The car, truck, or SUV that is being insured is one of the main factors when comparing low-cost auto insurance for young drivers. Vehicles with lower acceleration and performance, a great safety record, or a positive history of liability claims will cost much less to insure than fast, unsafe models.
The next list outlines car insurance rates for some of the most economical automobiles to buy insurance for.
| Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX 2WD | $5,989 |
| Ford Escape Limited 2WD | $6,044 |
| Toyota Prius | $6,468 |
| Honda Odyssey LX | $6,678 |
| Ford F-150 STX Super Cab 2WD | $6,684 |
| Ford Explorer Eddie Bauer 2WD | $6,733 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $6,742 |
| Chevrolet Impala LS | $7,045 |
| Ford Edge SEL 2WD | $7,050 |
| Chevrolet Malibu LS | $7,100 |
| Jeep Grand Cherokee Laredo 2WD | $7,108 |
| Toyota RAV4 Sport 2WD | $7,100 |
| Dodge Grand Caravan SXT | $7,158 |
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Data rating is based on single male driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Massachusetts minimum liability limits. Discounts applied include safe-driver, and claim-free. Price estimates do not factor in specific location which can influence coverage rates considerably.
Based upon the rates shown, we can presume that models like the Honda CR-V, Ford Escape, Toyota Prius, Honda Odyssey, and Ford F-150 will be a few of the cheaper vehicles to insure for youthful drivers. Prices will tend to be more expensive anyway because of the fact that there is more inherent risk for young drivers, but generally speaking those makes and models will have the cheapest car insurance rates that you are likely to find.
One of the more important factors that are looked at to help calculate car insurance rates is where you normally keep your vehicle. More densely populated places tend to have higher auto insurance costs, whereas areas with less crime or weather claims have the enjoyment of a little cheaper coverage.
The next table shows the highest-priced areas in Massachusetts for young drivers to purchase a policy in. Boston shows up at #8 costing $1,735 for coverage, which is approximately $145 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Revere | $2,148 |
| 2 | Brockton | $2,080 |
| 3 | Lynn | $1,939 |
| 4 | Springfield | $1,927 |
| 5 | Lawrence | $1,915 |
| 6 | Malden | $1,860 |
| 7 | New Bedford | $1,768 |
| 8 | Boston | $1,735 |
| 9 | Worcester | $1,695 |
| 10 | Fall River | $1,649 |
| 11 | Somerville | $1,648 |
| 12 | Medford | $1,622 |
| 13 | Quincy | $1,581 |
| 14 | Lowell | $1,511 |
| 15 | Cambridge | $1,506 |
| 16 | Chicopee | $1,500 |
| 17 | Haverhill | $1,468 |
| 18 | Weymouth | $1,446 |
| 19 | Peabody | $1,420 |
| 20 | Taunton | $1,412 |
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Information shown are comparative as zip code location can lower or raise prices considerably.
Figuring out which companies quote the lowest-priced car insurance rates for young drivers may require a tad more effort in order to find the lowest price quote.
Each auto insurer has their own formula to set policy rates, so we’ll take a look at the lowest cost car insurance companies in Boston. We do need to point out that Boston car insurance rates are influenced by many factors which can significantly increase or decrease the cost of coverage. Simply turning a year older, increasing liability limits, or getting a ticket for careless driving can cause premium changes that can make some companies more affordable than others.
Best Insurance Companies for Teens
State Farm may offer some of the most affordable car insurance rates in Boston at around $733 a year. This is $502 less than the average policy premium paid by Massachusetts drivers of $1,235. National Grange Mutual, GEICO, OneBeacon, and Commerce Group also are some of the cheaper Boston, MA car insurance companies.
In this example, if you currently have coverage with GEICO and switched to State Farm, you might see a yearly savings of upwards of $135. Drivers with OneBeacon might save as much as $143 a year, and Commerce Group policyholders might realize rate reductions of up to $178 a year.
Remember that these premiums are averages for all drivers and vehicles and and are not calculated with a specific location for young drivers. So the company that fits you best may not even be in the top 21 companies in the list above. That emphasizes why you need to get rate quotes from many companies using your own driver information and specific vehicle type.
How to get discounts on Boston car insurance
Car insurance companies that offer coverage for young drivers may also give you price discounts that could lower prices by 25% or more if you meet certain criteria. A few popular companies and some of the premium reductions they offer are detailed below.
- State Farm may offer discounts for student away at school, defensive driving training, good student, good driver, accident-free, and driver’s education.
- GEICO includes discounts for driver training, anti-lock brakes, emergency military deployment, multi-policy, good student, and multi-vehicle.
- Liberty Mutual discounts include new move discount, hybrid vehicle, preferred payment discount, exclusive group savings, multi-policy, new graduate, and multi-car.
- The Hartford has savings for vehicle fuel type, anti-theft, good student, driver training, and defensive driver.
- MetLife offers discounts including good student, accident-free, good driver, multi-policy, defensive driver, and claim-free.
- Progressive may include discounts for multi-policy, multi-vehicle, good student, homeowner, and continuous coverage.
The chart below shows the comparison of auto insurance costs with and without policy discounts. The prices are based on a male driver, no claims or driving citations, Massachusetts state minimum liability limits, full physical damage coverage, and $100 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with vehicle safety, paid-in-full, paperless filing, anti-theft, good student, and passive restraint discounts applied. When these discounts are applied, theaverage yearly reduction on car insurance for young drivers is 28% or $695.
The information below illustrates how choosing a deductible can influence insurance costs when trying to find cheap insurance for young drivers. The data is based on a married male driver, full coverage, and no policy discounts are applied.
The data above shows that a 40-year-old driver could lower rates by $232 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $352 by choosing a $1,000 deductible. Even younger drivers, like the 20-year-old example, can cut as much as $772 or even more just by choosing larger deductibles.
When increasing deductibles, it’s a good idea to have enough spare savings to be able to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Low rates can quickly become overpriced
Boston car insurance rates are impacted by many factors that can increase the price you pay. Simply having another birthday, increasing deductibles, or getting a couple of tickets can trigger rate changes that can cause some rates to be more affordable than before. And not only may your rating factors change, but insurers file new Massachusetts car insurance rates without warning to reflect underwriting profits or losses. Unexpectedly high claims can result in price increases, while lower claim expenses may produce cheaper Boston car insurance rates.
To illustrate this example, the data below demonstrates which company has the cheapest car insurance in Boston, MA for a 40-year-old female driver with no violations or accidents, and good credit. If we estimate prices based on her current rating profile, State Farm may have the cheapest car insurance rates in Boston at $932 each year. This is $303 less than the average premium paid by Massachusetts drivers of $1,235. National Grange Mutual, GEICO, OneBeacon, and Commerce Group are also on the list of the cheapest Boston, MA auto insurance companies.
The next chart shows rates after we give the driver in the first example a claim surcharge, a little lower credit rating, and a traffic citation. Due to the fact that every insurance company has a unique approach for setting prices, comparing insurance quotes may now show a substantially altered list of affordable Boston car insurance companies as shown below.
USAA now has the best price in Boston with Arbella, Norfolk and Dedham, Amica, and National Grange Mutual also being competitive. This example proves why consumers need to compare as many rates as possible to find the most affordable insurance quotes for young drivers. Prices are calculated by many factors and can change substantially, so the best option a year ago may now be costing you a lot of money.