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How Age Affects Cheap Car Insurance Rates

Cheap Car Insurance Rates

For most Americans, car insurance is a necessary, often costly, evil. All drivers are required by law to have a minimum amount of coverage in most states, but to be protected in any eventuality more expensive policies are often needed. However, everyone is interested in saving money these days, but the age of a policyholder can drive up the prices in many cases, making cheap car insurance seem almost unattainable but here are a few ideas you can use when you compare auto insurance rates.

How Car Insurance Costs Are Calculated

Every insurance company calculates the costs of coverage according to the individual situation, using risk analysis and statistics. Some age groups consistently show themselves statistically to be higher risks, which in turn causes the insurer to quote them a much higher price for coverage. The most at-risk group is young, male drivers between the ages of 16 and 23, with males also having the highest fatality rate in accidents. High costs are not just applied to teenagers, either – senior adults are also known to be a high-risk group due to their advanced ages and decreased physical abilities.

High-Risk Age Drivers

Due to the fact that they have limited years of experience in driving, teenagers and young adults from the ages of 16 to 25 are considered to be the most at-risk group for injuries, damages and fatalities from driving a vehicle. Many young people are also thought to be easily distractible, a dangerous trait to have while maneuvering the streets. This increases the costs of car insurance for teenagers. Seniors over the age of 65, the other high-risk group, are assumed to be susceptible to poor eyesight, depth perception and lack of physical ability to execute defensive driving maneuvers safely.

The Low-Risk Group

According to most state Department of Motor Vehicles (or DMV), the statistically lowest-risk age group is made up of drivers between the ages of 40 and 50. This fact is reflected in their lowered premium payment costs. However, personal driving records also have a lot of effect on auto insurance coverage costs – turning a certain age does not necessarily guarantee automatic cheap car insurance. Keeping a clean driving record with few speeding tickets and no accidents or DUI infractions is a good way to keep cheap car insurance regardless of age.

Lowering Costs for High-Risk Groups

No one can change the fact of their age, but, luckily, there are still some ways for high-risk drivers to get cheap car insurance. Teenagers who get good grades and take driving classes can often get better auto insurance rates by submitting their proof of responsibility to the insurance company. In addition to this, seniors over the age of 65 can prove their continued ability to see well and withstand the physical aspects of driving a vehicle with a medical examination. This can help a driver of any age to get a more manageable auto insurance quote.

No one can change their age, but even the most high-risk driver can take a few simple steps to receive discounts or even drastically reduce the costs of their premium payments. In today’s world, saving that money could mean all the difference when it comes to cheap car insurance with quality coverage.

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