Average car insurance rates by age

With age comes wisdom, and lower car insurance rates, up to a point. This bears out when you look at average car insurance rates by age.

Car insurance for people under 25 years of age is typically quite high. Teens and young drivers are inexperienced behind the wheel and statistics show they, as a class in whole, are more likely to be in accident than other age groups, which makes them a high risk to auto insurance providers. High risk equals high rates.

As you'll see in the "Average car insurance by age" charts below, in general, rates are cheapest for drivers in their 40s, 50s and 60s, and then increase again a bit at age 70. CarInsurance.com analyzed rates for nearly every ZIP code for six age groups and three coverage levels. Here you see average car insurance rates by age, for men and women, for the following coverage sets:

• State minimum -- what you need to drive a car legally in your state


• Liability car insurance -- $50,000 limit to cover bodily injury you cause to others in an accident, up to $100,000 per accident, with $50,000 to pay for damage you cause to another car or property


• Full coverage --  liability with a $100,000 limit to cover bodily injury you cause to others in an accident, up to $300,000 per accident, with $100,000 to pay for damage you cause to another car or property, plus comprehensive and collision insurance, with a $500 deductible.

To see average car insurance rates for teens, see the following articles, that feature rates by age, state and gender:

Car insurance for a 16 year old

Car insurance for a 17 year old

Car insurance for an 18 year old

Car insurance for a 19 year old

Age is just one factor that car insurance companies assess when deciding how much you pay. Other factors that affect car insurance rates include:

• where you live


• what model car you drive


• marital status


• your driving record


• your credit history


• your annual mileage

Each of these rating factors, among others, along with type of coverage you choose and with what limits, influences the rate you'll pay for your car insurance policy.

And don't forget that what car insurance company you choose makes a difference in the car insurance rates you'll be offered. That's because insurance companies assess risk differently, and each use their own formulas to calculate the price you pay. So the price for a policy will vary signigicantly among insurance companies.

Whatever age and whether male or female, you can save hundreds, if not thousands, of dollars depending upon the insurer you chose. For this reason, it’s a must to compare car insurance companies and find the one that offers the best rates for your particular set of rating factors.

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Source: http://docphy.com/business-industry/personal-finance/insurance/average-car-insurance-rates-age.html

		Women: Average car insurance rate by age
Age	State minimum liability	Liability 50/100/50	Full coverage 100/300/100 with $500 comprehensive & collision deductible
20	$996	$1,077	$2,599
30	$573	$603	$1,458
40	$547	$575	$1,369
50	$513	$540	$1,278
60	$494	$521	$1,221
70	$542	$574	$1,316
		Men: Average car insurance rate by age
Age	State minimum liability	Liability 50/100/50	Full coverage 100/300/100 with $500 comprehensive & collision deductible
20	$1,129	$1,229	$3,097
30	$552	$583	$1,451
40	$538	$566	$1,355
50	$517	$546	$1,297
60	$508	$537	$1,258
70	$567	$601	$1,369