The vehicle model needing coverage is a large factor when comparison shopping for cheap insurance for teenage males. Vehicles with higher performance characteristics, poor passenger safety features, or high incidents of liability claims will cost significantly more to insure than more economical and safe models. The data below features coverage premiums for some of the most affordable vehicles to buy coverage for.
| Vehicle Insured | Estimated Cost for Full Coverage |
|---|---|
| Honda Accord LX-P 4-Dr Sedan | $4,524 |
| Hyundai Elantra GLS Touring Station Wagon | $4,533 |
| Ford Escape XLT 4WD | $4,572 |
| Honda CR-V EX-L 2WD | $4,579 |
| Toyota Prius | $4,915 |
| Ford Edge SE 2WD | $5,023 |
| Ford Explorer XLT 2WD | $5,071 |
| Chevrolet Impala LS | $5,319 |
| Honda Odyssey EX W/Rear Entertainment | $5,324 |
| Chevrolet Silverado LT Extended Cab 4WD | $5,367 |
| Chevrolet Equinox LT 2WD | $5,376 |
| Chevrolet Malibu LS | $5,367 |
| Toyota RAV4 2WD | $5,375 |
| Ford F-150 Lariat Super Cab 4WD | $5,414 |
| Toyota Tacoma Double Cab TRD Sport Package 4WD | $5,422 |
| Dodge Grand Caravan Crew | $5,414 |
| Jeep Wrangler Unlimited Sport Islander Package 4WD 4-Dr | $5,613 |
| Honda Civic LX 4-Dr Sedan | $5,615 |
| Toyota Corolla XLE | $5,663 |
| Volkswagen Jetta SEL 4-Dr Sedan | $5,710 |
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Prices based on single male driver age 17, no speeding tickets, no at-fault accidents, $1,000 deductibles, and North Carolina minimum liability limits. Discounts applied include safe-driver, and claim-free. Price information does not factor in specific garaging location which can influence rates significantly.
Looking at the data, we can assume that models like the Honda Accord, Hyundai Elantra, and Ford Escape should be the most affordable vehicles to insure for teen boys. The price for car insurance will be more expensive just because there is more inherent risk for teenage males, but overall those particular vehicles will probably have the cheapest car insurance rates possible.
One of the many factors that determine the cost of insurance is where you call home. Cities with larger populations or higher claim trends will most likely pay more, whereas less populated areas receive better rates.
The following table rates the highest-priced areas in North Carolina for teenage males to purchase a policy in. Durham shows up at #7 with an annual rate of $765 for the average policyholder, which is approximately $64 monthly.
| Rank | City | Average Per Year |
|---|---|---|
| 1 | Fayetteville | $923 |
| 2 | Jacksonville | $873 |
| 3 | Charlotte | $808 |
| 4 | Wilmington | $788 |
| 5 | Greensboro | $786 |
| 6 | Gastonia | $779 |
| 7 | Durham | $765 |
| 8 | Goldsboro | $765 |
| 9 | Huntersville | $764 |
| 10 | Raleigh | $760 |
| 11 | Wilson | $754 |
| 12 | Greenville | $752 |
| 13 | Cary | $749 |
| 14 | Rocky Mount | $748 |
| 15 | Indian Trail | $745 |
| 16 | Apex | $739 |
| 17 | Hickory | $732 |
| 18 | High Point | $723 |
| 19 | Chapel Hill | $703 |
| 20 | Kannapolis | $690 |
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Premium amounts are comparative as the garaging address in Durham can affect premium rates considerably.
The illustration below highlights how deductible choice can influence insurance costs when searching for cheap insurance for teenage males. Data assumes a married male driver, comp and collision included, and no discounts are taken into consideration.
The data above shows that a 40-year-old driver could cut expenses by $174 a year by increasing from a $100 deductible to a $500 deductible, or save $262 by choosing a $1,000 deductible. Youthful drivers, such as the 20-year-old chart data, could reduce their rates as much as $578 or more by choosing a higher deductible.
When using a larger deductible, it is a good idea to have plenty of discretionary funds to be able to pay the extra out-of-pocket expense, which is the one inconvenience of using high deductibles.
Cost of full coverage in Durham
Reducing premiums for auto insurance is probably important to most drivers, and one easy way to buy cheaper insurance for teenage males is to only pay for liability coverage. The example below visualizes the comparison of premium costs when comparing full coverage to liability only. The rate quotes are based on no accidents or driving violations, $500 deductibles, single status, and no discounts are taken into consideration.
Averaged for all age groups, full coverage costs an extra $1,598 per year more than carrying just liability coverage. Many drivers will wonder if paying for full coverage is worth it. There is no exact formula to stop paying for full coverage on your policy, but there is a general guideline. If the annual cost of comprehensive and collision coverage is more than 10% of any settlement you would receive from your insurance company, then it may be the right time to buy liability only.
For example, let’s pretend your vehicle’s replacement value is $11,500 and you have $1,000 policy deductibles. If your vehicle is totaled, the most your company will settle for is $10,500 after you pay the deductible. If it’s costing you more than $1,050 a year for your policy with full coverage, then it could be time to drop full coverage.
There are some circumstances where dropping physical damage coverage is not financially feasible. If you still owe a portion of the original loan, you have to keep full coverage as part of the loan requirements. Also, if your savings is not enough to buy a different vehicle if your current one is in an accident, you should not consider dropping full coverage.
Get discounts on Durham car insurance rates
Car insurance companies that offer quotes for teenage males may provide discounts that can reduce rates by 30% or more if you meet certain criteria. A few popular companies and some of their more popular discounts are included below.
- GEICO policyholders can earn discounts including defensive driver, five-year accident-free, multi-vehicle, membership and employees, and daytime running lights.
- Auto-Owners Insurance offers premium reductions for student away at school, safe vehicle, paid in full, teen driver, multi-policy, and paperless.
- American Family offers discounts for good driver, Steer into Savings, bundled insurance, air bags, mySafetyValet, and multi-vehicle.
- Esurance may have discounts that include anti-theft, homeowner, claim free, multi-policy, online quote, multi-car, and anti-lock brakes.
- Progressive includes discounts for good student, homeowner, multi-policy, online quote discount, and multi-vehicle.
- State Farm has discounts for accident-free, defensive driving training, good student, student away at school, driver’s education, and passive restraint.
- AAA discounts include education and occupation, good student, multi-policy, good driver, and anti-theft.
The diagram below illustrates the difference between auto insurance costs with and without policy discounts. The data assumes a male driver, a clean driving record, no at-fault accidents, North Carolina state minimum liability limits, full coverage, and $500 deductibles. The first bar for each age group shows premium with no discounts. The second shows the rates with anti-theft, good student, paperless filing, continuous coverage, passive restraint, and paid-in-full discounts applied. When discounts are factored in, the average amount saved each year on auto insurance for teenage males is 28% or $417.