by lopezfe010 » Wed Apr 08, 2015 05:54 am
Most people know that car insurance premiums vary between demographics. For instance drivers under 25 will almost always pay more than drivers over 25 and males tend to pay more than females. What many people don’t realize is just how much a single factor can affect their insurance rate. According to one recent study, car insurance premiums can vary by more than 50% just based on age, gender, or marital status.
Age
Age is, without a doubt, the biggest factor that affects car insurance premiums. Younger drivers will pay higher insurance than any other demographic and for good reason. The crash rate per mile of a driver between the ages of 16-20 is four times higher than it is for drivers over 20. Not only do they crash more often but younger drivers also tend to file more car insurance claims. Car insurance rates drop steadily until age 25 and then they stabilize though they still drop slowly until about age 60 when they will begin to rise again. A 59-year-old can expect to pay about 50% less than a 20-year-old all other things being equal.
Gender
Let’s face it, women are safer drivers than men. They get in less accidents on average and file less claims, hence they tend to pay less for car insurance. The difference in car insurance premiums due to gender is most pronounced for the younger demographic. All other things being equal, a 20-year-old male could expect to pay 20% more for car insurance than a 20-year-old female. After age 30, the difference in cost is negligible, usually less than a dollar difference per month.
Marital Status
Perhaps most surprisingly, marital status can have a huge effect on car insurance rates. As with gender, the difference in rates is more pronounced for younger demographics. Married 20-year-olds can expect to pay 20% less than their unmarried counterparts. The cost difference drops off after about age 25. The leading theory as to why insurance is cheaper for those who are married is that they tend to be more careful and responsible on the road after marriage. So if you want cheaper car insurance, consider finding a spouse.
If you’re single and plan on staying that way but you’re still interested in a lower insurance rate, call [deleted per TOU]
Auto news brought to you by [deleted per TOU]
Source: huffingtonpost .com/laura-adams/how-age-gender-and-marital-status-affect-your-car-insurance_b_6973360.html
[deleted per TOU]
Age
Age is, without a doubt, the biggest factor that affects car insurance premiums. Younger drivers will pay higher insurance than any other demographic and for good reason. The crash rate per mile of a driver between the ages of 16-20 is four times higher than it is for drivers over 20. Not only do they crash more often but younger drivers also tend to file more car insurance claims. Car insurance rates drop steadily until age 25 and then they stabilize though they still drop slowly until about age 60 when they will begin to rise again. A 59-year-old can expect to pay about 50% less than a 20-year-old all other things being equal.
Gender
Let’s face it, women are safer drivers than men. They get in less accidents on average and file less claims, hence they tend to pay less for car insurance. The difference in car insurance premiums due to gender is most pronounced for the younger demographic. All other things being equal, a 20-year-old male could expect to pay 20% more for car insurance than a 20-year-old female. After age 30, the difference in cost is negligible, usually less than a dollar difference per month.
Marital Status
Perhaps most surprisingly, marital status can have a huge effect on car insurance rates. As with gender, the difference in rates is more pronounced for younger demographics. Married 20-year-olds can expect to pay 20% less than their unmarried counterparts. The cost difference drops off after about age 25. The leading theory as to why insurance is cheaper for those who are married is that they tend to be more careful and responsible on the road after marriage. So if you want cheaper car insurance, consider finding a spouse.
If you’re single and plan on staying that way but you’re still interested in a lower insurance rate, call [deleted per TOU]
Auto news brought to you by [deleted per TOU]
Source: huffingtonpost .com/laura-adams/how-age-gender-and-marital-status-affect-your-car-insurance_b_6973360.html
[deleted per TOU]
Posted: Sat Apr 11, 2015 04:03 am Post Subject: Compare car insurance quotes based on status
You can actually see how these different factors affect your auto insurance quote by comparing here... (Link removed as per TOU)
Posted: Mon Apr 13, 2015 10:34 am Post Subject:
There are many more factors which can affect the amount of premiums on insurance policies such as driving record, type of car or vehicle etc.
Posted: Wed Apr 15, 2015 03:29 am Post Subject:
Hi everyone:) Thanks for sharing your thoughts in regards on my given discussion topic.
Posted: Mon Apr 20, 2015 05:11 pm Post Subject:
Credit score plays a factor in most states, too.
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