Avg Car Insurance Rates By Age In 2023
Introduction
Car insurance is a necessity for every driver on the road. It provides financial protection in case of accidents, theft, or damage to your vehicle. However, the cost of car insurance can vary depending on a number of factors, including age. In this article, we will explore the average car insurance rates by age in 2023.
Age Group 16-24
Young drivers between the ages of 16 and 24 typically pay the highest car insurance rates. This is because they are considered high-risk drivers due to their lack of driving experience. The average car insurance rate for this age group in 2023 is $3,500 per year. However, there are ways for young drivers to save on car insurance, such as taking a defensive driving course or being added to their parents' policy.
Age Group 25-35
Drivers between the ages of 25 and 35 typically see a decrease in car insurance rates compared to younger drivers. The average car insurance rate for this age group in 2023 is $2,500 per year. However, if drivers in this age group have a poor driving record or own a high-value vehicle, their car insurance rates may be higher.
Age Group 36-50
Drivers between the ages of 36 and 50 typically see a further decrease in car insurance rates compared to younger drivers. The average car insurance rate for this age group in 2023 is $2,000 per year. However, if drivers in this age group have a history of accidents or traffic violations, their car insurance rates may be higher.
Age Group 51-65
Drivers between the ages of 51 and 65 typically see the lowest car insurance rates. The average car insurance rate for this age group in 2023 is $1,500 per year. However, if drivers in this age group have a poor driving record or own a high-value vehicle, their car insurance rates may still be higher than average.
Age Group 65 and Above
Drivers who are 65 years old and above typically see a slight increase in car insurance rates compared to drivers between the ages of 51 and 65. The average car insurance rate for this age group in 2023 is $1,700 per year. However, if drivers in this age group have a poor driving record or own a high-value vehicle, their car insurance rates may be higher.
Factors That Affect Car Insurance Rates
Age is just one of the many factors that affect car insurance rates. Other factors include:
- Driving record
- Vehicle make and model
- Location
- Credit score
- Deductible amount
Conclusion
Car insurance rates vary depending on a number of factors, including age. While younger drivers typically pay the highest car insurance rates, drivers in the 51-65 age group typically see the lowest rates. However, it's important to remember that other factors, such as driving record and vehicle make and model, can also affect car insurance rates. By taking steps to improve their driving record and choosing a safe, reliable vehicle, drivers can help keep their car insurance rates low.