It would sure be easy if we could tell you the company that has the best insurance prices in Massachusetts. It’s not that simple, unfortunately, as there are a whole bunch of unknowns such as if you have a tendency to get pulled over, the neighborhood you live in, and if you want full coverage, that all have an effect on the price of a policy. In this article, we will teach you about the different ways you can keep rates low and also should give you a jump start in finding the best auto insurance.
Finding reliable, affordable auto insurance is challenging, and determining which companies offer the cheapest insurance rates for 18 year olds calls for additional perseverance. Every car insurance company uses different criteria to determine rates, so we’ll take a look at the overall cheapest insurance companies in Massachusetts.
It’s important to know that Massachusetts insurance rates are impacted by many things which can substantially change the price you pay. This price variation is why it is crucial to compare lots of rates when trying to get the most economical auto insurance quotes for 18 year olds. Prices are influenced by many different factors and can decrease or increase without notice, so the cheapest rate two years ago may now cost much more than other companies.
Lowest Insurance Price Quotes for Teens
State Farm may offer some of the cheapest car insurance rates in Boston at around $719 a year. This is $516 less than the average policy premium paid by Massachusetts drivers of $1,235. National Grange Mutual, GEICO, OneBeacon, and Commerce Group also rank well as some of the more affordable Boston, MA insurance companies.
As depicted above, if you currently have a policy with OneBeacon and switched to National Grange Mutual, you could earn an annual premium reduction of upwards of $45. Drivers with Commerce Group may save as much as $53 a year, and Arbella insureds might cut rates by $179 a year.
It’s important to note that these prices are averages for all drivers and vehicles in Massachusetts and do not take into consideration a specific vehicle garaging location for 18 year olds. So the company that can offer you the best rate may not even be in the top 21 companies in the list above. That underscores the importance of why you need to get rate quotes using your own individual information.
For teen drivers, one of the big factors that are looked at to determine the price you pay for insurance is where you live in Boston. Regions with more people or even just more weather-related claims are more likely to pay higher prices, whereas areas with less crime or weather claims have the luxury of cheap car insurance rates.
The next table sorts the most expensive cities in Massachusetts for 18 year olds to purchase auto insurance in. Boston comes in at #8 with an annual premium of $1,752 for coverage, which is around $146 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Revere | $2,213 |
| 2 | Brockton | $2,059 |
| 3 | Lynn | $1,998 |
| 4 | Malden | $1,917 |
| 5 | Springfield | $1,870 |
| 6 | Lawrence | $1,858 |
| 7 | New Bedford | $1,768 |
| 8 | Boston | $1,752 |
| 9 | Fall River | $1,700 |
| 10 | Worcester | $1,678 |
| 11 | Medford | $1,638 |
| 12 | Somerville | $1,599 |
| 13 | Lowell | $1,557 |
| 14 | Quincy | $1,549 |
| 15 | Chicopee | $1,470 |
| 16 | Cambridge | $1,446 |
| 17 | Weymouth | $1,446 |
| 18 | Haverhill | $1,438 |
| 19 | Framingham | $1,432 |
| 20 | Brookline | $1,428 |
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Prices are comparative as the specific Boston residence address can impact prices greatly.
How to get discounts on Boston auto insurance rates
Auto insurance companies that sell policies for 18 year olds may also give you rate discounts that may potentially lower prices by as much as 35% if you meet certain criteria. Large insurance companies and the discounts they provide are included below.
- GEICO offers discounts including defensive driver, multi-policy, military active duty, driver training, and federal employee.
- Mercury Insurance may have discounts that include low natural disaster claims, professional/association, age of vehicle, good driver, and accident-free.
- Farmers Insurance policyholders can earn discounts including multi-car, switch companies, distant student, early shopping, youthful driver, bundle discounts, and electronic funds transfer.
- Auto-Owners Insurance includes discounts for student away at school, good student, group or association, anti-theft, and multiple vehicles.
- Liberty Mutual offers discounts for newly married, multi-policy, multi-car, good student, new move discount, new graduate, and hybrid vehicle.
- SAFECO offers premium reductions for drive less, safe driver, anti-lock brakes, accident prevention training, bundle discounts, teen safe driver, and multi-car.
- Progressive has savings for multi-vehicle, continuous coverage, good student, homeowner, online quote discount, online signing, and multi-policy.
- USAA discounts include defensive driver, new vehicle, vehicle storage, multi-policy, annual mileage, multi-vehicle, and good student.
The chart below shows the comparison of premium costs with and without discounts being applied to the rates. The price estimates are based on a female driver, no accidents or driving violations, Massachusetts state minimum liability limits, full coverage, and $100 deductibles. The first bar for each age group shows premium with no discounts. The second bar shows the rates with paperless filing, paid-in-full, continuous coverage, anti-theft, vehicle safety, and passive restraint discounts applied. In this example, theamount saved on insurance for 18 year olds is 28% or $609.
The information below shows how different deductible levels can influence annual premium costs when quoting cheap insurance for 18 year olds. The price estimates are based on a married female driver, comprehensive and collision coverage, and no other discounts are factored in.
As shown above, a 30-year-old driver could cut expenses by $358 a year by changing from a $100 deductible up to a $500 deductible, or save $538 by changing to a $1,000 deductible. Youthful drivers, like the age 20 example, could save as much as $762 each year by selecting a higher deductible. When increasing deductibles, it will now be necessary to have plenty of savings on hand to pay the extra out-of-pocket expense, which is the one disadvantage of using larger deductibles.
Liability only or full coverage
Reducing premiums for insurance is important to the majority of drivers, and one of the quickest ways to pay less for insurance for 18 year olds is to only pay for liability coverage. The example below shows the difference between car insurance costs with full physical damage coverage compared to only buying liability only. The premiums assume no tickets, no at-fault accidents, $100 deductibles, marital status is single, and no discounts are applied to the premium.
Averaged for all ages 20 through 70, comp and collision coverage costs $1,916 per year more than just insuring for liability. That amount may make you wonder if paying for full coverage is worth it. There is no clear-cut formula to drop full coverage on your policy, but there is a general guideline you can use. If the annual cost of your full coverage insurance is 10% or more of the vehicle’s replacement cost less your deductible, then you might want to think about dropping full coverage.
For example, let’s pretend your vehicle’s replacement cost is $11,000 and you have $1,000 deductibles. If your vehicle is severely damaged, the most your company would pay you is $10,000 after you pay the deductible. If you are currently paying more than $1,000 annually for your policy with full coverage, then you may need to consider dropping full coverage.
There are a few cases where dropping physical damage coverage is not in your best interest. If you still have a loan on your vehicle, you have to maintain full coverage in order to satisfy the requirements of the loan. Also, if you can’t afford to buy a different vehicle if your current one is damaged, you should maintain full coverage.
Tips for finding more affordable auto insurance for 18 year olds
Below you’ll find a few penny-pinching suggestions that can help Boston drivers get cheaper auto insurance.
- Save money by observing traffic laws and speed limits
- Good credit can help you save money
- Raise comprehensive and collision coverage deductibles
- Do not pay for comprehensive and collision coverage on older vehicles
- Maintain a safe distance and avoid accidents
- Safer vehicles cost less to insure
- Compare rates once a year for cheaper prices
The last tip is notably crucial, as we hit on in the prior information. Car insurance prices in Boston can be changed at any time, so don’t be tentative to switch companies if you can find a cheaper rate.
Having brand loyalty is commendable, but it’s not recommended if that stubbornness costs you a small fortune. It only take a few minutes to compare prices and find cheaper auto insurance for 18 year olds.