GEICO provides the most affordable minimum liability car insurance for 24-year-old drivers among national providers, with an annual cost of approximately $600 — 14% below the average for family policies. Concord Group and Auto-Owners offer even lower rates in areas where they operate.
Cheapest Car Insurance for 24-Year-Olds
Updated: December 5, 2024
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Key Takeaways
Twenty-four-year-old drivers can find the most affordable car insurance from Concord Group, Auto-Owners, GEICO, State Farm and Travelers.
GEICO offers the cheapest monthly auto insurance rates for 24-year-olds nationwide, with rates of $50 for minimum coverage and $100 for full coverage. Rates from some providers may be as low as $40 in certain states.
The average monthly cost of car insurance for 24-year-old drivers is $58 for minimum coverage and $124 for full coverage.
Cheapest Minimum Liability Car Insurance for 24-Year-Olds
| Concord Group | $39 | $19 |
| Auto-Owners Insurance Co | $44 | $14 |
| GEICO | $50 | $8 |
| State Farm | $51 | $7 |
| Travelers | $54 | $4 |
| Progressive | $58 | $0 |
Rates are for a family policy for both male and female drivers with clean records and good credit insuring a 2012 Toyota Camry.
Cheapest Full Coverage Car Insurance for 24-Year-Olds
Concord Group offers the cheapest full coverage car insurance for 24-year-old drivers on a family policy, with average rates of $876 annually, though availability is limited. Nationally, GEICO, State Farm and Nationwide rank as the most affordable providers.
| Concord Group | $73 | $51 |
| Auto-Owners Insurance Co | $105 | $19 |
| GEICO | $110 | $14 |
| State Farm | $111 | $13 |
| Nationwide | $113 | $11 |
| Travelers | $117 | $7 |
| Allstate | $119 | $5 |
Rates are for a family policy for both male and female drivers with clean records and good credit insuring a 2012 Toyota Camry.
Cheapest Car Insurance for 24-Year-Olds by State
Car insurance costs for 24-year-olds on a family policy vary significantly by state, with monthly rates ranging from $40 to $194. Below, we’ve highlighted the leading insurance providers with the most affordable options for this age group in each state.
| Massachusetts | State Farm | $40 |
| Idaho | State Farm | $50 |
| Ohio | Nationwide | $50 |
| Mississippi | Progressive | $51 |
| Maine | Concord Group | $53 |
| Hawaii | GEICO | $54 |
| Indiana | GEICO | $56 |
| Pennsylvania | Travelers | $57 |
| Vermont | State Farm | $58 |
| Connecticut | GEICO | $58 |
| Wisconsin | GEICO | $58 |
| New Hampshire | Concord Group | $59 |
| Kansas | Nationwide | $62 |
| Virginia | Nationwide | $62 |
| North Dakota | Nationwide | $63 |
| South Dakota | Allstate | $64 |
| Missouri | GEICO | $64 |
| Iowa | State Farm | $66 |
| Utah | Nationwide | $68 |
| Montana | Progressive | $69 |
| North Carolina | Nationwide | $70 |
| Tennessee | State Farm | $73 |
| Oregon | Nationwide | $73 |
| District of Columbia | GEICO | $77 |
| New York | Kemper | $78 |
| Wyoming | Allstate | $79 |
| Arizona | Travelers | $79 |
| Illinois | Travelers | $80 |
| Arkansas | Nationwide | $80 |
| Michigan | GEICO | $80 |
| Nebraska | Auto-Owners Insurance Co | $81 |
| Maryland | GEICO | $85 |
| West Virginia | GEICO | $85 |
| Alabama | GEICO | $89 |
| Texas | State Farm | $90 |
| Minnesota | GEICO | $92 |
| Kentucky | Travelers | $93 |
| Washington | Travelers | $93 |
| Georgia | Allstate | $93 |
| Colorado | GEICO | $95 |
| Alaska | GEICO | $95 |
| Rhode Island | State Farm | $96 |
| New Mexico | Allstate | $99 |
| Oklahoma | State Farm | $100 |
| South Carolina | Travelers | $102 |
| Delaware | GEICO | $103 |
| New Jersey | Travelers | $108 |
| California | GEICO | $111 |
| Nevada | Nationwide | $136 |
| Florida | Travelers | $153 |
| Louisiana | State Farm | $194 |
Rates are for male drivers with clean driving records and good credit insuring a 2012 Toyota Camry with minimum coverage.
Cheapest Car Insurance for 24-Year-Olds by Gender
Due to an increased risk of accidents, 24-year-old male drivers typically pay higher insurance rates than their female counterparts. Below, we highlight the most affordable national insurance options available for both men and women in this age group.
Cheapest Car Insurance for 24-Year-Old Female Drivers
For 24-year-old female drivers, State Farm stands out as the most budget-friendly car insurance provider nationwide, with rates about 10% below the average for minimum coverage. Female drivers in this age group often benefit from lower premiums than men, as they are statistically less likely to be involved in accidents.
| Concord Group | $37 | $20 | $70 | $50 |
| Auto-Owners Insurance Co | $45 | $12 | $103 | $17 |
| State Farm | $49 | $8 | $104 | $16 |
| GEICO | $51 | $6 | $109 | $11 |
| Travelers | $53 | $4 | $113 | $6 |
| Nationwide | $56 | $1 | $107 | $13 |
Rates are for female drivers with clean driving records and good credit insuring a 2012 Toyota Camry.
Cheapest Car Insurance for 24-Year-Old Male Drivers
GEICO offers 24-year-old male drivers the lowest monthly rate of $49 when added to a family policy. Concord Group or Auto-Owners may offer even cheaper options for qualifying drivers. Male drivers often face higher premiums than females because of their higher likelihood of accidents.
| Concord Group | $42 | $18 | $77 | $51 |
| Auto-Owners Insurance Co | $43 | $17 | $106 | $22 |
| GEICO | $49 | $10 | $111 | $18 |
| State Farm | $54 | $6 | $117 | $11 |
| Travelers | $54 | $5 | $120 | $8 |
| Progressive | $58 | $1 | $137 | $-9 |
Rates are for male drivers with clean driving records and good credit insuring a 2012 Toyota Camry.
Cheapest Cars to Insure for 24-Year-Olds
When buying a car for a teen driver, consider adding them to your policy with a vehicle that is safe and cheapest cars to insure. Below, we’ve outlined the most affordable models by vehicle type for 24-year-old drivers.
Data filtered by:Results filtered by:
Select
Coverage:Full Coverage
| Subaru Forester | Compact SUV | GEICO | $1,279 |
| Subaru Outback | Sedan | Nationwide | $1,368 |
| Toyota Tacoma | Pickup Truck | GEICO | $1,405 |
| Audi Q5 | Luxury SUV | GEICO | $1,413 |
| Honda Passport | SUV | GEICO | $1,486 |
| Toyota Corolla | Compact | GEICO | $1,507 |
| Ford Mustang Mach E | Sports Car | GEICO | $1,538 |
| Honda Odyssey | Minivan | State Farm | $1,560 |
| Tesla Model Y | Luxury Electric | GEICO | $1,564 |
| Nissan LEAF | Electric | GEICO | $1,566 |
| BMW 1 Series | Luxury Compact | GEICO | $1,611 |
| Porsche Taycan | Luxury Sports Car | GEICO | $1,626 |
| Mercedes GLA 250 | Luxury Compact SUV | GEICO | $1,713 |
| BMW 3 Series | Luxury Sedan | State Farm | $1,955 |
Rates are for drivers with clean driving records and good credit.
Average Cost of Car Insurance for 24-Year-Olds
The average cost of car insurance for 24-year-olds is $696 annually for minimum coverage and $1,488 for full coverage. These estimates assume drivers have good credit and clean records, but your actual quote may vary based on your unique driving profile.
Car Insurance Cost for 24-Year-Olds by Coverage and Gender
Below, we provide the average costs of adding 24-year-old male and female drivers to a family policy, broken down by coverage level.
| State Min - No comp_coll | $59 | $57 |
| State Min - 500 comp_coll | $129 | $120 |
| State Min - 1500 comp_coll | $111 | $104 |
| State Min - 1000 comp_coll | $116 | $108 |
| 300/500/300,000 - No comp_coll | $87 | $83 |
| 300/500/300,000 - 500 comp_coll | $154 | $143 |
| 300/500/300,000 - 1500 comp_coll | $136 | $128 |
| 300/500/300,000 - 1000 comp_coll | $64 | $59 |
| 100/300/100,000 - No comp_coll | $73 | $70 |
| 100/300/100,000 - 500 comp_coll | $145 | $138 |
| 100/300/100,000 - 1500 comp_coll | $136 | $128 |
| 100/300/100,000 - 1000 comp_coll | $128 | $120 |
Liability limits expressed above (e.g., 100/300/100) refer to bodily injury liability per person, bodily injury liability per accident and property damage liability per accident, respectively. Numbers expressed after these limits are deductible amounts for both collision and comprehensive coverage.
Average Cost of Car Insurance for 24-Year-Olds by State
Average car insurance costs for 24-year-old drivers differ significantly by state, with monthly premiums ranging from $32 to $383. These differences are shaped by factors such as crime levels, climate and population density. Use the table below to review average state rates and estimate costs in your region.
| Oklahoma | $32 | $150 | $29 | $133 |
| North Carolina | $25 | $98 | $24 | $93 |
| Colorado | $40 | $171 | $33 | $142 |
| Mississippi | $26 | $118 | $27 | $124 |
| Florida | $68 | $310 | $52 | $240 |
| Vermont | $18 | $88 | $19 | $91 |
| Delaware | $41 | $158 | $35 | $136 |
| Nevada | $56 | $224 | $50 | $196 |
| Louisiana | $68 | $383 | $55 | $307 |
| New York | $43 | $154 | $41 | $145 |
| West Virginia | $30 | $129 | $26 | $114 |
| South Carolina | $50 | $190 | $46 | $172 |
| New Jersey | $60 | $232 | $50 | $193 |
| New Mexico | $32 | $146 | $29 | $131 |
| Hawaii | $20 | $85 | $19 | $80 |
| Arkansas | $26 | $122 | $23 | $106 |
| Missouri | $34 | $168 | $35 | $170 |
| Connecticut | $37 | $145 | $37 | $143 |
| South Dakota | $19 | $122 | $18 | $117 |
| District of Columbia | $37 | $156 | $33 | $139 |
| Iowa | $19 | $103 | $17 | $90 |
| Indiana | $24 | $102 | $23 | $96 |
| Massachusetts | $24 | $99 | $28 | $116 |
| Rhode Island | $45 | $170 | $43 | $158 |
| Ohio | $42 | $156 | $36 | $134 |
| Michigan | $72 | $267 | $50 | $194 |
| Minnesota | $28 | $121 | $29 | $123 |
| Pennsylvania | $26 | $136 | $23 | $122 |
| Washington | $42 | $145 | $42 | $138 |
| Wisconsin | $23 | $109 | $22 | $103 |
| Montana | $24 | $135 | $21 | $122 |
| Kentucky | $36 | $152 | $36 | $151 |
| Arizona | $37 | $148 | $34 | $137 |
| Illinois | $24 | $108 | $22 | $96 |
| Virginia | $35 | $138 | $33 | $127 |
| Maryland | $40 | $140 | $41 | $144 |
| Georgia | $34 | $143 | $33 | $143 |
| Wyoming | $17 | $123 | $18 | $124 |
| Utah | $46 | $182 | $35 | $134 |
| New Hampshire | $26 | $98 | $25 | $92 |
| North Dakota | $20 | $99 | $18 | $90 |
| Nebraska | $25 | $136 | $22 | $122 |
| Maine | $26 | $100 | $25 | $97 |
| California | $36 | $172 | $36 | $168 |
| Tennessee | $24 | $112 | $23 | $106 |
| Kansas | $24 | $124 | $21 | $108 |
| Texas | $38 | $166 | $36 | $153 |
| Oregon | $32 | $122 | $33 | $124 |
| Idaho | $19 | $79 | $19 | $80 |
| Alaska | $29 | $132 | $25 | $114 |
| Alabama | $32 | $147 | $27 | $124 |
Why Car Insurance Is Expensive for 24-Year-Olds
Car insurance for 24-year-olds can still be relatively expensive, though their premiums are typically lower than those for younger drivers. Teen drivers, especially those aged 16 to 19, who are considered high-risk drivers, are more frequently involved in accidents and violations, with fatal crashes nearly three times as common compared to older drivers. Risky behaviors such as speeding, distracted driving, nighttime driving, and failing to wear seat belts remain contributing factors, although these risks decrease as drivers gain experience. Male drivers, in particular, are statistically more prone to these behaviors, which often leads to higher premiums.
How to Save Money on Car Insurance for 24-Year-Olds
At 24, drivers often face higher car insurance rates compared to older age groups. Thankfully, there are several ways for 24-year-olds and their families to reduce these costs. Here are some key strategies for securing affordable coverage:
- 1
Stay on a parent's policy
Staying on a parent's insurance policy can help 24-year-olds significantly lower their car insurance costs by benefiting from the parent's established coverage history and multi-car discounts. Most insurers allow 24-year-olds to remain on a family policy if they live at home and drive a family vehicle rather than having one registered in their own name.
- 2
Shop around as much as possible
Comparing quotes from various auto insurance providers is one of the most effective methods to reduce car insurance costs. MoneyGeek's research shows that for teens, premiums can differ by up to 30% between the most affordable and priciest options.
- 3
Find discounts you qualify for
Drivers aged 24 may be eligible for several common car insurance discounts. These can include discounts for students, reduced rates for completing driver education courses, and savings through usage-based insurance programs, which may lower premiums by as much as 40%.
- 4
Choose a safe, older car
Opting for a budget-friendly car with high safety ratings can significantly reduce insurance premiums. Insurers view these vehicles as lower risk, and their repair costs are often cheaper, making them an excellent option for saving money.
- 5
Adjust your coverage amount
If you can afford to replace your car out of pocket, choosing a liability-only auto insurance policy is a cost-effective choice. For those who want full coverage, increasing your deductibles is another way to lower your premiums.
KEY CONSIDERATIONS WHEN SHOPPING: EXPERT TIP
Obtaining quotes from multiple insurance companies is a good idea to see which comes out as the best and cheapest for your specific profile. You also want to ensure the company has optional coverages that are good for a teen driver or any driver to have on their policy. They include roadside assistance and rental car coverage.
— Mark Friedlander, Director, Corporate Communications, Insurance Information Institute
Cheap Car Insurance for 24-Year-Olds: Bottom Line
Car insurance for 24-year-olds can be expensive, but young drivers and their families have options to lower costs. Exploring quotes, remaining on a family policy, and utilizing discounts are effective strategies. Providers like GEICO, State Farm and Travelers frequently offer competitive rates for 24-year-olds, but comparing multiple insurers is essential for finding the best price.
Car Insurance for 24-Year-Olds: FAQ
Securing budget-friendly car insurance for 24-year-olds can be difficult because of the risk factors that lead to higher premiums for this age group. To assist, we’ve addressed some of the most common questions related to this topic:
What is the cheapest car insurance for an 24-year-old?
GEICO is one of the most affordable car insurance providers for 24-year-old drivers across the country. On average, minimum coverage costs $50 per month, and full coverage is approximately $110 per month when included in a family policy.
How much is car insurance for an 24-year-old per month?
The average monthly cost of car insurance for 24-year-olds is about $58 for minimum coverage and $124 for full coverage. Rates can differ significantly depending on the state, with averages ranging from $37 to $113 per month. These figures are based on drivers with good credit, clean driving records and coverage under a family policy.
Why is car insurance expensive for 24-year-old drivers?
Car insurance can be costly for 24-year-old drivers because they are still perceived as moderately high-risk due to their relatively limited driving experience. This increased likelihood of accidents prompts insurers to charge higher premiums to offset potential claims and liabilities.
Is car insurance more expensive for 24-year-old males?
Yes, car insurance tends to cost more for 24-year-old males. Statistics show that men in this age group are involved in accidents more frequently than women, prompting insurers to set higher premiums to account for the added risk.
Auto Insurance for 24-Year-Olds: Our Methodology
MoneyGeek used a sample driver profile to determine national and state averages for vehicle insurance for 24-year-old drivers. Using this information, we assist readers in selecting the best policy at the lowest price possible.
Data Sources and Depth
We collected data from each state's insurance department and Quadrant Information Services. The data consists of 4,284 price estimates from 100 different ZIP codes and six auto insurance providers.
Sample Driver Profile
MoneyGeek calculates yearly car insurance policy estimates based on a policyholder with the following characteristics:
- Toyota Camry LE
- Clean driving record
- 12,000 miles driven every year
To determine which companies provide the most affordable policies, MoneyGeek compared rates for 24-year-old drivers across different states. We made adjustments to this profile to reflect the differences in age, location and driving behavior.
Coverage Levels and Deductibles Explained
A deductible is the money you have to pay out of your own pocket before your insurance company will pay for your claim. Most drivers would benefit from purchasing full coverage vehicle insurance, which covers both collision and comprehensive damage.
For minimum liability coverages, we used state-required limits to judge which provider was most affordable. For full coverage, we used 100/300/100 liability limits with a $1,000 deductible for comprehensive and collision coverage when researching the cheapest providers. Liability limits of 100/300/100 stand for:
- $100,000 bodily injury liability per person
- $300,000 bodily injury liability per accident
- $100,000 property damage liability per accident
Learn more about MoneyGeek's car insurance methodology.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- Centers for Disease Control and Prevention. "Teen Drivers and Passengers: Get the Facts." Accessed December 5, 2024.