Average Car Insurance Rates By Age And Gender

What’s the Average Car Insurance Cost for Drivers by Age and Gender?

Car insurance is an important purchase for all drivers, regardless of their age and gender. But it’s no secret that auto insurance premiums can vary significantly between different groups of people. In the United States, insurance companies use age and gender to help determine what kind of premiums to charge customers. So, how much does car insurance cost for different age and gender groups?

Car Insurance Rates by Age and Gender

In general, car insurance rates tend to increase with age, as older drivers are more likely to be involved in an accident. However, insurance companies also take gender into account when determining rates. In the United States, male drivers are generally seen as higher risk and therefore charged higher rates than female drivers.

Let’s take a look at the average car insurance rates for different age and gender groups. These figures are based on the national median, meaning that it’s the middle range of what people are paying for car insurance.

Car Insurance Rates for Young Drivers

Young drivers, aged 16 to 24, generally pay the highest rates for car insurance. This is because they are seen as higher risk, as they are more likely to be involved in an accident. For example, the average car insurance rate for a 16-year-old male driver is $3,935 per year, while the average rate for a 16-year-old female driver is $3,579 per year.

At age 25, car insurance rates tend to decrease significantly. This is because 25 is the age at which drivers are seen as lower risk. For example, the average car insurance rate for a 25-year-old male driver is $1,850 per year, while the average rate for a 25-year-old female driver is $1,737 per year.

Car Insurance Rates for Older Drivers

Car insurance rates tend to increase again as drivers get older, especially for drivers aged 55 and above. This is because these drivers are seen as higher risk, as they are more likely to be involved in an accident due to age-related impairments. For example, the average car insurance rate for a 55-year-old male driver is $2,637 per year, while the average rate for a 55-year-old female driver is $2,499 per year.

At age 65, car insurance rates tend to decrease slightly, although they are still higher than rates for younger drivers. This is because 65 is the age at which drivers are seen as lower risk. For example, the average car insurance rate for a 65-year-old male driver is $2,364 per year, while the average rate for a 65-year-old female driver is $2,244 per year.

Conclusion

In general, car insurance rates tend to increase with age, as older drivers are seen as higher risk. However, insurance companies also take gender into account when determining rates, with male drivers generally paying higher rates than female drivers. So, if you're shopping for car insurance, make sure to compare rates from multiple providers to find the best deal for your age and gender group.