When purchasing insurance, there are many factors that go into determining the rate you will have to pay. One of these factors is age!
Understanding how age plays a role in car insurance rates can help you determine the best auto insurance for you or your family. Keep reading for some helpful insight on how ages affect auto insurance.
Teen & Young Adult (16-30)
Teens currently have the highest rates among insurance premiums. This is because teens are considered “high risk drivers.” New teen drivers usually are inexperienced when it comes to driving and are more likely to make mistakes while behind the wheel.
To make up for this, insurance premiums for teens are several thousand dollars more expensive than those of adult drivers (over 25). Though, many insurance agencies offer discounts such as student discounts and good driver discounts.
Adult (30-50)
Until about 25, insurance rates are usually still high for drivers. Insurance rates tend to stabilize by the time the driver is 30-years-old. Around this time it is good to check in with your agent to see if you qualify for further discounts, such as loyalty, good driver, or even student discounts.
Older Adult (60+)
Usually by this time, your annual premiums have likely reached their lowest point. Older drivers should still be aware of variables that can raise their premium such as type of vehicle, accident history, and more. Older drivers can also expect their premium to raise the older they get (Above 60) as older drivers are considered “High Risk.” Be sure to speak with your insurance agent as to prepare for the future.
Payne Insurance Group
If you’re looking to get affordable insurance, contact Payne Insurance Group today!
Payne Insurance Group provides insurance for auto, home, commercial, and much more! Payne Insurance Group has partnered with over 13 businesses across the Rio Grande Valley, As a result, we have created a one-stop-shop for all types of insurance!
