One of the more important factors that determine the amount you pay for auto insurance is where you keep your vehicle in Boston. Cities with larger populations or higher claim trends tend to have higher auto insurance costs, whereas areas with less people or fewer weather incidents have the enjoyment of a little cheaper coverage.
The illustration below shows the most expensive cities in Massachusetts for 20 year old guys to purchase auto insurance in. Boston is ranked #8 with an annual cost of $1,735 for the average policyholder, which is approximately $145 per month.
|Rank||City||Average Per Year|
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Information shown are comparative as the specific geographic location can change premium rates substantially.
Finding out which companies quote the lowest-priced insurance rates for 20 year old guys calls for a bit more work than just quoting one company’s rates.
Every insurance company uses a different method to determine rates, so we need to take a look at the insurance companies with the overall cheapest rates in Boston.
Find the Cheapest Car Insurance for Men Age 20
|Rank||Company||Cost Per Year|
|2||National Grange Mutual||$823|
|8||Norfolk and Dedham||$1,036|
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State Farm generally has some of the lowest car insurance rates in Boston at around $733 each year. National Grange Mutual, GEICO, Commerce Group, and OneBeacon also make the cut as some of the cheaper Boston, MA auto insurance companies.
In the above example, if you have coverage with Commerce Group and switched to National Grange Mutual, you might realize annual savings of roughly $61. Policyholders with OneBeacon could save as much as $62 a year, and Progressive policyholders might reduce prices by as much as $176 a year.
Understand that those estimates are averaged for all types of drivers and the different vehicles they drive and are not factoring in an exact vehicle garaging location for 20 year old guys. So the car insurance company that has the cheapest rates for you may not even be in the top 21 companies shown above. That underscores the importance of why you need to quote rates from as many companies as possible using your own specific driver information and vehicle.
Best insurance company in Massachusetts
Ending up with the highest-rated insurance company is hard considering how many different companies there are to choose from in Massachusetts. The company ratings in the lists below can help you decide which car insurance providers you want to consider when insurance shopping for 20 year old guys.
These rankings include the largest companies in America, so companies with more of a regional focus are not included in the list. If you’d like to compare prices from many more Massachusetts auto insurance companies, simply click here.
Top 10 Major Auto Insurance Companies Overall in Boston
- The Hartford
- State Farm
- Farmers Insurance
- Safeco Insurance
- Liberty Mutual
- AAA Insurance
Types of discounts on Boston car insurance rates
Insurers that offer cheap quotes for 20 year old guys may also offer discounts that can reduce rates by 25% or more if you meet the requirements. Companies and some of the discounts can be found below.
- Mercury Insurance has savings for accident-free, low natural disaster claims, ease of repair, annual mileage, type of vehicle, and multi-policy.
- Farmers Insurance may have discounts that include pay in full, electronic funds transfer, teen driver, alternative fuel, business and professional, multi-car, and good student.
- Farm Bureau policyholders can earn discounts including multi-policy, youthful driver, good student, multi-vehicle, 55 and retired, and renewal discount.
- State Farm discounts include good student, driver’s education, Drive Safe & Save, good driver, defensive driving training, and Steer Clear safe driver discount.
- Allstate may offer discounts for teenSMART discount, economy car, 55 and retired, EZ pay plan discount, auto/life discount, and early signing.
- GEICO has discounts for defensive driver, daytime running lights, military active duty, seat belt use, multi-policy, federal employee, and good student.
The example below shows the comparison of premium costs with and without discounts applied to the rates. The price estimates are based on a male driver, no claims or driving citations, Massachusetts state minimum liability limits, full physical damage coverage, and $100 deductibles. The first bar for each age group shows the average annual price with no discounts. The second bar shows the rates with vehicle safety, passive restraint, anti-theft, paid-in-full, good student, and continuous coverage discounts applied. When these discounts are applied, the average savings per year on insurance for 20 year old guys is 18% or $480.
Liability only or full coverage
Saving on insurance is probably important to most people, and a great way to lower the cost of insurance for 20 year old guys is to not pay for full coverage. The diagram below shows the difference between insurance rates with full coverage and liability only. The information is based on no accidents or driving violations, $250 deductibles, single marital status, and no discounts are applied.
If averaged out across all ages, comprehensive and collision coverage on your policy costs an extra $1,941 per year over having just liability coverage. That raises the question when is it a good idea to stop buying full coverage. There is no exact formula to drop physical damage coverage, but there is a general school of thought. If the yearly cost of comp and collision coverage is about 10% or more of the replacement cost minus the deductible, then it may be the right time to buy liability only.
For example, let’s pretend your vehicle’s replacement cost is $6,500 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company will settle for is $5,500 after you pay the deductible. If you are paying more than $550 annually to have full coverage, the it may be a good time to stop paying for full coverage.
There are some situations where eliminating full coverage is not in your best interest. If you still have a lienholder on your title, you have to maintain full coverage in order to prevent your loan from defaulting. Also, if you don’t have enough money to buy a different vehicle in the event your current vehicle is totaled, you should keep full coverage.
The Boston auto insurance agencies shown below can probably help you decide which coverages and limits you need, since some drivers have questions and prefer to have the advice of a professional agent when trying to find the best insurance rates for young men. It can be hard to find the best policy on your own, so professional agents can add peace of mind knowing your coverage gives you enough coverage if you have a claim.
To locate a Boston auto insurance agent near you, click the button below the list.
Merrimack Valley Insurance Agency Inc
655 Boston Rd #1a – Billerica, MA 01821 – (978) 330-6985
HR Hatch Insurance Agency
4401 Washington St – Roslindale, MA 02131 – (617) 325-5522
Regus insurance Agency, LLC
287 Newbury St – Boston, MA 02115 – (617) 902-0011
MassDrive Insurance Group, LLC
241 A St – Boston, MA 02210 – (866) 963-8231
How to find budget-friendly auto insurance for 20 year old guys
It’s not impossible to find cheaper rates, and here are some penny-pinching ideas that can help you buy cheaper coverage.
- Being accident-free can lower rates significantly
- Higher credit scores can equal lower rates
- Save money by insuring older vehicles for liability only
- Buy a vehicle with excellent safety ratings
- Increase the comprehensive and collision deductibles on your policy
- Drive safely
- Compare rate quotes often
The last item on the list is extremely significant, as we discussed in the article above. Prices charged by auto insurers fluctuate constantly, so you should be ready to switch carriers if a more affordable rate is found. Having brand loyalty is commendable, but it’s not recommended if that loyalty results in overpaying a fortune every year. It only take a few minutes to shop around and find cheaper auto insurance for 20 year old guys in Boston.