The vehicle driven is probably the largest consideration when consumers are trying to find the most economical coverage for college graduates. Vehicles with high performance, poor safety features, or a history of substantial liability claims will cost much more to insure than more modest models.
The information below features auto insurance costs for a selection of the cheapest automobiles to buy coverage for.
| Make and Model | Estimated Cost for Full Coverage |
|---|---|
| Honda CR-V EX-L 2WD | $832 |
| Toyota Prius | $900 |
| Toyota Tacoma 4WD | $912 |
| Honda Accord EX 4-Dr Sedan | $932 |
| Honda Odyssey EX W/Rear Entertainment | $943 |
| Ford Escape XLT 4WD | $1,025 |
| Nissan Altima 3.5 SR 4-Dr Sedan | $1,031 |
| Chevrolet Silverado LT Crew Cab 4WD | $1,040 |
| Toyota Corolla XRS | $1,031 |
| Chevrolet Malibu LTZ | $1,041 |
| Chevrolet Silverado 2500HD LTZ Crew Cab 4WD | $1,031 |
| Jeep Wrangler Rubicon 4WD 2-Dr | $1,047 |
| GMC Sierra 3500HD SLE Extended Cab 2WD | $1,049 |
| GMC Sierra 2500HD SLT Extended Cab 4WD | $1,080 |
| Ford Edge SEL 2WD | $1,084 |
| Volkswagen Jetta 2.0T Station Wagon | $1,092 |
| Kia Optima EX | $1,103 |
| Toyota Camry Hybrid | $1,111 |
| Toyota RAV4 Limited 2WD | $1,105 |
| Jeep Grand Cherokee Laredo 2WD | $1,113 |
| Dodge Ram 3500 Crew Cab Laramie 2WD | $1,117 |
| Chevrolet Silverado 3500HD LT Crew Cab Diesel 2WD | $1,125 |
| Dodge Grand Caravan SXT | $1,127 |
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Table data assumes single female driver age 30, no speeding tickets, no at-fault accidents, $1,000 deductibles, and California minimum liability limits. Discounts applied include multi-vehicle, homeowner, claim-free, safe-driver, and multi-policy. Prices do not factor in specific zip code location which can lower or raise coverage prices greatly.
Looking at the numbers, makes and models like the Honda CR-V, Toyota Prius, Toyota Tacoma, and Honda Accord are going to be a few of the most budget-friendly vehicles to insure for college grads.
For college grads, one of the big things that are looked at to determine the amount you pay each year for auto insurance is your address. Areas with increased crime or more people tend to have more expensive auto insurance rates, whereas areas with less people or fewer weather incidents have the enjoyment of a little cheaper coverage.
The next table shows the highest-priced areas in California for college graduates to purchase auto insurance in. Irvine is ranked #21 with an annual premium of $1,384 for the average insured, which is approximately $115 each month.
| Rank | City | Annual Rate |
|---|---|---|
| 1 | Los Angeles | $2,168 |
| 2 | Glendale | $2,058 |
| 3 | Oakland | $1,755 |
| 4 | San Francisco | $1,693 |
| 5 | Sacramento | $1,669 |
| 6 | Long Beach | $1,626 |
| 7 | San Bernardino | $1,596 |
| 8 | Santa Clarita | $1,595 |
| 9 | Stockton | $1,541 |
| 10 | Moreno Valley | $1,536 |
| 11 | Fontana | $1,535 |
| 12 | Modesto | $1,532 |
| 13 | Fresno | $1,517 |
| 14 | Garden Grove | $1,508 |
| 15 | Santa Ana | $1,497 |
| 16 | Riverside | $1,482 |
| 17 | Anaheim | $1,474 |
| 18 | Huntington Beach | $1,402 |
| 19 | San Jose | $1,395 |
| 20 | Bakersfield | $1,394 |
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Prices are approximated as the specific Irvine residence address can change rates greatly.
Comparison of full coverage and liability-only policies
Paying less for car insurance is important to the majority of vehicle owners, and one of the best ways to buy cheaper insurance for college graduates is to buy only liability coverage. The example below visualizes the comparison of premium costs with full physical damage coverage compared to only buying liability only. The information is based on no accidents or driving violations, $500 deductibles, marital status is single, and no discounts are factored in.
On average, comprehensive and collision coverage on your policy costs $2,075 per year over and above liability only. Many drivers may wonder when is the right time to remove full coverage. There isn’t a written rule of when to exclude comp and collision coverage, but there is a guideline you can use. If the yearly cost of comp and collision coverage is more than 10% of replacement cost minus your deductible, then it might be time to consider dropping full coverage.
For example, let’s assume your vehicle’s book value is $8,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $7,000 after the policy deductible has been paid. If you are paying in excess of $700 a year for comprehensive and collision coverage, then it might be time to buy liability only.
There are a few situations where dropping full coverage is not recommended. If you still owe money on your vehicle, you must maintain physical damage coverage to protect the lienholder’s interest. Also, if you can’t afford to buy a different vehicle in case of an accident, you should keep full coverage in place.
Get discount Irvine auto insurance
Auto insurance companies that offer cheap quotes for college graduates may also provide premium discounts that could reduce prices by 30% or more if you are eligible to receive them. A list of companies and some of the discounts are shown below.
- GEICO offers discounts for military active duty, federal employee, good student, multi-policy, anti-lock brakes, five-year accident-free, and air bags.
- MetLife offers premium reductions for defensive driver, good student, good driver, multi-policy, accident-free, and claim-free.
- Progressive includes discounts for online quote discount, online signing, homeowner, multi-vehicle, multi-policy, good student, and continuous coverage.
- Travelers may have discounts that include continuous insurance, new car, multi-policy, home ownership, driver training, student away at school, and IntelliDrive.
- SAFECO may include discounts for multi-car, teen safe driver, teen safety rewards, accident prevention training, safe driver, bundle discounts, and anti-lock brakes.
- AAA offers discounts including anti-theft, good driver, AAA membership discount, multi-car, good student, education and occupation, and pay-in-full.
The diagram below shows the difference between car insurance costs with and without some available policy discounts. The information is based on a female driver, a clean driving record, no at-fault accidents, California state minimum liability limits, comp and collision included, and $1,000 deductibles. The first bar for each age group shows the average annual price with no discounts. The second shows the rates with anti-theft, safe-driver, vehicle safety, accident-free, multiple policy, and defensive driving course discounts applied. When these discounts are applied, theaverage amount saved on car insurance for college graduates is 28% or $662.
Low rates today, overpriced tomorrow
California car insurance rates are impacted by many things that control the price of coverage. Getting older, buying a home, or having an at-fault accident can trigger rate changes that may make certain companies cheaper than others.
In addition, car insurance companies modify rates every year to ensure their profitability. An extended period of higher than normal claims can cause rate increases, while profitable underwriting may produce cheaper Irvine car insurance rates.
For example, the graph below shows rates for the cheapest car insurance in Irvine, CA for a 30-year-old female driver with no accidents or violations, and good credit. When quoting prices based on her current risk factors, USAA might offer the best car insurance rates in Irvine at $1,148 per year. This is $503 less than the average rate paid by California drivers of $1,651. Wawanesa, Century National, CSAA, and Nationwide are the remainder of the cheapest Irvine, CA auto insurance companies.
In this example, we will give the driver from the first example an accident claim, a little lower credit rating, and a speeding ticket. Due to the fact that every insurance company has their own formula for setting prices, comparing quotes may now show a substantially altered list of affordable companies as shown below.
Grange now has the cheapest rate in Irvine, CA with Mercury, Allstate, Allied, and Progressive also having competitive pricing. This example proves why drivers need to compare as many rates as possible to get cheap auto insurance quotes for college graduates. Prices are influenced by many things and can decrease or increase without notice, so the cheapest company the last time you checked may now be costing you a lot of money.