Factors That May Affect Young Adults Insurance Rates

As people begin to grow and mature, so does their appetite for a new car. Young adults are becoming more independent, and they would love to get a new set of wheels with the help of mom and dad, of course. However, one forgotten aspect of buying a car is correctly acquiring the right insurance coverage. So, let’s look a little deeper into all the options for you and your family.

 

We have provided examples for you and your family that shows insurance quotes for young adults who have purchased a new and used Toyota Camry. A Camry was selected for our calculations because it is has been a best-selling vehicle in America for almost two consecutive decades.

 

We compare insurance costs for males and females of Camry’s—additionally, quotes for the same vehicle with drivers of varying ages. Additionally, we provided a quote on a new Ford Mustang to show the difference in insurance premiums for a sports car.

 

All the quotes that we compiled in the following examples have the same policy limits to ensure the accuracy of our findings. However, it is important to note that several factors affect insurance prices, such as policy limits, age, gender, driving record, your insurance company, and the car itself. So, not every quote will be the same as depicted in the examples we provide. It is important to call your insurance company or agent to get a free quote to determine the cost of coverage.

2021 Toyota Camry vs. 2019 Toyota Camry

After comparing the auto insurance quotes for a 2021 Camry, it was determined it was cheaper for females who are 20 years old than males of the same age. The female’s quote for a twelve-month policy is $2,587; meanwhile, the male’s quote is $3,043. That is a $456 increase in the cost of coverage for males!

 

Like the new Camry, the auto insurance quote for a 2019 Camry is also cheaper for females. The female’s quote for a twelve-month policy with the same policy limits used previously is $2,536, and the male’s quote is $2,976, a $440 increase. So, if you are leaning on purchasing a Camry, females have an advantage when it comes to the cost of insurance for this type of vehicle.

 

(Above depicts a 2021 vs. 2019 Toyota Camry insurance cost for a 20-year-old male and female driver.)

20-Year-Old Driver vs. Age When Premium Tends to Decrease

Now, we know you are preparing for the workforce and becoming an adult. So, we drew up quotes for males and females at different ages. We selected a 25-year-old male and a 21 year-old-female because car insurance premiums tend to go down significantly in these age groups.

 

The quote for a 2021 Toyota Camry for a 25-year-old male who has begun to establish himself in the workplace is significantly cheaper than the previous insurance plans. His quote with the same policy limits used previously is $1,157, which is over an $1800 decrease compared with the quote for a 20-year-old male. We also drew up a quote for a 21-year-old female. Her quote decreased to $1,333. That is approximately a $1200 drop-in price for only a 1-year age difference.

 

(Above depicts the insurance cost of a 2021 Toyota Camry for a 20-year-old driver vs. a 21-year-old female and 25-year-old male.)

2021 Toyota Camry vs. 2021 Ford Mustang

Finally, if you are willing to splurge, we provided an additional example illustrating the quotes for both male and female drivers of the same age in a 2021 Mustang. The male’s quote for this vehicle using the policy limits we used in the previous calculations is $3,498, a $455 increase in premium compared to a 2021 Camry. Meanwhile, the female’s quote comes in at $2,930 and is only $343 more to insure than a 2021 Camry.

 

(Above depicts the insurance cost of a 2021 Toyota Camry vs. a 2021 Ford Mustang for a 20-year-old driver.)

Unfortunately, men will generally have a higher quote compared to women. However, the good news is that your quote should decrease over time. If you found this information helpful, please feel free to let us know. Also, don’t forget to contact us so we can find the exact quote for you!

About the Author

Coby Shorter

Coby is a senior at Texas A&M University, pursuing a Bachelor of Science in Agricultural Leadership and Development. Over the summer, Coby is interning at Ag Workers Auto Insurance to gain experience in the field of marketing through content creation and networking at various tradeshows and conventions.