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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.

your age and auto insurance

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:

Age group Average rate
16-19 $2,999
20-24 $2,040
25-29 $1,707
30-34 $1,591
35-39 $1,610
40-44 $1,603
45-49 $1,478
50-54 $1,284
55-59 $1,214
60-64 $1,169
65-69 $1,244
70-74 $1,187
75 and up $1,203

As you can see, teens and young adults pay the most for auto insurance BY FAR. But shouldn’t senior citizens also pay a lot? Let’s look into this more below…

Teenagers vs. The Elderly

Many people feel that the elderly also should may more for auto insurance as their driving skills diminish with age. Statistics show, however, that less than 1% of people aged 65 and above will die in motor accidents. On the other hand, car accidents are the leading cause of death for people in the 15-20 age range, with males being twice as likely as females to die in a car accident at this age.

The elderly get in less high speed accidents, and it’s not only because they drive 35 miles per hour on the highway. Their experience on the road gives them a huge advantage. Studies show that once you get old, you start to learn more about your limitations on the road, and therefore take less risks. As a result, car accidents involving the elderly tend to be much less serious in nature.

Getting The Best Auto Insurance Rates For Your Age

It doesn’t matter if you are 16 or 86, there are always ways for you to save on auto insurance. 4AutoInsuranceQuote.com has many guides that will help you find the best quotes for auto insurance regardless of how old or young you are. We recommend you start reading the following:

After you have educated yourself more on the ins-and-outs of auto insurance, scroll back up to the top of this page and enter your zip code to begin comparing auto insurance quotes. 4AutoInsuranceQuote.com helps connect all of our visitors, young or old, with the most competitive auto insurance rates in the industry.

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