Deciphering which companies have the best insurance rates for 20 year old women takes a little more sweat in order to find a policy that fits your budget. Every car insurance company uses a slightly different approach to set premium rates, so let’s rank the overall cheapest insurance companies in Detroit, MI.
Best Cheap Insurance Rates for Women Age 20
|Rank||Company||Cost Per Year|
|7||Pioneer State Mutual||$1,444|
|18||Auto Club Group||$2,391|
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USAA may offer some of the most affordable car insurance rates in Detroit at around $978 annually. This is $1,415 less than the average rate paid by Michigan drivers of $2,393. GEICO, Safeco, MetLife, and Chubb also rank well as some of the best Detroit, MI auto insurance companies.
In the rate table above, if you currently have a policy with GEICO and switched to USAA, you may see an annual premium reduction of upwards of $15. Drivers with Safeco may save as much as $91 a year, and MetLife customers might see rate reductions of $372 a year.
It’s important to note that these rates are averaged across all types of drivers and the different vehicles they drive and and are not figured with a specific location for 20 year old women. So the insurer that can offer you the best rate may not even be in the top 30 companies in the list above. That points out the importance of why you need to get car insurance quotes using your own personal information and vehicle type.
The car, truck, or SUV you are seeking coverage for is one of the primary factors when trying to find the most affordable insurance for 20 year old women. Vehicles with lots of speed or power, poor safety ratings, or an increased likelihood of liability claims will cost significantly more to insure than safer models.
The next table ranks coverage prices for the most budget-friendly automobiles to buy coverage for.
|Make and Model||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$9,472|
|Honda Accord EX 4-Dr Sedan||$9,482|
|Honda CR-V EX-L 2WD||$9,608|
|Hyundai Elantra SE Touring Station Wagon||$10,216|
|Ford F-150 XLT Regular Cab 2WD||$10,484|
|Ford Explorer XLT 2WD||$10,621|
|Jeep Wrangler Rubicon 4WD 2-Dr||$10,631|
|Ford Focus S 4-Dr Sedan||$11,091|
|Chevrolet Equinox LS AWD||$11,228|
|Toyota RAV4 Limited 2WD||$11,237|
|Chevrolet Impala LT||$11,228|
|Chevrolet Malibu LT||$11,369|
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Table data assumes single female driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Michigan minimum liability limits. Discounts applied include claim-free, and safe-driver. Table data does not factor in vehicle location which can influence auto insurance rates substantially.
Based upon these rates, you can figure that vehicles like the Ford Escape, Honda Accord, Honda CR-V, Hyundai Elantra, and Toyota Prius will definitely be some of the more affordable vehicles to insure for young women. Rates will trend higher just due to the fact that there is a higher risk for 20 year old women, but in general those makes and models will probably have the cheapest auto insurance rates compared to all other vehicles.
Cost of full coverage in Detroit
Finding the cheapest insurance should be important to the majority of drivers, and one of the fastest ways to buy cheap insurance for 20 year old women is to not insure for full coverage. The diagram below shows the difference between auto insurance rates with and without physical damage coverage. The costs are based on a clean driving record, no claims, $100 deductibles, drivers are single, and no discounts are factored in.
If the expense is averaged for all age categories, comp and collision coverage costs an extra $5,275 per year more than just buying liability only. Many people question if buying full coverage is worth the expense. There is no clear-cut formula to stop buying physical damage coverage, but there is a general convention. If the yearly cost of full coverage is more than 10% of the replacement cost of your vehicle minus the policy deductible, then it might be time to consider dropping full coverage.
There are some cases where buying only liability insurance is not in your best interest. If you still owe a portion of the original loan, you have to carry full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle if your current one is damaged, you should not consider dropping full coverage.
Impact of citations and accidents on insurance rates
The best way to maintain the most affordable insurance prices in Detroit for young women is to drive cautiously and avoid accidents and traffic citations. The illustration below demonstrates how traffic citations and at-fault claims can drive up insurance costs for each age group. Data assumes a single male driver, comp and collision included, $1,000 deductibles, and no additional discounts are factored in.
The data charted above shows the average cost of a car insurance policy per year with no violations or accidents is $2,877. Add in one speeding ticket and the average cost rises to $3,249, an increase of $373 each year. Then include one accident along with the one speeding ticket and the yearly cost of insurance for 20 year old women jumps again to an average of $4,275. That’s an increase of $1,399, or $117 per month, just for not paying attention while driving!
The chart below demonstrates how deductible levels can impact yearly insurance costs when getting quotes for cheap insurance for 20 year old women. The rate quotes are based on a married female driver, comp and collision included, and no policy discounts are applied.
The chart above illustrates that a 40-year-old driver could lower rates by $470 a year by switching from a $100 deductible to a $500 deductible, or save $714 by using a $1,000 deductible. Even younger insureds, such as the 20-year-old example, could roll back prices up to $1,172 annually by using a higher deductible. When insureds make the decision to increase the deductibles on their policy, it is a good idea to have enough savings to be able to cover the extra out-of-pocket expense that comes with higher deductibles.
How to find the cheapest car insurance for 20 year old women
Lowering your rates is not difficult, and here are some money-saving ideas that can help drivers buy cheap car insurance.
- On older vehicles, drop full coverage
- Keep your driving record clean
- Avoid accidents
- Higher deductibles mean lower rates
- Improve your credit
- Safe vehicles generally have lower rates
- Compare prices frequently to find the best deal
The last tip in the list is particularly vital, as we hit on in this piece. Car insurance rates in Detroit vary considerably, so don’t be hesitant to change to a new company if a cheaper price is available. Brand loyalty is great, but is isn’t recommended if that loyalty ends up costing money that could be spent on other things. In just a few minutes you could compare rates to find cheaper car insurance for 20 year old women.
If you like to have a professional recommendation when shopping for the best coverage for 20 year old women, the professional agents shown below can most likely help you make a decision which car insurance company is the best fit.
To locate a Detroit auto insurance agent using an interactive map, click the button at the bottom of the list or click here to compare rates now.
- Diebold Detroit Insurance Agency
1420 Broadway St #101 – Detroit, MI 48226 – (313) 964-3750
- L.A. Insurance Agency 150
14701 Mack Ave – Detroit, MI 48215 – (313) 884-8888
- Thomas L Whatley Agency Inc
14710 Puritan Ave – Detroit, MI 48227 – (313) 272-5955
- Detroit Insurance and Services
7752 Vernor Hwy – Detroit, MI 48209 – (313) 843-2730
- J Healan Baker Insurance
645 Griswold St # 2015 – Detroit, MI 48226 – (313) 963-0480