The words “bargain” and “insurance” really should not be used together, especially when shopping around for the best insurance rates for 17 year olds. Let’s familiarize you with a few of the factors that help determine auto insurance premiums, and come up with some ideas to lower the price of your next policy.
The vehicle on the policy is a significant factor when shopping around for the best auto insurance for 17 year olds. Vehicles with limited speed and performance, excellent safety ratings, or a low likelihood of having liability claims will cost less to insure than high performance models. The next list showcases insurance costs for some of the more affordable vehicles to insure.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$6,100|
|Honda CR-V EX-L 4WD||$6,158|
|Hyundai Elantra SE Touring Station Wagon||$6,543|
|Honda Odyssey LX||$6,791|
|Ford F-150 STX Regular Cab 2WD||$6,801|
|Toyota Tacoma 4WD||$6,849|
|Ford Explorer Eddie Bauer 2WD||$6,854|
|Volkswagen Jetta 2.0T Station Wagon||$6,989|
|Honda Civic DX 4-Dr Sedan||$7,176|
|Ford Edge Limited 2WD||$7,185|
|Toyota RAV4 2WD||$7,234|
|Nissan Altima 2.5 4-Dr Sedan||$7,244|
|Ford Fusion S 4-Dr Sedan||$7,234|
|Jeep Grand Cherokee Laredo 2WD||$7,243|
|Chevrolet Impala LT||$7,234|
|Chevrolet Malibu LS||$7,242|
|Compare Cheap Rates Go|
Prices based on single female driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Arizona minimum liability limits. Discounts applied include safe-driver, and claim-free. Information does not factor in specific zip code location which can alter premium rates considerably.
Looking at the rates, makes and models like the Ford Escape, Honda CR-V, Hyundai Elantra, and Toyota Prius are going to be the most affordable vehicles to insure for teen drivers. The cost of auto insurance will be more expensive because of the fact that there is a higher risk for 17 year olds, but in general those models will most likely have the cheapest auto insurance rates possible.
Figuring out which insurers offer the lowest-priced insurance rates for 17 year olds involves a little more effort in order to find the lowest price.
Each auto insurer has a proprietary formula to determine rates, so let’s take a look at the most budget-friendly insurance companies in Arizona. It’s a good idea to be aware that Arizona insurance rates are based on many factors which can substantially change the policy price. Simply having another birthday, increasing deductibles, or getting a speeding ticket can trigger rate changes that can make some companies affordable when they were higher priced.
Cheapest Insurance Rates for Teens
The Hartford offers some of the lowest car insurance rates in Phoenix at around $836 a year. This is $592 less than the average rate paid by Arizona drivers of $1,428. Safeco, Auto-Owners, USAA, and Travelers would also be considered some of the best Phoenix, AZ insurance companies.
In the rate table above, if you are insured with USAA and switched to The Hartford, you may realize a yearly savings of in the vicinity of $255. Arizona drivers with Travelers might save as much as $283 a year, and Progressive policyholders might lower prices by up to $294 a year.
It’s important to note that these premiums are averaged across all drivers and vehicles and do not take into consideration a specific zip code for 17 year olds. So the auto insurance company that fits your needs best may not even be in the top 28 companies shown above. That emphasizes why you need to get quotes using your own specific driver and vehicle information.
Types of discounts on Phoenix insurance rates
Insurance providers that offer cheap quotes for 17 year olds may have policy discounts that could lower prices by 40% or more if you meet the requirements. The best insurance companies and their possible discounts are:
- State Farm may include discounts for multiple autos, Drive Safe & Save, driver’s education, student away at school, accident-free, and Steer Clear safe driver discount.
- Farmers Insurance offers discounts including business and professional, early shopping, pay in full, alternative fuel, and multi-car.
- Progressive may offer discounts for homeowner, multi-vehicle, continuous coverage, good student, online quote discount, multi-policy, and online signing.
- GEICO discounts include anti-theft, multi-vehicle, defensive driver, driver training, membership and employees, and air bags.
- Auto-Owners Insurance may have discounts that include company car, teen driver, anti-theft, anti-lock brakes, mature driver, paid in full, and paperless.
- The Hartford has savings for air bag, defensive driver, anti-theft, bundle, driver training, and good student.
- Farm Bureau includes discounts for safe driver, multi-vehicle, driver training, 55 and retired, youthful driver, multi-policy, and good student.
- USAA offers discounts for loyalty savings, vehicle storage, multi-policy, annual mileage, driver training, and family discount.
The chart below shows the difference between insurance prices with and without discounts applied to the premium. The premium estimates are based on a male driver, no claims or violations, Arizona state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows the price with no discounts. The second bar shows the rates with paperless filing, anti-theft, good student, vehicle safety, paid-in-full, and continuous coverage discounts applied. When these discounts are applied, the average amount saved each year on insurance for 17 year olds is 28% or $558.
Full coverage rates compared to liability only
Paying a lower price for insurance is important to the majority of drivers, and a great way to pay lower rates for insurance for 17 year olds is to not buy full coverage. The diagram below shows the difference between insurance costs with and without full coverage. The data is based on no claims or driving citations, $250 deductibles, single marital status, and no discounts are taken into consideration.
Averaged for all ages 20 through 70, full coverage on your policy costs an extra $1,579 per year more than just buying liability only. At some point, about every driver wonders when is it safe to stop buying full coverage. There is no definitive rule of when to drop physical damage coverage on your policy, but there is a broad guideline. If the annual cost of comprehensive and collision coverage is about 10% or more of any settlement you would receive from your insurance company, then you might consider buying liability only.
The example below demonstrates how deductible levels can change insurance premiums when getting quotes for cheap insurance for 17 year olds. The premium estimates are based on a single male driver, comp and collision included, and no additional discounts are factored in.
As shown above, a 40-year-old driver could reduce rates by $244 a year by increasing from a $100 deductible to a $500 deductible, or save $370 by switching to a $1,000 deductible. Youthful drivers, such as the Age 20 example, could roll back prices $808 or more by using a higher deductible. If you do raise deductibles, it is essential to have spare funds to be able to cover the extra out-of-pocket expense that comes with higher deductibles.