How are auto insurance rates affected by the age of the policyholder

0 ( announces a new blog post, “Why does your age matter to auto insurance companies?”

LOS ANGELES (PRWEB) October 22, 2021 has launched a new blog post that discusses how the age of drivers can affect the premiums paid on auto insurance.

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Several factors go into determining the rates that drivers will pay for auto insurance: the make and model of the car, its age, the driver’s place of residence, etc. The age of the policyholder is one of the most important factors in determining the cost of the premium. Certain age groups, such as teenage drivers and older drivers, are statistically more likely to be involved in crashes. For this reason, insurers charge more on the premiums paid by these groups.

Depending on the age of the policyholder, car insurance rates can be affected as follows:

  • Teenage drivers. Teens cause more accidents than any other age group in the United States. For these reasons, teenage drivers pay the highest premiums among all age groups.
  • Drivers in their twenties. Insurance companies know that drivers in this age group are gaining experience on the road and have likely developed better driving habits. In addition, these drivers may also have acquired new levels of adult responsibility, such as getting a house or starting a career. Drivers in their twenties are less likely to be in a car accident and are rewarded with lower auto insurance rates than teenage drivers.
  • Drivers who are in their thirties. Drivers who fall into this age group will notice that insurance rates stabilize. Most drivers in this age group are considered safe drivers who already have a spouse and family. Many of them drive a safe van or SUV.
  • Drivers who are in their 40s. Average fares are dropping for drivers in their 40s. However, drivers who have children who start driving will see their premiums increase if they add the children to their policy. To make the policy cheaper, drivers can take advantage of good student discounts, student discounts, and safe driving discounts.
  • Drivers who are in their fifties. Drivers who reach this age may have children leaving the insurance policy and purchasing their own. By bundling home / condo insurance with auto insurance and taking advantage of all the insurer’s discounts, drivers in this age group are likely to see their auto insurance rates bottom out.
  • Drivers who are in their sixties and beyond. Average auto insurance may slowly increase again in the late sixties. Fortunately, there are some great ways to save money, like taking a defensive driving course for experienced drivers.

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