Kayda Norman Of Nerdwallet December 28, 2020 - 4:00 AM
Insurance costs for drivers in their early 20s can be staggering â after teenagers, young adults have some of the highest car insurance rates in the country.
In fact, the average car insurance rate for drivers 20 to 25 years old is about $2,200 a year for full coverage, according to a 2020 NerdWallet analysis of the top five insurers in the nation. Thatâs about $700 more per year than the average rate for a 40-year-old driver.
WHY IS CAR INSURANCE SO EXPENSIVE FOR YOUNG DRIVERS?
Drivers ages 20 to 24 are involved in more crashes than any other age group besides teens, according to the most recent data from the Insurance Institute for Highway Safety, or IIHS. Young drivers, like teenagers, are inexperienced and more prone than older age groups to take risks like speeding and not wearing a seat belt.
How young drivers can steer clear of costly car insurance sfgate.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sfgate.com Daily Mail and Mail on Sunday newspapers.