Average Car Insurance Rates By Age And Gender

Average Car Insurance Rates By Age And Gender-Auto Guides

Most people know that their age, gender, and driving record have an effect on car insurance prices.

As we age, wisdom and lower auto insurance rates have reached a certain level. When you look at the average car insurance rates by age, this proves this. Car insurance for people under 25 is usually quite high. Teenagers and young drivers are inexperienced at the wheel, and statistics show that as a class as a whole it is more exposed to accidents than in other age groups, which makes them a high risk for car insurers. High risk means high rates.

Average car insurance rate by age chart


Age and other factors that affect the average cost of auto insurance

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

  • what model car you drive
  • marital status
  • where you live
  • your credit history
  • your annual mileage
  • your driving record

Each of these assessment factors, among other things, along with the type of insurance you choose and what limits affect the rate you will pay for your car insurance policy. To find out how much you can pay, you can start by estimating your car insurance costs using the average rate tool at the bottom of the page. Shows rates for six ages and three coverage levels by zip code.

And don’t forget that which insurance company you choose has an impact on the car insurance rates you will offer. This is due to the fact that insurance companies assess risk differently and each of them uses their own formulas to calculate the price you pay. Thus, the price of the policy will vary significantly between insurance companies.

Average Cost of Car Insurance

Average Car Insurance Rates By Age And Gender-Auto Guides

Your residence may have a huge impact on car insurance rates, because each state has different regulations for car insurance. The average price of the most expensive state is three to four times that of the cheapest state.

How gender affects car insurance rates

How much money each gender pays is also important. In a lifetime, men will pay about 13% more than women, although the price difference will change with age.

For example, in the four cities we sampled, until the age of 21, men paid an average of 20% more than women. However, this gap reversed after the age of 30, but we found that our sample female drivers paid about 3% more than the sample male drivers.

Whatever your age and whether you are a man or a woman, you can save hundreds, if not thousands, of dollars depending on the insurer you choose. For this reason, it is imperative to compare auto insurance companies and find the one that offers the best rates for your particular set of rating factors. Our guide to the best cheap car insurance for seniors shows how much 65, 75 and 85 year old drivers can save by comparing prices.