What age is car insurance cheapest? It’s a question we frequently get asked, and it really depends. What does it depend on? It depends on the insurance company. Caleb talks about what age is car insurance cheapest in the video here.
At one time you might have seen a huge decrease in your premium when you turned 25 or 26. There are still some companies that will give a better rate at that time. However, what we see more now is a sliding scale. So as you go through your 20’s and into your 30’s you will gradually see your premiums get a little better. As long as you have a good driving record and good credit you should see a decrease in your premium from when you were in your teens to when you are in your 30’s.
Keep in mind that the reverse is true as you get older into your 60’s, 70’s and 80’s. You will start to see increases in your premium then.
You might wonder why are insurance premiums highest when I am first driving and as I age. Well, it always comes back to statistics in insurance. So statistically speaking you are more likely to have an accident/claim when you first start driving because it is all new and then those numbers go up again as we age and our reaction times get slower. Does everyone fit into this statistic? No. However, everyone is going to see the increases in premium during those times. That means that your cheapest age to have insurance is when you are 30-60.
If you think you are not getting the best rate at your age click here to get a quote to compare your current premium with our carriers.