Is Car Insurance for Seniors Cheaper or More Expensive?
Reader’s Question:
Is it true that getting auto insurance for a 55-year-old person is more expensive as compared if you are only around 35 years old? I heard this from a friend. What does age has to do with auto insurance rate? Can you explain this?
Dave
Manchester, NH
Every auto insurance company differs from each other. They have their own guidelines in setting auto insurance rate for a particular person.
Some car insurance companies do consider a person who is 55 years old as a safe age. Meaning a person from that age group still poses a lower risk to be insured. Thus, it is still inexpensive to insure a person from that age range. However, some auto insurance companies believe that a person who is 55 years old or above poses higher risk. That is because some auto insurance companies believe that a person’s ability to drive safely decreases as a person ages.
I would suggest asking your auto insurance agent about how age affects a person’s auto insurance rate in Manchester, New Hampshire. Also, bear in mind that auto insurance rate is not based in age alone. There are a lot of factors that insurers consider and one of them is driving record. I would suggest keeping a clean driving record at all times is one sure way of saving on your car insurance premium.
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