Table of Content
With insurance companies, there is a notable difference between the rates of car insurance for men and women. Not only are the rates different, but the ages when women enjoy lower auto insurance premiums vary as well.
Free Car Insurance Comparison
Compare Quotes From Top Companies and Save
At What Age does Car Insurance Go Down for Females?
The two most critical years for both men and women are 25 and 65. Based on statistics, when a man or women turn 25 their risk of being in an accident goes down considerably. However, in terms of car insurance for young female drivers, there is a substantial drop that starts at the age of 21.
The statistics show that from the ages of 21 to 25 the reduction in car insurance premiums for female drivers is roughly 25%. This assumes that all things being equal the female driver keeps a clean driving record and does not get involved in any accidents.
Also, taking a safe driving course will help to bring down insurance rates.
For women, they can expect to see the drop starting at the age of 21 and accelerate when they reach 25.
Plus, there is another slow drop that occurs between 25 and 55 when the rates drop again by roughly 20%. However, at that point, the rates level off and then start to climb once men and women reach the age of 65.
Statistics show the greater likelihood for accidents once a person passes the age of 65 which applies to both women and men.
Do Men Pay Higher for Car Insurance?
The answer is yes, men on average pay more for car insurance than women. There are some reasons for this, but it all boils down to men being involved in more car accidents than women. This is particularly true between the ages of 18 and 25 when the majority of accidents take place. Because of that, car insurance for female drivers is lower on average.
Statistics show that..
Men tend to be more reckless and take more chances when they drive which is why their insurance rates are higher. However, that recklessness tends to fade by the time they are 25 years old and their rates become similar to females. It must be noted that women still hold a slight edge when it comes to having a lower price for their insurance rates.
This is interesting that…
When the rates for men and women go up as they reach their golden years, it is about the same as both genders have roughly the same risks for getting involved in an accident.
What Makes Your Car Insurance Go Up?
Many factors make car insurance premiums go up starting with your driving record.
- Points on Your Driver’s License
- Bad Credit Score
- Driving a High-Risk Vehicle
Finding cheap car insurance for ladies is really not a problem, especially if you are between the ages of 25 and 65 and have a good driving record. It only depends on where you look and selecting the women car insurance policy that best suits your needs.
Car Insurance And Your Age
Car insurance is a necessity that is both a legal requirement and protects you in the event of injury, damage, and theft. However, it does not have to break the bank. Understanding insurance risk and rating factors can ensure that you insure for less.
One of the major rating factors that insurers use to determine how much you pay is your age. So when is the best time to buy car insurance, when can you expect a lower rate and how much should you really be paying at your current age.
→ Sweet 16
Young adults are usually added to their parent’s car insurance policy until they get their own vehicle. While this does increase the rate on the parent’s policy, it is most often a nominal amount.
Even if you do have your own car before the age of 18 years, it is still recommended to add the vehicle to your parent’s insurance. You can save huge expenses by doing this.
For example, on average, you should pay around $20 to add a driver to an existing policy whereas adding another vehicle can increase these costs to $200. Individual car insurance for a teen driver will be much higher.
Keep in mind that
Teenage drivers statistically cause the most auto accidents and are therefore considered to be the greatest risk to an insurance provider, it is still advisable to compare rates for individual car insurance versus remaining dependent on a parent’s policy.
Caution: Teen drivers are 3 times more likely to be in a car accident than adult drivers.
→ 21st Birthday
There is a misconception that car insurance rate automatically drops when a driver reaches the age of 18 or even 21 years. While a decrease in rates may be noticeable at these times, it usually isn’t due to your age but rather your driving experience and record.
Insurers often offer discounts and lower rates to those who do not claim or have consistently remained with the same insurer for a number of years.
For example, if you take an advanced driving or other types of course to enhance your driving skills, let your insurance provider know. You could save yourself a few dollars on your own insurance policy at this time. However, you are still likely to be paying the highest insurance rate relative to your provider of any age group.
→ 25 Years
It follows that this age group, therefore, provides a much lower risk to a car insurer and it will result in a lower rate.
However, not all car insurers will automatically drop the rate when your 25th birthday arrives. You may have to wait for the renewal date of your policy.
If you still don’t notice a decrease, contact your insurance provider to inform that you are now 25 years old and pose a lower risk to their profit margin and would appreciate a discount.
So, what is the best age?
25 years does, therefore, seem to be the ideal age to buy car insurance. However, this is not always possible in reality. It is therefore important to take into account the other factors that may affect your car insurance premium or rate when you do decide to go it alone.
It is also absolutely essential to compare and compare and compare. Get a few quotes from competitive car insurance providers every few months or at least an annual basis and see whether you could save by changing especially when you reach that quarter of a century milestone.