Car insurance for older drivers is something that is needed because no matter how old the person driving, they need to be insured while on the road. Obviously we already know that insurance prices change depending on the age of the driver. When it comes to getting auto insurance for older drivers, the prices may actually increase because after a certain age, statistical data indicates that the total number of accidents actually increases. If you plan on driving and consider yourself an older driver, the truth is that you may be required to pay more for your insurance. You may be wondering why you have to pay more when you have decades of experience, right? Well, all of the experience that you have is good, but things like cognitive decline and slowing of reflexes hits us all when we get older and car insurance companies are completely aware of it.
Aging Lowers Car Insurance Rates Right?
Yes and no. Initially, when we are getting car insurance for the first time, the price that we pay will be high because we are less experienced and are more likely to make risky decisions on the road. Teens that just got their license or temps and are looking to get insurance are going to pay more on average than middle aged folks that have had their licenses for awhile and have racked up years of valuable driving experience.
When age lowers car insurance costs
Aging lowers car insurance costs when you get out of the riskiest age bracket from 16 years to 25 years of age. By the time you get into your 30’s and 40’s – your car insurance rates will have significantly decreased provided you did not get into any major trouble with the law while on the road. Obviously people looking for car insurance for convicted drivers are going to have a tougher time than average getting cheap prices no matter what age they are. But, if you talk to your parents or are middle aged yourself, you probably recall the time when the cost of your premiums dropped and you were able to start finally saving some money on your auto insurance payments.
When aging increases car insurance costs
Unfortunately for people that are over 65 years of age, this is when car insurance rates tend to start increasing. There are a number of different reasons that the price increases, but the biggest reason is risk to the insurance companies. After 65 years of age, most people become worse drivers than they were when they were middle aged. There is a lot of data that shows how older drivers tend to have more fatal crashes than any other age group except young drivers aged 18 to 25. So do not feel bad if you are older and your premiums are going to be raised based on your age – it happens to everyone that is your age. You can expect it to be a lot tougher to get cheap car insurance for older drivers; they are more risky to insure than most.
Why Car Insurance for Old Drivers Costs More
More overall risk
If you know about how risk is calculated at insurance companies, then you probably have some idea as to why auto insurance for old drivers costs more money. “Risk” that you pose to the insurer is always going to affect your premiums. When you are perceived as being less risky because you have not had any traffic violations, have years of experience as a driver, and have built up a good reputation as a customer, you are going to pay less towards your insurance. There are some things though, like age that are really beyond your control. The truth is that there are new studies and analyses that are done constantly to make sure that car insurance companies are coming up with accurate risk profiles of their clients.
Higher rates of fatal accidents; less body strength
New studies demonstrate that older drivers tend to have higher rates of fatal accidents per number of miles driven compared to most other groups. Additionally, they tend to have a higher death rate on the road due to the fact that as you age, you tend to get weaker. The strength of the human body tends to decline as we age and for this reason, we are more vulnerable when we get into accidents. People aged 65 and older are more prone to injury than other drivers, so for this reason, insurance companies end up paying out more money in medical expenses to their customers in this age group. The reason that you are expected to pay more for your insurance is because there is a greater chance of you getting into an accident and having a physical injury as a result of the accident.
Slower reflexes and reaction times
Let’s face it, most people experience a slowing in their reflexes as they age. If you don’t have slowing of reflexes and a slower reaction time as you get older, then you are a minority. Since your reflexes are slower, it becomes more difficult to maneuver on the road, especially through busy traffic. There is an increasing need to help old drivers keep their driving skills up to par and help elder individuals understand that they are not as good at driving as they once were. Most insurance providers partner with groups to create programs for elder drivers to help them make necessary modifications to their driving habits.
Who Provides Car Insurance for Old Drivers?
Most companies are not going to kick you off a policy simply because it’s your 65th birthday. However, some insurers may have an age limit of 80 or 85 years of age to make sure that people driving are not too old. If you are old and are mentally sharp and are able to drive successfully, then there is no reason for you to stop. Just because you turn 65 does not mean that you are automatically going to experience a decline in your driving skills either. If you need to get car insurance as an elder driver, you will still be able to go around comparing prices and aspects of coverage to find out which one is the best provider for your situation; read car insurance reviews that are available online before choosing a policy.
Nearly all companies that you can think of like Geico, State Farm, Progressive, AllState, Esurance, etc. are going to have auto insurance policies available to drivers over age 65. You can ask them about what the highest age is of drivers that they insure so that you know what to expect from them as a company before buying a policy. Realize that there are plenty of people that insurers consider “old” that are still driving great, but also understand that as you get older, you get placed in a riskier insurance bracket; resulting in a price increase.