Life would sure be easier if we could simply give you the name of the single best company that has the cheapest policy rates in Michigan. Regrettably, it’s not quite that easy, as there are a lot of unknown factors like whether you are a man or a woman, if you own a home, and how many years you have been driving. We will touch on these factors and others that can influence the price of auto insurance and should give you a solid foundation to find cheaper car insurance in Detroit.
The make and model of vehicle you are trying to insure is a large consideration that determines whether or not you find low-priced insurance for college graduates. Vehicles with limited top-end speed, a plethora of safety features, or a track record of few liability claims will cost substantially less to insure than higher performance models.
The table below illustrates car insurance prices for a number of the cheapest automobiles to insure in Michigan.
|Make, Model, and Trim Level||Estimated Cost for Full Coverage|
|Honda CR-V LX 4WD||$4,304|
|Ford F-150 XL Regular Cab 4WD||$4,831|
|Jeep Wrangler Rubicon 4WD 2-Dr||$4,837|
|Honda Accord LX-P 4-Dr Sedan||$4,930|
|Ford Escape XLT 4WD||$5,039|
|Chevrolet Malibu LS||$5,095|
|Jeep Grand Cherokee SRT-8 4WD||$5,453|
|Ford F-350 Super Cab Lariat 2WD||$5,651|
|Hyundai Sonata SE 4-Dr Sedan||$5,726|
|Honda Odyssey EX||$5,732|
|Ford Focus S 4-Dr Sedan||$5,726|
|Honda Civic DX 4-Dr Sedan||$5,732|
|Volkswagen Jetta S 2.5 Station Wagon||$5,736|
|Toyota Camry Hybrid||$5,820|
|Toyota Camry Hybrid||$5,829|
|Chevrolet Equinox LS AWD||$5,834|
|GMC Sierra 3500HD SLT Crew Cab 2WD||$5,914|
|Dodge Ram 2500 Crew Cab SLT 4WD||$5,919|
|Ford Edge SEL 2WD||$6,117|
|Compare Cheap Rates Go|
Prices based on single female driver age 40, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-vehicle, and multi-policy. Rates do not factor in your specific Detroit, MI location which can impact prices greatly.
Based upon the table data, you can assume that models like the Honda CR-V, Ford F-150, Jeep Wrangler, Honda Accord, and Ford Escape should be some of the most economical vehicles to insure for college grads.
Locating cost effective car insurance is hard enough, and finding out which company quotes the cheapest insurance rates for college graduates will involve even more work.
Every insurance provider has their own guidelines to determine rates, so we need to take a look at the most competitive insurance companies in Detroit, MI. Keep in mind that Michigan insurance rates are impacted by many things which can substantially change the cost of having a policy. Simply improving your credit, marrying your spouse, or getting a couple of tickets can trigger price changes resulting in some rates now being much higher than others.
Lowest Insurance Price Quotes for Grads
USAA has some of the most affordable car insurance rates in Detroit at around $949 each year. GEICO, Safeco, MetLife, and Chubb also make the cut as some of the cheaper Detroit, MI auto insurance companies.
As shown in the table above, if you are currently insured with MetLife and switched to USAA, you might achieve savings of about $375. Customers with Chubb might save as much as $423 a year, and MEEMIC insureds might realize rate reductions of up to $445 a year.
To get a quick, customized rate comparison, click here to get quotes or visit several of the following companies.
Be aware that those premium estimates are averaged across all ages of drivers and types of vehicles and are not factoring in a specific vehicle garaging location for college graduates. So the insurer that can offer you the lowest price may not even be in the top 30 companies in the list above. That underscores the importance of why you need to quote rates from many companies using your own driver data and vehicle information.
The information below highlights how deductible selection can influence premium costs when searching for cheap insurance for college graduates. The data assumes a single male driver, comprehensive and collision coverage, and no discounts are applied.
A 30-year-old driver could lower their car insurance rates by $862 a year by switching their comprehensive and collision coverages from a $100 deductible up to a $500 deductible, or save $1,296 by choosing a $1,000 deductible. Even younger drivers, such as the 20-year-old example, can save up to $2,562 each year just by choosing higher deductibles. When choosing a higher deductible, it will be necessary to have plenty of money set aside to allow you to pay the extra out-of-pocket expense, which is the primary disadvantage of high deductibles.
Full coverage rates compared to liability only
Paying a lower price for insurance is probably important to the majority of people, and an easy way to find cheaper insurance for college graduates is to buy only liability coverage. The diagram below illustrates the comparison of auto insurance costs when comparing full coverage to liability only. The price estimates are based on a clean driving record, no claims, $500 deductibles, drivers are not married, and no discounts are applied to the premium.
As an overall average, full coverage on your policy costs $3,538 per year over and above liability only. A very common question is if it’s a good idea to buy full coverage. There is no written rule for phasing out full coverage, but there is a guideline you can use. If the annual cost of having full coverage is more than 10% of the settlement you would receive from your company, then you may need to consider dropping full coverage.
There are a few cases where dropping full coverage is not advised. If you have an outstanding loan on your vehicle, you must maintain physical damage coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in the event your current vehicle is totaled, you should keep full coverage in place.
If you would rather have a professional recommendation when shopping for the best coverage for college graduates, the agents listed below are willing to provide answers to your questions and help you determine which coverage fits your budget. To locate an agency by location nearest to you, click the button following the list or click here to get price quotes now.
Jim Saucedo – State Farm Insurance Agent
5602 Vernor Hwy – Detroit, MI 48209 – (313) 841-8100
John Cash – State Farm Insurance Agent
19203 Grand River Ave – Detroit, MI 48223 – (313) 537-1200
3144 Woods Cir Dr – Detroit, MI 48207 – (313) 974-7085
Tony Massey – State Farm Insurance Agent
15 E Kirby St #112 – Detroit, MI 48202 – (313) 873-3334
Angela Hughes – State Farm Insurance Agent
14511 W McNichols Rd – Detroit, MI 48235 – (313) 862-7800
Tips for finding more affordable auto insurance for college graduates
It’s not impossible to find cheaper rates, and here are some thrifty solutions that can help you find cheap auto insurance.
- Being accident-free can lower rates significantly
- Do not waste money insuring older vehicles for full coverage
- Buy a car with high safety ratings
- Higher deductibles mean lower rates
- You will pay more if you get tickets or have at-fault accidents
- Good credit can mean cheaper rates
- Compare rates and switch if you can find a better deal
That last idea is especially important, as we stressed in the prior information. Prices in Detroit can be changed at any time, so you should be ready to buy a policy from a new company if a cheaper price is available.
Brand loyalty is not necessarily bad, but it’s not a great idea if that faithfulness ends up costing you several hundred dollars every year. It takes less than five minutes to compare rates to find cheaper insurance for college graduates.