touches on the question when is it a good idea to stop buying full coverage. There is no clear-cut formula to eliminate full coverage, but there is a general convention. If the yearly cost for physical damage coverage is 10% or more of the replacement cost of your vehicle minus the policy deductible, then you might want to consider buying only liability coverage.
For example, let's say your vehicle's settlement value is $11,500 and you have $1,000 full coverage deductibles. If your vehicle is totaled, you would only receive $10,500 after you pay the deductible. If it's costing in excess of $1,050 a year for comprehensive and collision coverage, then you may need to consider dropping full coverage.
There are a few cases where removing full coverage is not a good plan. If you still owe a portion of the original loan, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you don't have enough money to buy a different vehicle in the even your car is totaled, you should maintain full coverage.
Impact of violations and accidents on rates
In a perfect world, the best way to enjoy low auto insurance prices in Nevada for youthful drivers is to be a safe driver and have a clean driving record. The diagram below shows how traffic citations and at-fault claims increase insurance rates for different insured age categories. The prices are based on a married female driver, comp and collision included, $1,000 deductibles, and no policy discounts are applied.
The data in the chart shows the average cost of car insurance per year with a clean driving record and no accidents is $996. Factor in one speeding ticket and the average cost hikes up to $1,162, an increase of $167 each year. Next add two accidents along with the one speeding ticket and the 12-month cost of auto insurance for young drivers in Nevada increases to an average of $2,726. That's an increase of $1,730, or $144 per month, just for not paying attention while driving!