The words “low-priced” and “insurance” really shouldn’t be used together, specifically when you are looking for the cheapest coverage for 20 year old guys. Because it’s so expensive, let’s familiarize you with some things that help determine insurance rates, and find out if you can cut the cost of your next policy.
The vehicle you are seeking coverage for is a significant factor that determines whether or not you can buy cheap coverage for 20 year old guys. Vehicles with high performance features, poor safety ratings, or a high likelihood of having liability claims will cost quite a bit more to insure than more economical and safe models.
The information below outlines auto insurance costs for a number of the most affordable automobiles to insure in Illinois.
|Vehicle||Estimated Cost for Full Coverage|
|Honda CR-V EX-L 4WD||$5,133|
|Honda Accord EX-L 4-Dr Sedan||$5,508|
|Volkswagen Jetta S 2.5 Station Wagon||$5,518|
|Ford Escape Limited 4WD||$5,508|
|Ford Edge SE 2WD||$5,555|
|Ford Explorer Eddie Bauer 2WD||$5,631|
|Chevrolet Impala LS||$5,930|
|Honda Odyssey EX W/Rear Entertainment||$5,937|
|Jeep Grand Cherokee Laredo 2WD||$6,006|
|Toyota RAV4 Limited 4WD||$6,013|
|Toyota Camry LE||$6,006|
|Dodge Grand Caravan Hero||$6,013|
|Ford Fusion S 4-Dr Sedan||$6,006|
|Dodge Ram Quad Cab ST 2WD||$6,062|
|Jeep Wrangler Unlimited Sahara 2WD 4-Dr||$6,078|
|Ford F-150 SVT Raptor Super Cab 4WD||$6,081|
|Toyota Tacoma Double Cab 4WD||$6,086|
|Honda Civic LX 4-Dr Sedan||$6,308|
|Hyundai Elantra Blue 4-Dr Sedan||$6,316|
|Ford Focus SEL 4-Dr Sedan||$6,308|
|Toyota Corolla XRS||$6,459|
|GMC Sierra SLE Crew Cab 2WD||$6,464|
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Premium data assumes single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Illinois minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in vehicle location which can increase or decrease prices substantially.
Looking at the rates, you can conclude that cars like the Honda CR-V, Honda Accord, and Volkswagen Jetta will be the most affordable vehicles to insure for young men. The price for car insurance will be more expensive because of the fact that there is more inherent risk for 20 year old guys, but generally speaking those models will have the cheapest auto insurance rates that you are likely to find.
Finding out which insurers offer the cheapest auto insurance rates for 20 year old guys may require a little more effort in order to find the lowest price. Every insurance company has a proprietary formula for determining rates, so to begin we’ll rank the most affordable auto insurance companies in Chicago.
It’s important to understand that Illinois auto insurance rates are based on many factors which can substantially change the price you have to pay for coverage. Turning one year older, moving to a new city, or having an at-fault accident can trigger changes in premium that may make certain companies more affordable than others.
Find the Cheapest Auto Insurance for Men Age 20
|Rank||Company||Cost Per Year|
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The Hartford quotes some of the best car insurance rates in Chicago at around $746 a year. This is $603 less than the average rate paid by Illinois drivers of $1,349. Rockford Mutual, Titan, Cincinnati Insurance, and Erie would also be considered some of the more affordable Chicago, IL auto insurance companies.
As the rates illustrate above, if you currently have a policy with Cincinnati Insurance and switched to Rockford Mutual, you might see a yearly price reduction of approximately $41. Drivers with Erie might save as much as $58 a year, and USAA insureds might lower prices by up to $103 a year.
Be aware that those policy rates are averages across all ages of drivers and types of vehicles and and are not calculated with a vehicle location for 20 year old guys. So the auto insurance company that is best suited for you may not even be in the top 36 companies in the list above. That is why you need to compare rates from multiple companies using your own personalized driver profile and vehicle information.
The chart below highlights how deductible choice can change insurance prices when researching cheap insurance for 20 year old guys. The costs are based on a single female driver, comp and collision included, and no discounts are applied to the premium.
The data above shows that a 50-year-old driver could cut expenses by $288 a year by increasing from a $100 deductible up to a $500 deductible, or save $434 by choosing a $1,000 deductible. Even younger drivers, like the 20-year-old category, could save up to $734 every year just by choosing larger deductibles. If you do raise deductibles, it will be required to have enough in a savings account to offset the extra out-of-pocket expense. This is the primary disadvantage of choosing high deductibles.
Full coverage rates vs. liability-only
Lowering the price of auto insurance is the goal of the majority of people, and one of the easiest ways to buy cheaper insurance for 20 year old guys is to not insure for full coverage. The illustration below visualizes the comparison of car insurance costs with full physical damage coverage compared to only buying liability only. The prices are based on no violations or claims, $1,000 deductibles, single status, and no policy discounts are applied.
If all age groups are averaged, physical damage insurance costs $1,469 per year more than just buying liability only. That amount may make you wonder if physical damage coverage is worth the money. There is no clear-cut formula of when to phase out physical damage coverage on your policy, but there is a general school of thought. If the annual cost of your full coverage insurance is more than 10% of the replacement cost minus the deductible, then you might want to consider buying only liability coverage.
Types of discounts on Chicago car insurance
Insurers that provide policies for 20 year old guys may have policy discounts that can lower rates by as much as 35% if you meet the requirements. A list of auto insurance companies and their offered discounts are shown below.
- GEICO may have discounts that include multi-vehicle, daytime running lights, membership and employees, five-year accident-free, and air bags.
- Mercury Insurance has savings for good student, annual mileage, multi-car, good driver, and ease of repair.
- Farmers Insurance has discounts for mature driver, bundle discounts, homeowner, early shopping, and multi-car.
- Auto-Owners Insurance includes discounts for company car, multi-policy, mature driver, paperless, multiple vehicles, and good student.
- Liberty Mutual policyholders can earn discounts including new move discount, preferred payment discount, newly married, multi-car, teen driver discount, exclusive group savings, and safety features.
- SAFECO offers discounts including anti-theft, anti-lock brakes, safe driver, homeowner, teen safe driver, accident prevention training, and drive less.
- Progressive offers discounts for multi-policy, online quote discount, homeowner, good student, and multi-vehicle.
- USAA discounts include vehicle storage, defensive driver, multi-vehicle, military installation, good student, and family discount.
The diagram below visualizes the comparison of yearly insurance costs with and without discounts applied to the policy rates. Data assumes a female driver, a clean driving record, no claims, Illinois state minimum liability limits, full coverage, and $100 deductibles.
The first bar for each age group shows the average rate with no discounts. The lower bar shows the rates with passive restraint, good student, paid-in-full, vehicle safety, continuous coverage, and paperless filing discounts applied. When drivers take advantage of discounts, theamount saved on auto insurance for 20 year old guys is 21% or $405.
The agents listed below are willing to help you determine which coverages and limits you need, since some people prefer to get help from a professional when shopping around for cheaper insurance for young men. It can be challenging to find the cheapest rates, so professional agents can add comfort knowing your policy gives you enough protection. To find an auto insurance agency close to you, click the button link following the list or click here to get price quotes now.
Thomas Ward Insurance Group
707 W Willow St – Chicago, IL 60614 – (312) 254-1500
W.A. George Insurance Agency
155 N Michigan Ave #300 – Chicago, IL 60601 – (312) 729-5265
GEICO Insurance Agent
8549 S Cicero Ave – Chicago, IL 60652 – (773) 582-2886
Russ Spinelli – State Farm Insurance Agent
1525 E 53rd St #727 – Chicago, IL 60615 – (773) 955-3133
4541 N Lincoln Ave – Chicago, IL 60625 – (773) 561-4200