You have surely seen all the catchy commercials from insurers like Liberty Mutual and Farmers promising dirt cheap rates. So drivers should just choose the one with the flashiest ad, right?
It’s not that simple, unfortunately, as there are a ton of unknown elements such as if you own a home, your marital status, and the level of liability coverage you want. In this article, we will teach you about these factors and others that can influence the price of auto insurance and educate you enough to have a good start in finding the cheapest car insurance in Riverside.
The car, truck, or SUV you are trying to insure is one of the largest factors when comparison shopping for the cheapest insurance for 16 year olds. Vehicles with high performance engines, poor crash test ratings, or high incidents of liability claims will cost significantly more to insure than safer, lower-performance models. The next list illustrates auto insurance costs for some of the most affordable vehicles to insure.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 4WD||$4,355|
|Honda CR-V EX 4WD||$4,396|
|Jeep Wrangler Sport 4WD 2-Dr||$4,597|
|Ford F-150 XLT Regular Cab 2WD||$4,861|
|Chevrolet Impala LS||$5,127|
|Nissan Altima 2.5 4-Dr Sedan||$5,168|
|Toyota RAV4 4WD||$5,174|
|Dodge Grand Caravan SXT||$5,208|
|Ford Explorer Eddie Bauer 4WD||$5,213|
|Toyota Tacoma Double Cab 4WD||$5,208|
|Hyundai Elantra Blue 4-Dr Sedan||$5,391|
|Ford Focus SES 4-Dr Sedan||$5,398|
|Toyota Corolla LE||$5,431|
|Ford Edge Sport AWD||$5,437|
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Data assumes single female driver age 16, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include safe-driver, and claim-free. Rate information does not factor in zip code location which can affect premium rates significantly.
Based upon these rates, we can assume that models like the Ford Escape, Honda CR-V, Jeep Wrangler, and Toyota Prius are likely to be some of the most economical vehicles to insure for new drivers. Car insurance rates will tend to be more expensive because there is more exposure for 16 year olds, but overall those makes and models will most likely have the lowest insurance prices compared to all other vehicles.
Locating affordable insurance is challenging, and figuring out which companies have the best insurance rates for 16 year olds takes a little more work. Each insurer uses slightly different criteria for determining rates in each state, so we need to take a look at the most budget-friendly insurance companies in California.
It’s important to know that Riverside insurance rates are determined by lots of factors which can substantially change the price of your policy. Simply having a birthday, buying a home, or having an accident can cause premium changes that may make certain companies affordable when they were higher priced.
Find the Best Cheap Insurance for Teens
USAA may have some of the best car insurance rates in Riverside at around $1,109 annually. Wawanesa, Century National, Nationwide, and CSAA also are some of the more affordable Riverside, CA car insurance companies.
As shown in the rates above, if you currently have coverage with Nationwide and switched to USAA, you might realize a yearly savings of roughly $117. Policyholders with CSAA could save as much as $125 a year, and 21st Century policyholders might reduce prices by as much as $270 a year.
To find cheaper insurance rates for your vehicle, click here to begin a quote or visit any of the companies below.
It’s important to note that these premium estimates are averaged for all drivers and vehicles in California and are not factoring in an exact zip code location for 16 year olds. So the company that is best for you may not even be in the top 24 companies in the list above. That is why you need to get quotes using your own specific driver information and vehicle.
Cost comparison with and without full coverage
Finding cheaper insurance is important to the majority of drivers, and one easy way to find cheaper insurance for 16 year olds is to buy liability only. The example below shows the difference between insurance costs with full coverage compared to only the California minimum liability coverage. The costs are based on a clean driving record, no claims, $250 deductibles, marital status is single, and no discounts are factored in.
Averaged out for all age groups, physical damage insurance costs $2,314 per year over and above liability coverage. Many people question if you should buy full coverage at all. There isn’t a steadfast formula for phasing out comp and collision coverage, but there is a guideline you can consider. If the yearly cost for physical damage coverage is more than 10% of any settlement you would receive from your insurance company, then it’s probably a good time to buy liability coverage only.
There are some conditions where buying only liability insurance is not recommended. If you still owe a portion of the original loan, you must maintain physical damage coverage to satisfy the loan requirements. Also, if you cannot afford to purchase a different vehicle in case of an accident, you should not drop full coverage.
Picking a highly-rated car insurance company is hard considering how many different companies sell coverage in California. The rank data in the lists below can help you analyze which companies you want to consider when comparing insurance rates for 16 year olds. These rankings are only comprised of companies who write in the majority of U.S. states, so companies that focus mainly on California business are not factored into this list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
|AAA of Southern California||91||94||97||92%||A+||94.1|
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Data Source: Insure.com Best Car Insurance Companies
Riverside car insurance rates
California insurance rates are impacted by many factors that can increase the price you have to pay. Improving your credit rating, buying another vehicle, or getting a couple of tickets may generate price changes that can now make some companies cheaper than competitors. Not only may your risk profile change, but insurance companies change their prices as often as every quarter to reflect underwriting profits or losses. Higher than usual claims can result in additional premium costs, while lower claim levels can result in more affordable Riverside car insurance rates.
To help illustrate this point, the bar chart below analyzes the cheapest car insurance in Riverside, CA for a 45-year-old male driver with no accidents, a clean driving record, and excellent credit. When comparing rates based on his personal profile, USAA might offer the best car insurance rates in Riverside at $1,372 per year. This is $279 less than the average price paid by California drivers of $1,651. Wawanesa, CSAA, Nationwide, and Century National also make the list of the cheapest Riverside, CA auto insurance companies.
Now we will give the driver in the first chart a claim surcharge, a lower credit rating, and a couple of points charged on his driving record. Because every insurance company has their own guidelines to set premium rates, analyzing rates could now result in a slightly different list of affordable Riverside car insurance companies as shown below.
Grange now has the cheapest insurance rate in Riverside, CA with Allstate, Mercury, Progressive, and GEICO now being in the top five. This example demonstrates why it is critical to shop around when trying to find cheap car insurance rates for 16 year olds. Insurance rates are determined by many things and change frequently, so the lowest-price company the last time you compared rates may now be one of the higher cost companies.
How to find economical auto insurance for 16 year olds
The list below shows some thrifty ideas that can help drivers buy lower-cost coverage.
- Pay less by remaining claim-free
- Being accident-free can lower rates significantly
- Vehicles with good safety ratings are usually cheaper to insure
- Good credit scores may lower your rates
- Serious violations like DUI or reckless driving can increase rates dramatically
- Comparison shop at least once a year
That last tip is certainly necessary, as we hit on in the prior information. Prices change a lot, so don’t be hesitant to change insurance companies if a cheaper rate is available.
Having brand loyalty is commendable, but is isn’t recommended if that loyalty ends up costing a fortune every year. It only take a few minutes to shop around to find cheaper insurance for 16 year olds in Riverside.