You may not know this, but your age is one of the most important factors that an insurance company will consider when calculating the overall cost for your car’s coverage. Mainly, this is due to the fact that they use an individual’s age to determine how likely they are to be involved in an accident, and how much experience they may have with handling vehicles in general.
No matter how old you are, you’re likely to want to know how much your car insurance may cost. Not only can this give you an idea of how much you’re likely to be paying out for your coverage, but it can also offer a base price to work with when trying to compare quotes from different companies, too.
How your age can affect your insurance rates
With plenty of data and statistics, most auto insurance companies use your age to help them decide how much you should pay. Even if you’re an excellent driver, it’s likely that your age will make a difference to your rates, for better or for worse. Read on to find out what age brackets are currently in place, and how much you’re likely to pay (and why).
Average vehicle insurance rates for younger drivers
In general, younger drivers (as well as those who have never driven before) have it the hardest when it comes to these types of costs. For the most part, this is because their inexperience in driving can make them more likely to be involved in an accident – and the statistics gathered over the years don’t disprove this. For example, out of all the age groups, teenagers have the highest crash and death rates of all – even though there are fewer teens driving than adults.
Fortunately, most teenagers can lower their rates in a few ways. For example, those driving in a used car (rather than a brand new one) or a vehicle with modern safety features are likely to have lower fees than those who have an expensive and flashy car.
For a 16 year old, the average costs for insurance is around $8,000, while those who are 18 are more likely to get rates closer to $6,500.
Average insurance rates for adult drivers
Luckily, these rates tend to drop considerably after the age of 20 – and these costs continue to drop all the way up to 60 (where it increases a little for seniors). Those who keep a good driving record are likely to see their prices reduce about every 5 years as they get older. Generally, the costs for adults are:
- $3,600 for individuals aged 21-24
- $2,400 for individuals aged 25-29
- $2,100 for individuals aged 30-34
- $2,000 for individuals aged 35-44
- $1,900 for individuals aged 45-49
- $1,850 for individuals aged 50-59
Often, one of the best ways to get a good deal is get quotes from different companies, as well as to negotiate prices, ask for discounts, and generally look around to see which plan is right for you.
Average insurance rates for senior drivers
When you get to the age of 60, it’s likely that your costs will start to increase – but fortunately, they don’t tend to rise too far. Unfortunately, this will often happen regardless of how good your driving history is.
This tends to be because older drivers have a higher chance of being involved in an accident. For a 60 year old, the price will generally be around $1,900, while those who are 70 are likely to pay around $2,100.