GITNUX MARKETDATA REPORT 2024
Statistics About The Average Car Insurance Cost For 18 Year Old Male
The average car insurance cost for an 18-year-old male is significantly higher compared to older age groups due to their higher risk profile.
With sources from: insure.com, bankrate.com, walletwizard.com, policygenius.com and many more
Sources
In this post, we will explore the average car insurance costs for 18-year-old male drivers, shedding light on various statistics that shape these premiums. From the impact of the type of coverage to the influence of driver behavior and location, we’ll uncover key factors that contribute to the pricing differences in car insurance for young male drivers.
Statistic 1
"18-year-old males driving safer and newer vehicles can see an average insurance cost decrease of 10-20%."
Statistic 2
"Comprehensive and collision coverage can increase the premiums for an 18-year-old male by around 60%."
Statistic 3
"Bundle discounts with homeowners or renters insurance can help 18-year-old males save up to 20%."
Statistic 4
"Teen drivers who complete a driver's education course can potentially reduce their premiums by around 15%."
Statistic 5
"Liability-only insurance for an 18-year-old male averages $1,000 less than full coverage."
Statistic 6
"An 18-year-old male's insurance premium can decrease by around 20% if they wait until age 19."
Statistic 7
"On average, 18-year-old males pay about 14% more for car insurance compared to females."
Statistic 8
"Good student discounts can provide savings of up to 25% for 18-year-old males maintaining a 'B' average or higher."
Statistic 9
"Statistically, 18-year-old males have higher accident rates, contributing to their higher insurance costs."
Statistic 10
"The average deductible amount chosen by 18-year-olds on their policies is $500."
Statistic 11
"Adding an 18-year-old male to a parent's insurance policy can increase the family's premium by over $200 per month."
Statistic 12
"Teen drivers with no prior accidents or tickets can receive 'good driver' discounts, reducing premiums by up to 15%."
Statistic 13
"Use-based insurance policies can offer 18-year-old males savings of up to 30% if they drive less frequently."
Statistic 14
"18-year-olds using telematic devices for monitoring driving behavior can reduce their premiums by up to 25%."
Statistic 15
"The average cost of minimum coverage car insurance for an 18-year-old male is around $2,625 per year."
Statistic 16
"The national average cost of car insurance for an 18-year-old male is approximately $5,565 per year."
Statistic 17
"States with the highest insurance rates for 18-year-old males include Michigan, Louisiana, and California."
Statistic 18
"The average monthly car insurance cost for an 18-year-old male is approximately $464."
Statistic 19
"Car insurance premiums for 18-year-old males can vary significantly based on location, with urban areas seeing the highest rates."
Statistic 20
"Some states mandate insurance companies to offer a 10% discount for policyholders who install anti-theft devices."
Interpretation
In conclusion, the average car insurance cost for 18-year-old males can be influenced by various factors such as the type of vehicle driven, coverage options selected, completion of driver's education courses, bundling discounts, driver behavior monitoring, location, and state regulations. Implementing strategies like driving safer vehicles, maintaining good grades, completing driver's education courses, bundling insurance policies, and opting for liability-only coverage can help reduce insurance premiums for 18-year-old males. It is important for young drivers to explore all available discounts and options tailored to their individual circumstances to find the most cost-effective car insurance coverage.
Jannik Lindner
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