For minors, one of the largest components that are looked at to help calculate the price you pay for insurance is the neighborhood you call home in Las Vegas. Regions with more people or even just more weather-related claims are more likely to pay higher prices, whereas areas with less congestion have the gratification of cheaper auto insurance rates.
The information below sorts the most expensive places in Nevada for drivers under 21 in which to purchase auto insurance. Las Vegas makes the list at #5 with an annual premium of $1,892 on average, which is approximately $158 per month.
|Rank||City||Average Per Year|
|7||North Las Vegas||$1,826|
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Rate information is comparative as the specific area where the vehicle is garaged can affect price quotes significantly.
Deciding which companies have the best auto insurance rates for drivers under 21 will require more work in order to find the lowest price quote. Every insurance company has a proprietary method for determining rates in each state, so we need to take a look at the most affordable auto insurance companies in Nevada.
It’s important to know that Nevada auto insurance rates are influenced by many factors which can substantially change the price you have to pay. Turning one year older, buying a different home, or getting caught speeding can trigger price changes that can now make some companies more affordable than others.
Cheap Insurance Rates for Minors
|Rank||Company||Cost Per Year|
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Allied offers some of the lowest car insurance rates in Las Vegas at around $911 a year. Travelers, Capital, Oregon Mutual, and American Family also qualify as some of the most economical Las Vegas, NV auto insurance companies.
As the example above demonstrates, if you are insured with Travelers and switched to Allied, you might realize savings of upwards of $28. Policyholders with Capital may save as much as $77 a year, and Oregon Mutual policyholders might reduce rates by $271 a year.
Be aware that those premiums are averages across all insureds and vehicles and are not factoring in a specific vehicle garaging location for drivers under 21. So the auto insurance company that fits your situation best may not even be in the top 20 companies in the list above. That illustrates why you need to quote rates from as many companies as possible using your own driver information and specific vehicle type.
The make and model of vehicle on the policy is a large factor when quoting economical insurance for drivers under 21. Vehicles with economical engines, advanced safety features, or a positive history of liability claims will cost substantially less to insure than higher performance models.
The information below shows car insurance rates for a handful of the most cost-effective automobiles to insure.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Honda Accord LX-P 4-Dr Sedan||$6,635|
|Honda CR-V EX-L 4WD||$6,732|
|Ford Escape Limited 4WD||$7,223|
|Chevrolet Silverado LS Regular Cab 4WD||$7,280|
|Jeep Wrangler Rubicon 4WD 2-Dr||$7,378|
|Ford F-150 XLT Regular Cab 4WD||$7,386|
|Chevrolet Impala LS||$7,771|
|Toyota Tacoma 2WD||$7,776|
|Honda Odyssey EX W/Rear Entertainment||$7,771|
|Jeep Grand Cherokee Laredo 4WD||$7,868|
|Toyota RAV4 4WD||$7,874|
|Volkswagen Jetta LE 4-Dr Sedan||$7,868|
|Chevrolet Equinox LS 2WD||$7,874|
|Ford Explorer Limited AWD||$7,965|
|Dodge Grand Caravan SXT||$7,973|
|Honda Civic VP 4-Dr Sedan||$8,265|
|Ford Focus SEL 4-Dr Sedan||$8,271|
|Toyota Corolla LE||$8,362|
|Ford Edge Limited AWD||$8,371|
|Toyota Camry XLE||$8,362|
|Hyundai Elantra SE 4-Dr Sedan||$8,367|
|Kia Optima LX||$8,434|
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Price data assumes single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Nevada minimum liability limits. Discounts applied include claim-free, and safe-driver. Premium costs do not factor in specific garaging location which can impact premium rates noticeably.
Looking at the rates, we can assume that vehicles like the Honda Accord, Honda CR-V, and Ford Escape should be a few of the most economical vehicles to insure for minors. The cost of auto insurance will trend higher because there is more liability risk for drivers under 21, but generally speaking those vehicles will most likely have the least expensive rates possible.
Drive safe and save
One of the best ways to score the most affordable auto insurance premiums for minors is to be an attentive driver and maintain a clean driving record. The information below illustrates how violations and accident claims can influence insurance costs for different age categories. The price estimates are based on a single female driver, comprehensive and collision coverage, $1,000 deductibles, and no discounts are applied to the premium.
The data above shows the average cost of a car insurance policy in Nevada per year with no accidents or violations is $1,239. Factor in one speeding ticket and the average cost rises to $1,405, an increase of $166 each year. Now include two accidents along with the one speeding ticket and the yearly cost of auto insurance for drivers under 21 increases to an average of $2,969. That’s an increase of $1,730, or $144 per month, just for being a little careless behind the wheel!
Liability rates compared to full coverage
Lowering the price of auto insurance should be important to most people, and one good way to find cheaper insurance for drivers under 21 is to buy only liability coverage. The diagram below shows the difference between premium costs with full physical damage coverage and with liability coverage only. The costs are based on no driving violations, no at-fault accidents, $250 deductibles, drivers are single, and no discounts are applied to the premium.
If we average all the age groups together, physical damage coverage costs an additional $2,165 per year over and above liability only. At some point, about every driver wonders when is the right time to remove full coverage. There is no definitive rule of when to stop paying for physical damage coverage on your policy, but there is a broad guideline. If the annual cost of coverage is more than around 10% of the settlement you would receive from your company, then you may want to consider only buying liability coverage.
For example, let’s assume your vehicle’s replacement cost is $7,000 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most you would receive is $6,000 after the deductible is paid. If it’s costing you more than $600 a year for full coverage, the it may be a good time to stop paying for full coverage.
There are some conditions where dropping full coverage is not advised. If you still owe money on your vehicle, you have to keep full coverage in order to keep 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.
Get discount Las Vegas insurance rates
Insurance providers that provide policies for drivers under 21 may also provide rate discounts that can lower rates by as much as 35% or more if you can meet the requirements. The best auto insurance companies and some of the discounts are:
- 21st Century discounts include defensive driver, anti-lock brakes, automatic seat belts, good student, teen driver, 55 and older, and air bags.
- State Farm offers premium reductions for multiple autos, good driver, Drive Safe & Save, multiple policy, accident-free, and defensive driving training.
- AAA policyholders can earn discounts including pay-in-full, good student, multi-car, good driver, anti-theft, AAA membership discount, and education and occupation.
- Liberty Mutual may offer discounts for exclusive group savings, good student, safety features, teen driver discount, and preferred payment discount.
- Progressive includes discounts for continuous coverage, online signing, multi-policy, multi-vehicle, and homeowner.
The information below illustrates the comparison of car insurance costs with and without discounts applied to the rates. The premiums assume a male driver, no tickets, no at-fault accidents, Nevada state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with good student, continuous coverage, anti-theft, paid-in-full, passive restraint, and vehicle safety discounts applied. In this example, the average savings per year on auto insurance for drivers under 21 is 18% or $323.