The words “low-priced” and “insurance” really don’t belong together, especially when comparison shopping for the lowest insurance prices for drivers under 21. In an attempt to save some money, let’s teach you some of the things that have a considerable impact on insurance rates, and find out if we can help you take the sting out of the next policy you buy.
The make and model of vehicle driven is one of the biggest factors when looking for economical coverage for drivers under 21. Vehicles with limited speed and performance, advanced safety features, or low incidents of liability claims will cost much less to insure than adrenaline junky models.
The data below presents insurance rates for a selection of the most economical vehicles to buy insurance for.
|Vehicle Make and Model||Estimated Cost for Full Coverage|
|Honda CR-V EX 4WD||$3,555|
|Ford Escape Limited 4WD||$3,817|
|Hyundai Elantra SE Touring Station Wagon||$3,823|
|Ford Explorer XLT 2WD||$3,896|
|Toyota Tacoma 2WD||$4,106|
|Jeep Grand Cherokee Laredo 4WD||$4,158|
|Toyota RAV4 Limited 2WD||$4,167|
|Chevrolet Equinox LS 2WD||$4,158|
|Dodge Ram Quad Cab ST 2WD||$4,198|
|Ford F-150 FX4 4WD||$4,211|
|Dodge Grand Caravan Crew||$4,220|
|Chevrolet Malibu LT||$4,211|
|Jeep Wrangler Unlimited Sport 4WD 4-Dr||$4,216|
|Ford Focus SES 4-Dr Sedan||$4,365|
|Ford Edge Limited AWD||$4,418|
|Chevrolet Impala LTZ||$4,423|
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Above prices assume single male driver age 20, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Oregon minimum liability limits. Discounts applied include claim-free, and safe-driver. Prices do not factor in specific Portland, OR garaging location which can decrease or increase price quotes noticeably.
Based upon these rates, cars like the Honda CR-V, Ford Escape, Hyundai Elantra, and Toyota Prius are likely to be the less-costly vehicles to insure for minors. The price for car insurance will tend to be more expensive anyway just because there is more inherent risk for drivers under 21, but overall those specific models will tend to have the cheapest rates compared to all other vehicles.
For minors, one of the more important components that are used to help calculate the price you pay for insurance is your address in Portland. Regions with larger populations or more claims likely pay more, whereas areas with lower vehicle theft rates and fewer weather claims can boast about having cheaper rates.
The next table shows the most expensive places in Oregon for drivers under 21 in which to buy car insurance. Portland is listed at #2 with a yearly cost of $1,499 on average, which is around $125 per month.
|Rank||City||Average Per Year|
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Rate information is comparative as the specific zip code location can decrease or increase coverage rates significantly.
Deciding which company has the cheapest car insurance rates for drivers under 21 calls for more work than just getting one or two price quotes.
Each auto insurer has a unique formula for filing rates in each state, so let’s take a look at the car insurance companies that tend to have lower prices in Portland, OR. It’s important to understand that Portland car insurance rates are determined by lots of factors which can substantially decrease or increase the cost of having a policy. Turning one year older, increasing liability limits, or getting a driving violation may cause policy rate changes resulting in some rates now being affordable when they were higher priced.
Find Cheaper Auto Insurance for Minors
|Rank||Company||Cost Per Year|
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Grange may offer some of the lowest car insurance rates in Portland at around $687 per year. This is $791 less than the average price paid by Oregon drivers of $1,478. Oregon Mutual, Country, Travelers, and USAA also are some of the best Portland, OR auto insurance companies.
As the rates illustrate above, if you currently have a policy with Travelers and switched to Oregon Mutual, you may realize an annual savings of roughly $61. Insureds with USAA may save as much as $88 a year, and State Farm insureds might lower prices by $176 a year.
Remember that these premium estimates are averaged across all ages of drivers and types of vehicles and are not factoring in an exact vehicle garaging location for drivers under 21. So the car insurance company that has the lowest price for you may not even be in the list above. That underscores the importance of why you need to get car insurance quotes using your own specific driver information and vehicle.
How to get discounts on Portland auto insurance rates
Auto insurance companies that provide coverage for drivers under 21 may also give you discounts that could reduce prices by 30% or more if you are eligible. Large car insurance companies and their possible discounts are detailed below.
- State Farm offers premium reductions for good student, accident-free, Drive Safe & Save, good driver, and anti-theft.
- Farmers Insurance includes discounts for distant student, switch companies, electronic funds transfer, youthful driver, pay in full, and mature driver.
- GEICO may include discounts for federal employee, seat belt use, air bags, anti-theft, daytime running lights, anti-lock brakes, and multi-vehicle.
- American Family may offer discounts for good driver, bundled insurance, defensive driver, TimeAway discount, and mySafetyValet.
- Nationwide offers discounts including anti-theft, multi-policy, Farm Bureau membership, easy pay, and good student.
- Progressive policyholders can earn discounts including multi-vehicle, continuous coverage, online signing, homeowner, multi-policy, online quote discount, and good student.
The example below visualizes the comparison of annual premium costs with and without discounts being applied to the rates. The information is based on a male driver, no claims or driving citations, Oregon state minimum liability limits, full coverage, and $250 deductibles. The first bar for each age group shows insurance cost with no discounts. The second shows the rates with continuous coverage, passive restraint, vehicle safety, paid-in-full, paperless filing, and good student discounts applied. When drivers take advantage of discounts, theaverage yearly reduction on car insurance for drivers under 21 is 19% or $418.
Buying coverage from the highest-rated auto insurance provider is hard considering how many companies there are in Portland. The information below may help you decide which providers to look at comparing prices from. These rankings are only comprised of large, nationwide insurance companies, so companies with more of a regional focus will not be included in the list.
|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
Chances are good that you’re overpaying for Portland car insurance
Portland car insurance rates are impacted by many factors that will increase or decrease the price you have to pay. Simply turning a year older, buying a different vehicle, or getting a ticket for running a stop sign can produce rate changes that can cause some rates to be cheaper than before. In addition, auto insurance companies file new Oregon auto insurance rates every year in order to maintain liquidity for claims. Heavier than normal losses can result in increased rates, while a profitable period can cause cheaper Portland car insurance rates.
To illustrate this point, the graph below shows which company has the cheapest car insurance in Portland, OR for a 35-year-old male driver with no prior claims, no tickets, and a high credit rating. When comparing rates based on his current risk profile, Grange has the most affordable car insurance rates in Portland at $910 a year. This is $568 less than the average policy premium paid by Oregon drivers of $1,478. Oregon Mutual, Country, Travelers, and USAA are also on the list of the cheapest Portland, OR auto insurance companies.
Let’s now give the driver in the first example a claim or two, a lower credit score, and a speeding citation. Since each company has their own process for determining prices, analyzing rates may now present a significantly different list of affordable companies as shown below.
Amica now has the cheapest insurance rate in Portland, OR with GEICO, Allied, Mutual Enumclaw, and Oregon Mutual also having competitive pricing. This shows why consumers need to take the time to perform an extensive rate comparison to find the most budget-friendly insurance rates for drivers under 21. Insurance rates are impacted by many risk factors and change substantially, so the cheapest option three years ago may now be an over-priced policy.