Millennials, also known as Generation Y, are the demographic sandwiched between Generation X and Generation Z. They are typically considered to be born between 1981 to 1996. Many Millennials are on the lookout for the best car insurance but unaware of key strategies that can help them save. Whether you want better coverage or cheaper premiums, there are plenty of competitive offers to choose from. Understand the best car insurance for Millennials.
Clearcover Insurance
Clearcover Insurance is an innovative company that uses technology to save Millennials money on their automotive coverage. They cut out most of the marketing (and even real people). Instead, they use artificial intelligence to offer really cheap insurance rates.
You can apply for their car insurance using an online app. It will tell you almost instantly whether you qualify or not. Clearcover also lets you file claims using the same app. You can describe what happened and even upload photos or videos of any damage directly from your cellphone. They don’t even require an insurance adjuster when claims are filed!
California Casualty
Millennials who have dedicated their lives to public service should consider getting their car insurance from California Casualty. The company (that’s actually based in Colorado Springs, Colorado) offers special discounts to anyone who works as a first responders or are engaged in civic pursuits.
Firefighters, paramedics, nurses, police officers, educators, and certain college employees are all eligible to get significant discounts on their car insurance from California Casualty. Discounts can range from 10-to-25%, depending on your driving record. If you are a Millennial who work on the frontlines, you should definitely checkout California Casualty.
Metromile
Metromile bills itself as “pay per mile car insurance.” It offers some of the best car insurance for Millennials who work from home, have a short commute, or simply prefer walking or biking to get where they are going. This low cost pay-per-mile insurance charges a base rate per month, plus a few cents for each mile driven.
The company also includes pet injury coverage with collision and comprehensive coverage on all of its policies. If you’ve recently embraced the work from home lifestyle and have no plans to go back to the office full time, consider Metromile. Why pay all that insurance for a car that barely leaves the parking spot anymore?
Amica Mutual Insurance
For sheer cost savings, it’s hard to beat Amica Mutual Insurance. It consistently ranks as one of the best insurance companies when it comes to customer service and satisfaction. Millennials will not only love the money they save with Amica, but also the money they get back.
Since it’s a mutual company, Amica is able to give its customers some money back every year in the form of a dividend payment. The company’s dividend policies typically pay 5-to-20% of your premiums back to you, annually. If you enjoy getting cashback rewards from your credit or insurance products, check Amica Mutual Insurance.
State Auto Insurance
For truly comprehensive coverage, look no further than State Auto Insurance. Lots of Millennials own a pet, and almost every single Millennial owns a smartphone. State Auto protects them both (along with your vehicle, of course), at no extra cost.
State Auto’s “AutoXtended” policy not only protects the family pet in the event of an accident, it also covers damage to any phones. It will also cover emergency travel expenses, bail bonds, locksmith or key replacement, emergency ambulance transportation, and even disability coverage. Now that’s comprehensive coverage!
Safeco Insurance
Safeco is a highly rated insurance company that is actually owned by Liberty Mutual. It offers a lot of options, designed specifically to fit the lives of Millennials. Notably, safe drivers can save up to 30% with the company’s “RightTrack” policy. It’s a smartphone app that tracks your driving (acceleration, braking, total miles driven) and rewards safe drivers with lower rates.
Additionally, pet owners can add pet coverage to almost all Safeco policies. Part-time Uber and Lyft drivers can also get low-cost “RideSharing” coverage to protect themselves while using their vehicle as a source of income. With more Millennials embracing the “gig economy,” you may want to look into Safeco Insurance.
Root Insurance
Root Insurance is all about the app. The company has developed a very advanced app, with lots of bells and whistles. Root Insurance’s app will track your driving habits, give you an instant quote, and lets your file claims directly and call roadside assistance.
Since the company only insures drivers it deems safe, their rates tend to be super low for those who qualify. Root Insurance says many of their customers save over 50% compared to their old insurance rates. That’s a decent chunk of money for any Millennial. Just remember that you need a sparkling record in order to get this discount.
Good2Go Insurance
Good2Go Insurance provides affordable insurance for young drivers or those with banged-up driving records. Specializing in state-minimum insurance with low premiums and deductibles, Good2Go also offers a discount for those who use the “LifeSaver” distracted-driving app.
While not for everyone, Good2Go could be a great choice for younger Millennials with a limited driving history or a few accidents on their record already. Finding affordable car insurance after a few claims can be tough, so Good2Go might be exactly what you need.
Elephant Insurance
Elephant is one of the best car insurance companies for cost conscious young drivers. They offer discounts that can reach as high as 40%, if you meet certain criteria. These discounts are given out for a variety of things, including going paperless, making on time payments, having a good driving record, and more.
Young drivers who are just starting out can save big bucks with Elephant Insurance. The discounts aren’t only based on your driving record or insurance score either, which is a great bonus. You can save money just by asking them to not mail you a paper statement every month or by always paying on time. That’s pretty sweet!
Lemonade Insurance
Lemonade Insurance is another newer company making waves. Like some others on this list, they save money by not having local offices. Instead, everything is done online. They’ve already impressed the Millennial market by offering home, life, renters, and pet insurance. Luckily for us, they also recently added auto insurance to their offerings too.
If you already use Lemonade for another insurance need, you can bundle your car insurance in and save even more. They offer the same competitive pricing, online convenience, and quick claims and payout system on their car insurance products as they do on their original policies. Millennials already love Lemonade for their other insurance needs.
