Car Insurance Rates By Age And Gender

How Age & Gender Affects Car Insurance Rates? Read out the blog to know more about the Factors affecting the car Insurance prices!

When it comes to car insurance rates, age and gender do impact the rates

Car Insurance Rates By Age And Gender

Younger men are charged higher insurance rates than older men. The rate of car insurance policy for males begins to go down after the age of 25. This is primarily because young men are expected to drive for longer distances, in riskier areas, and in higher frequency.

On the other hand, males between the ages of 16 and 25 have higher car insurance premiums than females policyholders. This is due to the fact that young males are statistically more likely than females to be involved in an accident.

If you have a clean driving record and are in your 50s or 60s, you'll obtain the best rates on your car insurance policy. However, around the age of 65, car insurance prices begin to rise again.

Why Do Younger Drivers Pay more than Older Drivers?

Road accident victims are primarily young people between the ages of 18 and 25, 25 to 35, and 35 to 45, according to the Ministry of Road Transport and Highways' data. This age profile has been constant over the previous few years. Nearly 69.6% of those killed or injured in car accidents in 2018 were under the age of 45 years. The data further indicates that 40% of road accident victims come from the age group of 16-24 years, which is almost half of the total accidents occurring in the country.

Along with this, the frequency of driving and the distance of driving is also higher among young individuals who travel to college or work regularly. Hence, this puts them in a higher risk category for accidents and makes them bigger liabilities for the car insurance companies.

Much sadly, you'll have to pay a higher insurance premium for your car insurance policy if you fall in the category below the age of 25. Drivers in their mid-30s to late-50s who have a lot of experience have better driving abilities and road maturity, therefore their accident rates tend to be lower.

Also Read: Reasons You Aren't Getting the Best Car Insurance Rates

Why do males incur higher car insurance costs than females?

Young men in the age group of 18-25 pay more premium for their car insurance policy as compared to their female counterparts.

The gender gap in insurance premiums gets smaller as drivers get older and have more driving experience. Women pay significantly more than males in other age groups, but around 35, the average rates are the same for both sexes.

Female drivers pay less as they become older, and the trend continues.

Men are more risky to insure than women, which is one of the reasons they pay more for vehicle insurance. For the most part, men drive more miles and are more prone than women to engage in risky driving behaviors including speeding, drunk driving, and not using seat belts.

Car insurance policy rates for senior drivers

The payable premium for your car insurance policy tends to increase after the age of 65. Statistically, a 75-year-old male driver's auto insurance costs 21% more than that of a 55-year-old male driver. And once you become 80, the rates go back up to where they were when you were 75.

This is primarily because as one gets older, their risk of being injured or killed in a car crash increases, which translates into higher car insurance premiums. According to Government of India Data, senior citizens account for 16% of deaths occurring in road accidents.

It is recommended that older drivers assess age-related changes in vision, physical fitness, attention and their ability to react quickly to sudden changes, as they move up the age ladder. These factors must be considered while opting for a car insurance policy for senior citizens.

Other factor affecting Car insurance premium:

Age and gender are just two of the various reasons affecting the cost of your car insurance policy. Mentioned below are other factors that directly impact the amount of your car insurance premium:

  • Insured Declared Value (IDV) of the car
  • Location and Geography
  • Make and Model of the Car
  • Type of Engine
  • Safety and Security Fittings

Buying a suitable car insurance policy can take a lot of time and research. Hence, it is recommended to buy a car insurance policy online. It is recommended to buy a car insurance policy online from Coverfox. Coverfox allows you to choose from the best car insurance policies in India and choose the one exactly fitting your requirements. You no longer have to visit an agent, go through weeks long lengthy process of selection and purchase. You can now buy the best car insurance policy from the comfort of your home with Coverfox.

Also Read: How Will Financing A Car Affect Your Car Insurance?

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