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Insurance companies typically charge higher rates for drivers under 25 based on statistical data showing a significantly higher risk of accidents and insurance claims for this age group.
Average car insurance rates increased 26 percent from 2023 to 2024. ... a 25-year-old driver and a 50-year-old driver should pay the same or similar rates if all other factors are identical ...
Senior drivers often enjoy lower insurance rates than younger drivers until around age 70. After that, Afilalo says, “rates can tick up for drivers in their 70s and 80s due to a slight increase ...
Studies have shown that the highest driving accidents rates are among drivers aged less than 20 and those greater than 65. [29] However, drivers above the age of 85 are 3 times more likely to be in a fatal crash compared to those aged less than 20, and 20 times more likely than drivers aged less than 60. [30]
But despite the 43% cumulative increase in insurance premiums since 2020, at least some drivers appear unmotivated to lower their costs, according to a May 2024 Experian survey.
Insurance statistics demonstrate a notably higher incidence of collisions and fatalities among drivers aged in their teens or early twenties, with insurance rates reflecting this data. These drivers have the highest incidence of both collisions and fatalities among all driver age groups, a fact that was observed well before the advent of mobile ...
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