How Age Is A Primary Factor In Selecting Car Insurance
The main goals of any car insurance company are to minimize risk and maximize profits, plain and simple. To achieve these goals, auto insurance providers maintain a complex statistical model on all drivers compiled from government agencies, industry analysts, and their own customers; then they use those statistics to manage risk. As a result of such analysis, car insurance companies set your car insurance quotes based on dozens of factors that label you either a low or high risk driver. One of the most important factors in determining your car insurance rates is your age.
Your age, like most of the factors considered by car insurance companies, does not determine how safe of a driver you are. Some teenage drivers are excellent while some adult drivers are awful, and vice versa. However, statistically speaking, some age groups are involved in a higher percentage of accidents than other age groups. Therefore, even if you as an individual are a safe driver, you may be stuck paying higher car insurance rates because your age group in general is considered a higher risk.
For example, teenage drivers are statistically the most dangerous drivers and are involved in the highest percentage of accidents, including fatal accidents. Adult drivers over the age of 25, by contrast, are statistically much safer drivers. So, as you can imagine, drivers over the age of 25 are generally cheaper to insure than teenage drivers and usually enjoy lower car insurance quotes.
Elderly drivers are not so clear cut. On the one hand, elderly drivers are more at risk of losing their mental faculties while driving, which is a huge accident risk. On the other hand, elderly drivers spend significantly less time in traffic than younger people, so they’re less of an accident risk. Therefore, an elderly person’s auto insurance may be more impacted by their personal driving record than by their age.
Keep in mind that age is only one of many factors in determining your car insurance rate. Your auto insurance rate is also going to be affected by your driving record, where you live, what kind of car you drive, and occupation, gender, credit score/history, etc. So you won’t automatically pay a higher insurance rate when you’re under 25 and you won’t automatically pay the lowest car insurance rates if you’re over 25.
Compare Free Car Insurance Quotes Online
Regardless of your age, you always have options in getting the lowest car insurance quotes possible. The first step in lowering your auto insurance rates is to shop around online. You can easily get and compare multiple car insurance rates within just a few minutes on MyCarInsuranceRates.com. So take a moment now and find cheap car insurance quotes to get the best rates.
