#auto insurance rate
How Age Affects Auto Insurance Rates
Human beings grow old. It s one of the many sad truths of life. After the vibrancy and naivety of youth comes the fatigue and wisdom of old age. Many things will change throughout one s lifetime – physical appearance, net worth, love interests, etc. As they say, only two things in life are certain: death and taxes. Here at 4AutoInsuranceQuote.com, we d like to add a third thing: changing auto insurance rates.
How does how old you are affect how much you will be paying for car insurance?
Your Age And Auto Insurance
Age is one of the many factors that insurance companies look at when determining your auto insurance premiums. So, it should come as no surprise to you that if you are in the wrong, or “higher risk” age brackets, you will be paying more for auto insurance. But which age groups pay the most for auto insurance? And why is this?
It should come as no surprise to you that teenagers and first-time-drivers will foot the highest bill for their car insurance. These young drivers are deemed to be high-risk and inexperienced (and rightfully so). Because of this, young drivers, especially young male drivers. have the highest auto insurance rates in America.
Research shows that young drivers are more likely to be reckless behind the wheel. In fact, statistics show that inexperienced drivers (both male and female) are more likely to file a claim or get a traffic violation, such as a speeding ticket. Because of this, most insurance companies make people wait until they are 25 years old til they start normal, “adult” insurance rates.
Average Auto Insurance Rates Per Age
The following chart shows that average insurance rates for one person policies with liability coverage amounts of $100,000 bodily injury per person per accident, $300,000 total bodily injury for each accident, $100,000 property damage per accident. This chart shows only liability coverage rates. Collision and comprehensive coverage are not included.
Let s take a look: