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What Age Does Your Car Insurance Go Down?

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It’s both an exciting and stressful time when your teen starts driving on the roads around Oshkosh. On top of the freedom and parental concerns that come along with teen drivers, you should also be prepared for the higher insurance premiums. While other age-related milestones affect insurance premiums, teens are the most expensive age group to ensure. Read on with Holiday Automotive to explore the average car insurance cost by age and what age does car insurance go down. If you have any questions about your car insurance, contact us today!

Average Age Car Insurance Goes Down

So, what age does your car insurance go down? As expected, when you are first entering the streets around Sheboygan, you will face higher insurance rates between the ages of 16 and 25

Bymaintaining a clean driving record as a young driver over the years, the average carinsurance cost by age begins to decrease with a drop happening around 20 years old. Drivers can also expect another significant decrease in insurance premium around age 25 and again at age 35. Once you reach 35, the insurance premiums level off with slight adjustments coming every decade or so until 65 years old

Keep in mind that other factors affect what age car insurance goes down such as current market conditions, your gender, the state you live in, and your driving and insurance claim record. 

Average Car Insurance Cost by Age: High Premiums for Teens

While there are many conscientious and responsible teen drivers around West Bend, actuaries base their insurance values off the risks and reckless behavior of other drivers in the whole age range. 

Younger drivers are considered riskier to insure because they don’t have much experience behind the wheel and can often make bad decisions like texting while driving. Teen drivers are also more likely to be distracted by other teens in the vehicle or have a heavier foot on the gas pedal when showing off for friends.

 While there are many safety systems in place to ensure you’re protected on the road, younger drivers are also least likely to use their seatbelts. 

Average Car Insurance Cost by Age: High Premiums for Older Adults

As we mentioned, the prime age car insurance goes down is between 35 and 65. However, after 65, you can expect insurance premiums to rise again. This is based on the increased likelihood of declining eyesight and other health factors that slow reaction times down. It’s around the age of 80 where you can see even more significant increases as, according to AAA, drivers have a higher risk of being involved in a fatal crash, making them more expensive to insure. 

Although insurance premiums are higher, many companies offer a senior discount or an AARP discount. Companies also take into account your brand loyalty and decades of experience on the roads around Fond du Lac. If you have a clean driving record, that can go a long way in assuring insurers that you’re a responsible driver, making them more likely to pursue your business and offer you competitive rates.

Explore Finance and Insurance Tips with Holiday Automotive! 

If you have questions about your experience on the road, the team in our finance center can answer your questions about what ages your car insurance goes down. Then, be sure to take a look at our guide on extended warranties to explore how you can add peace of mind to your trips around Oshkosh.

 

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