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There are multiple factors that go into determining the rates drivers will pay for car insurance: the make and model of the car, its age, where the driver lives, and more. One of the biggest factors in determining the premium cost is the age of the policyholder. Some age groups, like teen drivers and old drivers, are statistically more likely to be involved in accidents. For this reason, insurance providers charge more on the premiums paid by these groups.
Based on the age of the policyholder, car insurance rates can be affected as follows:
- Teen drivers. Teens cause more accidents than any other age group in the
U.S.Teens are new drivers, inexperienced at dealing with complex traffic patterns and bad weather, and are more likely to make mistakes behind the wheel. For these reasons, teen drivers are paying the highest premiums among all age groups.
- Drivers who are in their twenties. Insurance companies know that drivers from this age group are gaining experience on the road and they have likely developed better driving habits. Also, these drivers may also have acquired new levels of adult responsibility, such as getting a house or starting a career. Drivers who are in their twenties are less likely to have a car accident and they are being rewarded with lower car insurance rates when compared with teen drivers.
- Drivers who are in their thirties. Drivers who are entering in this age group will notice that the insurance rates will stabilize. Most drivers in this age group are considered to be safe drivers who already have a spouse and family. Many of them are driving a safe minivan or an SUV.
- Drivers who are in their forties. Average rates drop for drivers in their forties. However, drivers who have children who are starting to drive will see an increase in their premiums if they add the children on their policy. To make the policy cheaper, drivers can take advantage of good student discounts, away-at-college discounts, and safe driving discounts.
- Drivers who are in their fifties. Drivers who reach this age may have children leaving the insurance policy and getting their own. By bundling home/condo insurance with auto insurance and taking advantage of all of the insurer's discounts, drivers of this age group are likely to see their car insurance rates reach the lowest point.
- Drivers who are in their sixties and beyond. The average car insurance can slowly rise again towards the end of the sixties. Luckily there are some great ways to save money like taking a defensive driver course for mature drivers.
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