How does age affect car insurance rates?


Age and cars are two things that we need to consider if ever we want to get cheaper car insurance. We need to consider these two because they are among the many factors that insurance companies use in order for them to determine what kinds of offers they will be giving you once you apply for car insurance. Both these two factors can greatly affect the cost of your car insurance.

The age group an individual is a member of determines the cost of their car insurance. Teens are said to be the ones with the highest probability of being involved in a car accident. There may be different reasons why these accidents occur and experts have different opinions about teen drivers. This does not matter with car insurance companies since what they are looking at is the fact that teen drivers are the ones who are involved in those accidents and they believe that this is true.

Being chronologically experienced also gives you higher insurance rates. The elderly have relatively slower reflexes than that of the younger generation. When you drive a car you must be able to act quickly in order to be able to face any troubles on the road. Slower reflexes usually mean more accidents and this is why they are given more expensive insurance rates. Also, reflexes are not the only thing that can be the problem when the elderly go out for a drive. Their weakened body makes them susceptible to different kinds of illnesses that may affect the way they drive. Some of these diseases manifest unexpectedly and that makes the elderly a road hazard.

The kind of car that you drive also affects your insurance rates.  The more expensive your car, the harder it is to insure since it would mean an expensive repair fee that insurance companies have to pay. Some of these cars are the luxury cars and old cars whose car parts are also harder to find. Insurance companies do not only look at the kind of car that a person drives. They also look at how safe it is. They check the cars safety features and also they conduct studies on which cars are safer to drive.

They calculate your insurance rates based on risks. The riskier a person is, the more difficult it is for car insurance companies to approve their request for insurance.