The Benefits of Getting Older…in Terms of Motor Car Insurance

 

Many drivers see decreases in their car insurance rates as they are getting older. Usually, because drivers have more experience behind the wheel, they are more responsible and less immature.

Insurance rates typically drop at age 25

Most of the time, insurance rates start to decrease when drivers hit their first milestone age of 25 years old. They should start to pay less money every year on premiums. By this age, most drivers have 7 to 10 years of driving experience, they are getting settled into responsible roles such as college, work or even marriage. Statistics show that at this age, at fault accidents decrease.

Other drops as drivers age

Drivers who are between the ages of 50 and 64 also benefit from getting older. They should see a drop in their insurance rates . By this time, drivers tend to be more careful and make more responsible choices. These drivers usually own their own homes, have a career and have grown children.

Auto insurance discounts as drivers become older

Between the ages of 22 and 25, there are advantages that drivers will start to realize from their insurance companies. One is the ‘Driving of Other Cars’ program, a cover extension. it allows a driver to drive someone else’s vehicle and gives him or her a third party insurance coverage.

For example, several friends were in car. The driver became ill and someone else had to drive. If the friend that had to take over and drive had this coverage, then he or she would not have anything to worry about. The third party insurance coverage would protect him or her in case of an accident. There are restrictions. The driver cannot own the vehicle, it cannot be a vehicle that the driver had hired to use and only certain passenger modeled vehicles are covered.


 

Senior driving discounts

As people become older, they acquire more assets. With most insurance companies, if a person buys his homeowners, auto and even life insurance with one company, he or she can usually receive a discount, sometimes as great as 20 percent.

Because seniors are in the age group that has the lowest number of accidents, most insurance companies give seniors at age 55 a senior discount, possibly of up to 5 percent. Also, many seniors can receive a discount on their premiums if they take a state sponsored safety course.

 

Good driving record

All these reductions in insurance premiums depend greatly on how good a person’s driving record is. If there are a lot of moving violation tickets, do not count on the premiums going down. They will just go up. Keeping a really good driving record as one ages, will help lower premiums.
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