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The best cheap insurance companies for young drivers. In order to find out which companies offer the cheapest auto insurance premiums for young drivers in their 20s, we examined rates from five popular insurance companies in a collection of randomized ZIP codes in the U.S. (methodology). GEICO offers the cheapest rates for young drivers, with State Farm coming in a close second. The companies offering the cheapest car insurance in Florida for drivers with at-fault accidents are: GEICO: $1, per year; State Farm: $2, per year; USAA offers the cheapest policy at $1, per year, but these are only available to present and former military members and their families. Cheapest Car Insurance With an At-Fault Accident. Geico has the cheapest rates (besides USAA), on average, for all ages in our young drivers rate analysis. Although Geico has the lowest rates on average, it’s important to note this.
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