Anamarie Waite, Car Insurance Writer
@anamarie.waite
Car insurance goes down for males every year until they reach their 60s, with bigger drops seen at 19 and 21. Once men are in their mid-twenties, rates begin to decrease more gradually. Premiums won’t start going up again until men are about 65 to 75 years old. Seniors, like young adults, have a higher level of risk for accidents and pay more for insurance.
Both male and female drivers tend to see rates change according to age on this schedule, but men under the age of 25 usually pay more for insurance than their female counterparts. In California, Hawaii and Massachusetts, however, neither men nor women will see rates change based on age. These states don’t allow insurers to use age as a factor for setting rates.
Additionally, Hawaii, California, Massachusetts, Michigan, Montana, Pennsylvania, and North Carolina ban insurers from considering gender when calculating premiums.
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How much is car insurance for a 23-year-old?
Car insurance for a 23-year-old costs an average of $1,013 per year for minimum coverage. Twenty-three-year-old drivers pay more for car insurance than older, more experienced drivers because insurers consider them to be high-risk, meaning they're more likely to file a claim.
The exact cost of car insurance for a 23-year-old depends on a few factors, including their driving record, gender, location, vehicle, and car insurance company. Some of the best insurance companies for 23-year-old drivers...
read full answer by Candace Baker, Car Insurance WriterHow much is car insurance for a 21-year-old?
Car insurance for a 21-year-old is $1,217 per year for minimum coverage, on average. Twenty-one-year-old drivers pay even more for full coverage, which typically includes comprehensive and collision insurance in addition to the state's minimum requirements.
Twenty-one-year-olds pay more for car insurance than older, more experienced drivers because insurers consider them to be high-risk, meaning they're more likely to file a claim. Because the cost of coverage for 21-year-olds is so high, it's important to...
read full answer by Candace Baker, Car Insurance WriterHow long does it take for car insurance to go down?
It takes 3 to 5 years for car insurance to go down after an at-fault accident in most cases. Three years is a common penalty period for property damage claims. Insurance companies penalize drivers longer for accidents causing serious bodily harm or resulting from reckless or intoxicated driving. Premium increases vary widely by state and insurer, but the average increase is 41% after a single claim of $2,000 or more.
Rates increase after an...
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