The age group that pays the most for car insurance is 16-19 years old. For example, 16-year-olds pay an average of $3,343 per year for minimum car insurance coverage, which is more than four times higher than what the average driver overall pays per year.
Age Groups That Spend the Most on Car Insurance
Average Annual Premium
Teenagers pay the most for car insurance because they are the riskiest age group to insure. Statistically, teenagers are more likely to get into car accidents than older drivers with more experience, so insurance companies charge more to cover them.
Yes, car insurance is usually cheaper if you are married, whether you share a car as a married couple or you each have your own car and you need a joint insurance policy. Car insurance may also be cheaper for couples in a civil union or domestic partnership in some states. Hawaii, Massachusetts and Montana are exceptions to this trend, however, as they prohibit auto insurance providers from considering a customer’s marital status when calculating an insurance rate.… read full answer
It may not seem fair that married drivers tend to pay less for car insurance, as being married or otherwise committed doesn’t automatically make you a better driver. However, auto insurance companies generally view someone being married as a sign of responsibility and something that indicates less of a risk for a costly claim, based on hard data.
There are studies to support this line of thinking. Married drivers across 10 major U.S. cities were generally found to have been given cheaper rates than their single, widowed or divorced peers with similar driving records, according to a 2015 study by the Consumer Federation of America. Never-married drivers were also found to have twice the risk of being injured in a car crash, compared to their married peers, in a 2004 study by the National Institutes of Health – suggesting a difference in the cost to insure the two groups.
Why Car Insurance Is Cheaper If You’re Married
You’re viewed as less of a risk than your unmarried peers. To auto insurance companies, getting married shows maturity and indicates less of a likelihood to drive recklessly.
You’re viewed as more likely to drive less than your single peers. Auto insurance providers assume that married couples share driving responsibilities, so each partner will spend less time behind the wheel.
You’re more likely to qualify for multi-policy discounts. Married couples are more likely to own a home and purchase life insurance than single men and women.
You’re more likely to qualify for multi-car discounts. Putting your vehicles on the same auto insurance policy will save a married couple money.
You’ll qualify for multi-driver discounts if you’re both listed on the same policy.
Remember, many factors affect auto insurance rates, and just how much cheaper car insurance is for married couples varies between auto insurance providers. It’s also not definite that you’ll be eligible for a cheaper car insurance rate just because you get married.
If you or your spouse has a bad driving record, or in some states a bad credit history, it may be cheaper to maintain separate car insurance policies. You may even have to go so far as listing your spouse as an excluded driver to keep the cost of your policy down. But, no matter the specifics, if you’re looking for a cheaper car insurance rate as a married couple, it’s best to shop around.
Yes, age of car affects insurance because insurers take specific vehicle details into account when determining car insurance prices. For instance, a 10-year-old version of the same car will cost less to insure than the brand-new model, since it is less valuable.
Similarly, valuable cars, high-performance models, and cars that are more likely to be stolen will usually cost more to insure. Cars with high repair costs, added features, and poor safety records can also raise premiums. … read full answer
Since your car’s year, make, and model will affect your insurance premium, it’s important to check quotes before you purchase a new car so that you’ll know how much to budget for insurance. For more information, check out WalletHub’s guides to the factors that affect car insurance rates and the cheapest cars to insure.
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