The car insurance industry takes all of the statistics provided by the various traffic and safety reports and uses this data to compile their data. The type of car that young drivers drive will affect the cost of their insurance premiums.
1 Why is insurance so expensive for young male drivers.
Why is car insurance so expensive for young male drivers. Why is car insurance more expensive for young drivers. Rack up traffic infractions including everything from speeding tickets to. Type of Vehicle.
This difference in rates is based purely on statistics. Written by Zaneta Wood. This is another reason why they pay the price when it comes to car insurance.
Statistically speaking young men are more likely to speed drive recklessly and otherwise make decisions that could lead to an accident behind the wheel of a car. Get Free Quotation Buy Online Now. Even though females pay.
Having a lack of experience behind the wheel means you are a higher risk driver which in turn makes cover more expensive. Around age 60 however auto insurance costs begin. The cost of car insurance.
Less than 20 of young male drivers use seatbelts regularly and out of that small number only about 10 use them correctly. Insurance companies consider new drivers to be a liability. Ad Extensive Motor Insurance Policy.
If all new drivers are at an increased risk for accidents why do young males pay the most expensive auto insurance premiums. For example statistically male drivers younger than 25 are more likely to. This was higher than any other age group 4.
These accidents often result in the worst damages that consequently are more expensive to repair. It is because of these driving tendencies that young drivers also typically file more claims and cost an insurance company more money in medical bills and property damage. As a general rule the riskier you are to insure the more expensive your car insurance policy will be.
If you though the cost of learning to drive was steep you might find yourself weeping at the cost of car insurance. New drivers are higher risk. Ad Extensive Motor Insurance Policy.
According to Compare the Markets Premium Drivers Report as of April 2019 the current average insurance premium stands at 736Believe it or not this figure is marginally lower than premiums have been in recent years. In 2018 47 of reported road accidents in the UK involving drivers aged 17 to 19 resulted in casualties and 46 involving drivers aged 20 to 24. 53 rows Young drivers are statistically much more likely to get into an accident.
The cost of car insurance is higher for teenage boys than teenage girls because they are more likely to have an accident. Costs continue to generally decline with each birthday. The cost of car insurance is largely based on risk.
Get Free Quotation Buy Online Now. Car policies are more expensive for young drivers because they are riskier to insure. Once young drivers gain more experience and hit 25 their car insurance costs drop about 30.
Male drivers under the age of 25 pay higher insurance premiums than any other age group according to Rocky Mountain Insurance Information Association. For instance cars that are at a high risk of theft such as sports cars will cost more. New drivers can expect their insurance premium to decrease over time as they gain more experience and get a few years of no claims.
Young drivers are statistically more likely to be involved in a serious road accident. Thats because drivers in that age group are more likely to involved in car accidents. Once drivers reach 50 theyll see their best rates.
If you have a teen or young adult in your home the cost of her owning and operating a vehicle is not just the price of the car and the high price of gas but the insurance required to keep it on. Female car insurance rates can differ by as much as 292month. Men typically pay for more for car insurance than women in general.
Insurance companies look at your age as one of the big things that determines your risk.