Wouldn’t it be great if we knew the one best car insurance company that has the lowest rates for 17 year olds? It’s just not that simple, as there are a ton of unknown factors such as if you need full coverage or just liability, the number of miles you drive in a year, and the type of vehicle you drive. This article goes into detail about these factors and others that can influence the price of auto insurance and educate you enough to have some help in finding cheaper rates.
The make and model of vehicle needing coverage is one of the largest considerations that determines the availability of the best insurance for 17 year olds. Vehicles with high performance features, poor safety ratings, or high incidents of liability claims will cost significantly more to insure than more economical and safe models. The next table outlines auto insurance rates for some of the most affordable automobiles to buy coverage for.
| Insured Vehicle | Estimated Cost for Full Coverage |
|---|---|
| Ford Escape XLT 2WD | $7,675 |
| Hyundai Elantra GLS Touring Station Wagon | $7,680 |
| Honda CR-V EX-L 2WD | $7,756 |
| Honda Accord EX-L 4-Dr Sedan | $8,256 |
| Toyota Prius | $8,337 |
| Dodge Grand Caravan SE | $8,604 |
| Chevrolet Equinox LT AWD | $9,105 |
| Chevrolet Malibu Hybrid | $9,114 |
| Ford Fusion S 4-Dr Sedan | $9,105 |
| Volkswagen Jetta S 4-Dr Sedan | $9,111 |
| Toyota RAV4 Sport 2WD | $9,105 |
| Jeep Grand Cherokee Laredo 4WD | $9,111 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $9,186 |
| Toyota Tacoma Double Cab 4WD | $9,196 |
| Ford F-150 Lariat Super Cab 4WD | $9,186 |
| Ford Explorer Limited 4WD | $9,192 |
| Ford Focus SEL 4-Dr Sedan | $9,528 |
| Honda Civic LX 4-Dr Sedan | $9,534 |
| Ford Edge Sport 2WD | $9,608 |
| Toyota Camry XLE | $9,616 |
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Data based on single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Florida minimum liability limits. Discounts applied include safe-driver, and claim-free. Premium amounts do not factor in zip code location which can affect rates considerably.
Based upon the rates shown, you can infer that makes and models like the Ford Escape, Hyundai Elantra, Honda CR-V, and Honda Accord will be some of the most affordable vehicles to insure for teen drivers. Prices will be higher anyway because of the fact that there is more claim risk for 17 year olds, but overall those particular models will most likely have the cheapest rates that you are likely to find.
For teen drivers, one of the big factors that help determine auto insurance rates is your zip code. Areas with increased crime or more people tend to pay slightly more, whereas areas with less people or fewer weather incidents have the enjoyment of a little cheaper coverage.
The illustration below shows the most costly cities in Florida for 17 year olds to buy an auto insurance policy in. Tampa makes the list at #6 with the yearly price of $2,610 for car insurance, which is around $218 monthly.
| Rank | City | Annual Premium |
|---|---|---|
| 1 | Hialeah | $3,595 |
| 2 | Miami Gardens | $3,277 |
| 3 | Miami | $3,273 |
| 4 | Miami Beach | $2,953 |
| 5 | Miramar | $2,709 |
| 6 | Tampa | $2,610 |
| 7 | Hollywood | $2,604 |
| 8 | West Palm Beach | $2,599 |
| 9 | Fort Lauderdale | $2,576 |
| 10 | Pompano Beach | $2,543 |
| 11 | Coral Springs | $2,499 |
| 12 | Davie | $2,473 |
| 13 | Pembroke Pines | $2,407 |
| 14 | Brandon | $2,322 |
| 15 | St. Petersburg | $2,263 |
| 16 | Clearwater | $2,260 |
| 17 | Spring Hill | $2,060 |
| 18 | Orlando | $2,008 |
| 19 | Jacksonville | $1,980 |
| 20 | Port St. Lucie | $1,975 |
| 21 | Cape Coral | $1,917 |
| 22 | Lakeland | $1,883 |
| 23 | Palm Bay | $1,803 |
| 24 | Tallahassee | $1,801 |
| 25 | Gainesville | $1,696 |
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Rates are estimated as the garaging address in Tampa can raise or lower auto insurance rates considerably.
Liability only or full coverage
Reducing the cost of car insurance should be important to the majority of people, and one common way to buy cheaper insurance for 17 year olds is to not buy comprehensive and collision coverage. The information below illustrates the comparison of insurance prices when comparing full coverage to liability only. The premiums are based on no claims or driving citations, $100 deductibles, single marital status, and no discounts are applied to the premium.
Averaged for all ages 20 through 70, physical damage coverage costs $2,385 per year more than just buying liability only. That is a big expense that brings up the question if full coverage is worth the money. There is no clear-cut formula that is best for determining when to drop full coverage on your policy, but there is a general guideline. If the yearly cost for physical damage coverage is more than 10% of any settlement you would receive from your insurance company, then you may need to consider dropping full coverage.
For example, let’s pretend your vehicle’s replacement value is $11,500 and you have $1,000 policy deductibles. If your vehicle is severely damaged, the most your company will settle for is $10,500 after paying the physical damage deductible. If it’s costing you more than $1,050 annually to have full coverage, the it may be a good time to stop paying for full coverage.
Types of discounts on Tampa auto insurance
Auto insurance companies that sell policies for 17 year olds may additionally offer discounts that can reduce rates by as much as 25% or more if you qualify. The best car insurance companies and a selection of discounts are:
- Farm Bureau has savings for multi-policy, driver training, good student, 55 and retired, multi-vehicle, safe driver, and renewal discount.
- Liberty Mutual may include discounts for new graduate, hybrid vehicle, newly married, preferred payment discount, and good student.
- State Farm offers discounts for good student, safe vehicle, defensive driving training, Steer Clear safe driver discount, passive restraint, and driver’s education.
- Auto-Owners Insurance offers premium reductions for safe driver, group or association, company car, paperless, air bags, teen driver, and paid in full.
- GEICO may offer discounts for driver training, federal employee, five-year accident-free, emergency military deployment, and military active duty.
- SAFECO policyholders can earn discounts including drive less, accident prevention training, safe driver, teen safe driver, homeowner, and multi-car.
The chart below illustrates the difference between insurance prices with and without discounts applied to the policy rates. The rate quotes are based on a male driver, no accidents or driving violations, Florida state minimum liability limits, full physical damage coverage, and $500 deductibles. The first bar for each age group shows the average rate with no discounts. The second bar shows the rates with paperless filing, continuous coverage, vehicle safety, good student, passive restraint, and anti-theft discounts applied. When drivers qualify for the discounts, theamount saved on car insurance for 17 year olds is 28% or $698.
Compare quotes and save
Florida car insurance rates are impacted by many factors which can significantly increase or decrease the price you pay. Turning one year older, buying a home, or having an accident may generate price changes that can now make some companies much cheaper than others.
And not only may your rating factors change, but insurance companies change the rates they charge in Florida every year or even multiple times each year to ensure their profitability. Heavy losses may result in high rates, while a lower level of claims may cause lower-priced Tampa car insurance rates.
To illustrate this point, the bar chart below shows rates for the cheapest car insurance in Tampa, FL for a 40-year-old male driver with no prior claims, no tickets, and a high credit rating. If we look at prices based on his personal risk profile, USAA may offer the lowest car insurance rates in Tampa at $1,518 a year. This is $930 less than the average premium paid by Florida drivers of $2,448. Amica, Electric, Progressive, and Travelers are also included in the best Tampa, FL auto insurance companies.
Let’s now give the driver from the first rate comparison an accident surcharge, a lower credit rating, and an imperfect driving record. Because each insurer uses their own calculation for establishing rates, analyzing rate quotes will most likely result in a slightly different list of affordable Tampa car insurance companies as shown below.
USAA now has the best insurance rate in Tampa with Allied, Esurance, State Farm, and Auto-Owners also having competitive pricing. This example proves why consumers need to compare many different companies to find the lowest insurance rates for 17 year olds. Car insurance prices can be determined by many risk factors and can increase or decrease at any time, so the best company six months ago may now be costing you a lot of money.