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What Age Groups Pay the Highest and Lowest Car Insurance Premiums?
Age is a significant factor in determining your car insurance rates, according to Fox News. Car insurance companies rely heavily on your age to assess your risk of having an accident. The following list shows the average 6-month premiums quoted by auto insurers for the corresponding age groups. Are you paying more or less than the average rate for your age group?
- Teenagers:
- Ages 20-24:
- Ages 25-39:
- Ages 40-65:
- Ages 65-69:
- Ages 70 and up:
- $3,326
- $2,008
- $1,537
- $1,260
- $1,138
- $1,454
No surprise about younger, more inexperienced drivers: on average, teenagers pay the highest 6-month premium out of any age group. The average quote for a 16 year-old driver is $4,075!
However, you may have expected that the oldest policyholders would pay more than they do. Drivers aged 95 and older pay $1,995, which is nowhere near the astronomical rate insurance providers charge 16 year olds.
Interestingly, the age group paying the lowest premiums is on the older side as well: 65-69. Apparently the auto insurance industry believes this demographic represents the smallest risk to insure.