When You Get to This Age, Car Insurance Gets More Costly
Think of this as a curve, the younger you are the higher your rates, the older you get the better your rates. This is true up till you hit the peak, which is drivers who hit the age of 60. Your rates start to climb when you reach this age and keep doing so indefinitely. This has been proven to be true from the 2020 State of Auto Insurance Report from The Zebra.
Studies show that the rates are highest when you are a younger driver, which is why you are considered a high risk driver. If you are roughly around the age of 16 and have your own insurance premium, you pay a huge chunk of change for insurance? On average these drivers pay about $6600 a year for insurance. Now if you were to take this into account with other drivers between the ages of 23 and 85 they are paying three times more.
Think of it this way, you should understand why your insurance is much higher when you are younger. As a high-risk driver, you are more likely to get into an accident than when you are in your prime.
Heres what insurance.com has to say about the senior drivers of the road:
“Senior drivers as a group are more accident-prone than their middle-aged counterparts. The reasons for this include age-related changes in hearing or vision, slower reflexes, health conditions and medications.
In addition, regardless of accident severity, older drivers suffer graver injuries and more fatalities than younger people. This makes seniors more expensive to treat following an injury. These factors can increase insurers’ claim costs, and those costs are passed on.”