Auto Insurance Rates: Do They Rise As We Age?


The auto insurance industry is realizing that the senior population has a lot of driving experience. This goes very far in terms of safety and seniors are largely rewarded with low premiums. But, at the same time, no one can deny the fact that, over the years, the view weakens and people do not react as quickly as before. In addition, compromised health situations tend to develop, requiring drug treatment.

Studies indicate that all this can result in car accidents, a considerable number of which involve tragic deaths. Insurance companies are informed of the resulting damages, injuries and deaths as a result of related claims by policyholders. And claims are an expensive inconvenience that triggers the rate increase.

Before we start to panic, let us assure you that the increase in premiums for seniors at some stage is rather light and that it can be countered by rewarded savings for those who attend driving lessons approved, as well as by discounts offered by many insurance companies. .

For more clarity, please see the following summary of different insurance developments during the senior's life.

• If you are in your 50s, you will mainly benefit from lower premiums than those older and younger than you. Indeed, you are usually always in good health and you always have fast reflex reactions.

• From sixty to sixty-five years old, you will still get the cheapest auto insurance premiums, which can change afterwards.

• If you are 65 to 69, your automatic policy rate may increase. In this case, it is in your interest to look for an insurance agency that can shop on the network to see if you can get a cheaper policy.

• Between the ages of seventy and seventy-nine, you will generally see an increase in premiums. This is linked to a higher accident risk. This does not mean, however, that you will not find a cheaper solution elsewhere with a company that understands that you are still physically fit and that you are not personally subject to a collision.

• Once you reach the age of eighty you will be considered a high risk for the auto insurance industry and you will retroactively charge higher rates. If you choose to continue driving at this age, speak to an experienced, independent organization that can buy cheaper premiums and get the current discounts that will help you lower your premiums.

Whatever your situation, remember to take all the necessary precautions to drive safely. After all, it's your well-being and the others on the road that are at stake.

Comments are closed.