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How Age Affects Car Insurance Rates

You probably already know how important car insurance is, if you are reading this article. Most states have laws that require every car owner to have insurance before a car can even be driven. It may surprise you to find out that your age affects car insurance prices. Insurance companies factor in many things in regard to your insurance pricing. Your age is a very important factor in determining the price you will pay for your insurance coverage.

How Youth Affects Car Insurance Rates

It has been proven that the majority of car accidents are caused by teen drivers. These statistics prove that a teenager is more at risk of getting into an accident than other drivers. It is typical for most insurance companies to give drivers in the age range of 16 to 21 higher insurance rates. Some think that this is biased, but it is a necessary and reasonable precaution on the side of the insurance company. As these prices are based on real world evidence it is understandable.

Aging Affects Car Insurance Rates

It does not necessarily follow, though, that your insurance rates will go down as you age. Quite the opposite is, in fact, true. Drivers older than 65 are often charged higher rates by their insurance companies. At this age, the chance of risk starts to rise again, and so do premiums. As people get older, their reflexes tend to slow which can decrease the ability to avoid accidents.

Discounted Age Range for Car Insurance Rates

Insurance companies know that drivers between 25 and 40 are the most responsible drivers. This age group has more experience and have proven to be at a level of maturity that promotes solid driving skills. So, this group has a lower potential for risk and insurance companies are more willing to give them discounts on their coverage.

Age is Only One Factor for Insurance Rates

Your age isn't the only consideration that insurance companies consider in regard to your auto insurance. You may be a driver in the 25 to 40 age bracket who still has to pay the same rates as a teen driver because of a poor driving record or other factors that may have increased your premiums. It is always smart to shop around to a few insurance companies to find the best rates on the coverage you need. You may even find some great discounts that you are eligible to receive.