It’s hard to avoid all the catchy commercials from companies like GEICO and Progressive that make claims of huge savings, so you just need to pick the company with the best ad, right?
Regrettably, it’s not quite that easy, as there are a whole bunch of unknown factors like if you own a home, your date of birth, and any driving violations you may have, that all factor into the price you pay. We will attempt to cover these types of topics and also should give you a good start to your coverage search.
Finding low-priced auto insurance is not most people’s favorite thing to do, and figuring out which companies have the cheapest car insurance rates for drivers under 21 will take even more rate comparisons.
Every insurance company has their own guidelines for setting rates, so let’s begin by taking a look at the car insurance companies with the overall best prices in Riverside, CA. It’s important that you understand California car insurance rates are calculated based on many things that will increase or decrease the price of your policy. This price fluctuation is why California drivers need to shop around with many companies to find affordable auto insurance rates for drivers under 21. Car insurance prices consist of many different factors and change frequently, so the most economical company six months ago may now be one of the more expensive options.
Cheapest Insurance Rates for Minors
USAA may offer some of the best car insurance rates in Riverside at around $1,121 each year. This is $530 less than the average policy premium paid by California drivers of $1,651. Wawanesa, CSAA, Nationwide, and Century National also make the cut as some of the cheaper Riverside, CA auto insurance companies.
As shown in the rates above, if you are a customer of Wawanesa and switched to USAA, you may see savings of roughly $60. Customers with CSAA might save as much as $65 a year, and Nationwide insureds might realize rate reductions of up to $92 a year.
Remember that these rates are averaged for all insureds and vehicles and and are not calculated with a specific zip code for drivers under 21. So the car insurance company that is best for you may not even be in the top 24 companies in the list above. That point stresses why you need to quote rates from as many companies as possible using your own driver data and vehicle information.
One of the more important considerations that are used to help calculate the annual cost of car insurance is where you keep your vehicle in Riverside. More populated areas will most likely pay more, whereas more rural areas have the benefit of cheaper car insurance.
The next table sorts the most expensive areas in California for drivers under 21 in which to buy car insurance. Riverside is ranked at #10 with the yearly price of $1,542 for the average insured, which is around $129 per month.
|Rank||City||Premium Per Year|
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Premium amounts are estimated as the specific zip code location can change coverage prices noticeably.
The diagram below shows how different deductible levels can increase or decrease insurance premiums when searching for cheap insurance for drivers under 21. The costs are based on a single male driver, full physical damage coverage, and no other discounts are factored in.
The chart above illustrates that a 40-year-old driver could pocket $362 a year by switching the physical damage coverage from a $100 deductible to a $500 deductible, or save $546 by switching to a $1,000 deductible. Younger drivers, like the age 20 example, could save as much as $1,190 every year just by using higher deductibles. If you do make the decision to raise your deductibles, it will now be necessary to have enough funds in savings to cover the extra out-of-pocket expense that is associated with using high deductibles.
Get discounts on Riverside car insurance rates
Auto insurance companies that provide coverage for drivers under 21 may also provide premium discounts that may potentially lower prices by 30% or more if you meet specific criteria. Companies and some of their more popular discounts include:
- 21st Century may have discounts that include early bird, automatic seat belts, 55 and older, good student, and student driver.
- State Farm policyholders can earn discounts including multiple policy, anti-theft, Drive Safe & Save, passive restraint, and good student.
- AAA offers discounts including multi-policy, good student, pay-in-full, anti-theft, and multi-car.
- Liberty Mutual offers premium reductions for multi-car, good student, newly retired, hybrid vehicle, and multi-policy.
- Progressive has discounts for good student, multi-vehicle, online signing, homeowner, online quote discount, and continuous coverage.
The chart below visualizes the comparison of insurance costs with and without policy discounts. The information is based on a male driver, no claims or driving citations, California state minimum liability limits, comprehensive and collision coverage, and $1,000 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with passive restraint, continuous coverage, good student, paid-in-full, vehicle safety, and paperless filing discounts applied. In this example, theaverage yearly reduction on car insurance for drivers under 21 is 19% or $481.
You are probably paying too much for car insurance
Riverside car insurance rates are impacted by many things that may substantially change the cost of having a policy. Simply getting older, filing a claim, or getting a ticket for running a stop sign can trigger rate changes that can cause some rates to be affordable when they were higher priced.
In addition to those changes, insurance companies file new rates multiple times each year to adjust for heavy claims or excess profits. Higher than usual claims may result in rate hikes, while a lower level of claims may result in cheaper Riverside car insurance rates.
To illustrate this point, the data below shows which company has the cheapest car insurance in Riverside, CA for a 45-year-old female driver with no prior accidents, a clean driving record, and excellent credit. If we estimate prices based on her current risk factors, USAA may have the cheapest car insurance rates in Riverside at $1,290 per year. This is $361 less than the average rate paid by California drivers of $1,651. Wawanesa, Century National, CSAA, and Nationwide round out the rest of the most affordable Riverside, CA auto insurance companies.
The chart below compares rates after we give the driver in the first chart an at-fault accident, slightly worse credit, and a couple of points charged on her driving record. Since each auto insurance company has a different process for filing rates in each state, comparing rates may now result in a completely different list of the cheapest Riverside car insurance companies as shown below.
Grange now has the best car insurance rate in Riverside with Progressive, Mercury, Allstate, and Wawanesa completing the list. This demonstrates why it is important to do a thorough rate comparison to get the most economical auto insurance rates for drivers under 21. Insurance rates consist of many factors and can change substantially, so the best option when you bought your policy may now not even be in the top five.
If you aren’t clear which coverage you need and would like to get some help when trying to find lower insurance rates for minors, the agents listed below can probably help you make a decision which coverages and limits you need.
To locate a Riverside car insurance agency in your neighborhood, click the button below the list.
- Farmers Insurance Eric Wilkins Agency
7177 Brockton Ave #109 – Riverside, CA 92506 – (951) 680-9213
- Jay Pogue Insurance- Riverside Ca
6200 Pegasus Dr #1 – Riverside, CA 92503 – (951) 785-8521
- Mey’s Insurance Services
5586 Mission Boulevard – Riverside, CA 92509 – (951) 684-0494