Wouldn’t it be nice if you could just know that one special company that has the most affordable coverage for college graduates? It’s not that simple, unfortunately, as there are many unknown aspects like the area where you live, your credit rating, and how high your deductibles should be. We will try to cover the different scenarios that increase car insurance cost and will hopefully give you a jump start in finding the best auto insurance.
The type of vehicle that needs insurance is one of the largest considerations when looking for low-cost auto insurance for college graduates. Vehicles with higher performance, poor safety ratings, or a high likelihood of having liability claims will cost substantially more to insure than safer models.
The list below illustrates coverage premiums for some of the cheapest automobiles to insure.
|Make and Model||Estimated Cost for Full Coverage|
|Honda Accord EX-L 4-Dr Sedan||$2,554|
|Ford F-150 XL Super Cab 4WD||$2,634|
|Ford Escape XLT 2WD||$2,654|
|Honda CR-V EX 4WD||$2,724|
|Chevrolet Impala LS||$2,730|
|Volkswagen Jetta S 4-Dr Sedan||$2,786|
|Chevrolet Equinox LT 2WD||$2,791|
|Toyota RAV4 4WD||$2,786|
|Hyundai Elantra SE Touring Station Wagon||$2,872|
|GMC Sierra SLT Extended Cab 2WD||$2,986|
|Chevrolet Malibu LTZ||$2,994|
|Toyota Corolla XRS||$2,986|
|Dodge Grand Caravan Hero||$3,048|
|Toyota Tacoma Double Cab 4WD||$3,053|
|Jeep Wrangler Unlimited Sport 2WD 4-Dr||$3,066|
|Hyundai Sonata SE 4-Dr Sedan||$3,135|
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Data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Louisiana minimum liability limits. Discounts applied include safe-driver, homeowner, multi-vehicle, multi-policy, and claim-free. Rate quotes do not factor in New Orleans, LA location which can alter rates substantially.
Looking at the rates, we can expect vehicles like the Honda Accord, Ford F-150, Ford Escape, and Honda CR-V should be a few of the most economical vehicles to insure for college grads.
Finding out which company has the lowest-priced car insurance rates for college graduates will take a tad more effort in order to find the best policy. Every car insurance company uses their own method for determining prices, so let’s rank the most affordable car insurance companies in Louisiana.
We do need to point out that New Orleans car insurance rates are influenced by many factors that may substantially change the price of your policy. Simply turning a year older, moving to a new city, or having an accident can produce rate changes that can cause some rates to be cheaper than others.
Lowest Insurance Price Quotes for Grads
|Rank||Company||Cost Per Year|
|6||Southern Farm Bureau||$2,204|
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USAA may have some of the most affordable car insurance rates in New Orleans at around $1,594 a year. This is $820 less than the average rate paid by Louisiana drivers of $2,414. GEICO, MetLife, Progressive, and Safeway also are some of the more affordable New Orleans, LA insurance companies.
As the example above demonstrates, if you are currently insured with Safeway and switched to GEICO, you may realize an annual savings of roughly $267. Insureds with Southern Farm Bureau may save as much as $317 a year, and California Casualty customers might realize rate reductions of up to $359 a year.
It’s important to note that these premiums are averaged for all drivers and vehicles and and are not figured with a specific zip code for college graduates. So the car insurance company that can offer the best rates for your situation may not even be in the list above. That points out the importance of why you need to get car insurance quotes using your own specific driver information and vehicle.
For college grads, one of the largest factors that help determine the annual cost of car insurance is where you call home in New Orleans. Areas with more people or higher crime rates will most likely have higher rates, whereas areas with less crime or weather claims tend to receive slightly lower rates.
The next table lists the priciest cities in Louisiana for college graduates to purchase a policy in. New Orleans is listed at #1 costing $2,914 for the average insured, which is around $243 each month.
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Rate information is comparative as zip code location can decrease or increase prices substantially.
Car insurance rates are higher with tickets and accidents
The ideal way to score low car insurance premiums in New Orleans for college grads is to drive safe and not receive tickets or have accidents. The diagram below demonstrates how speeding tickets and accidents can impact insurance prices for different categories of driver ages. The price estimates are based on a single male driver, comp and collision included, $1,000 deductibles, and no discounts are applied to the premium.
In the example above, the average cost of a car insurance policy per year with no accidents and a clean driving record is $1,944. Factor in two speeding tickets and the average cost swells to $2,559, an increase of $615 each year. Now get two accidents along with the two speeding tickets and the 12-month cost of car insurance for college graduates goes up to an average of $5,135. That’s an increase of $3,191, or $266 per month, just for not maintaining a clean driving record!
Get discount New Orleans car insurance rates
Auto insurance companies that offer quotes for college graduates may additionally offer price discounts that could reduce prices by 30% or more if you meet certain criteria. A list of companies and a partial list of their discounts are outlined below.
- The Hartford policyholders can earn discounts including anti-theft, good student, bundle, defensive driver, driver training, and air bag.
- American Family includes discounts for air bags, good student, defensive driver, accident-free, multi-vehicle, TimeAway discount, and mySafetyValet.
- Progressive offers discounts for multi-vehicle, online signing, multi-policy, good student, online quote discount, continuous coverage, and homeowner.
- Travelers may offer discounts for early quote, multi-car, new car, home ownership, multi-policy, good student, and continuous insurance.
- Farmers Insurance discounts include youthful driver, switch companies, distant student, electronic funds transfer, multi-car, and early shopping.
- USAA may have discounts that include multi-vehicle, family discount, driver training, loyalty savings, annual mileage, and good student.
- Liberty Mutual has savings for new graduate, multi-policy, safety features, new move discount, multi-car, and exclusive group savings.
The information below illustrates the difference between car insurance rates with and without discounts being applied to the rates. The rate quotes are based on a male driver, a clean driving record, no at-fault accidents, Louisiana state minimum liability limits, comp and collision included, and $250 deductibles.
The first bar for each age group shows the price with no discounts. The lower bar shows the rates with defensive driving course, anti-theft, multiple vehicle, safe-driver, vehicle safety, and claim-free discounts applied. When drivers take advantage of discounts, theaverage yearly reduction on car insurance for college graduates is 28% or $674.
Which car insurance company is best in New Orleans?
Buying coverage from the highest-rated company can be difficult considering how many choices you have in Louisiana. The company information listed below could help you pick which auto insurance companies you want to consider buying from.
These ratings are only made up of the largest auto insurers in America, so smaller companies that only insure vehicles in Louisiana are not taken into consideration for the list. If you wish to compare rates from these top-rated insurers and more, simply click here.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies