I just started college and I’m thinking of buying my first car. The problem is, I heard the insurance rates for young drivers can be murder. How much will I pay for car insurance as a 20-year-old?
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to say you heard correctly. Until you turn 25, you'll pay the highest insurance rates of your life—assuming you don’t rack up multiple traffic tickets.
. For a full coverage car insurance policy, that’s about $2,440 per year or $203 per month. For a minimal, liability insurance-only policy, that’s about $2,320 per year or $195 per month. These costs could be even higher if you opt for a standalone policy rather than asking your parents to
Crunch the numbers, do your homework, and if you decide to get a car, buy one with high safety ratings and excellent driver assistance technology. With some effort, this could start a long and rewarding driving career for you!
MORE:How to get cheap car insurance for young drivers
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