Car Insurance Rates By Age Chart: What You Need To Know In 2023
When it comes to car insurance, younger drivers often have to pay higher rates than their older counterparts. It’s not an entirely fair system, but it is the way of the world. The reason for this is that younger drivers are seen as more of a risk to insurance companies, as they have less experience on the road and are more likely to be involved in an accident. The good news is that there are a few things you can do to save money on your car insurance rates, no matter what your age. In this article, we’ll look at car insurance rates by age chart and what you need to know in 2023.
What Is the Average Car Insurance Rate by Age?
The average car insurance rate you can expect to pay is based on a variety of factors, including your age, gender, driving history, and the type of car you drive. Generally speaking, the younger you are, the more expensive your car insurance rates will be. The chart below shows the average car insurance rates by age in 2023.
Car Insurance Rates by Age Chart:
Age Average Annual Premium
17 $7,111
18 $6,879
19 $5,944
20 $4,912
21 $3,890
22 $3,544
23 $3,274
24 $3,063
25 $2,867
26 $2,686
27 $2,543
28 $2,447
29 $2,380
30 $2,322
31 $2,297
32 $2,279
33 $2,273
34 $2,266
35 $2,257
36 $2,254
37 $2,251
38 $2,249
39 $2,246
40 $2,243
41 $2,241
42 $2,239
43 $2,238
44 $2,236
45 $2,233
46 $2,232
47 $2,231
48 $2,230
49 $2,229
50 $2,228
51 $2,227
52 $2,225
53 $2,223
54 $2,221
55 $2,220
56 $2,218
57 $2,217
58 $2,215
59 $2,214
60 $2,212
As you can see, the average car insurance rate for a 17-year-old driver is $7,111 per year, while the average car insurance rate for a 60-year-old driver is $2,212 per year. This is a difference of $4,899, which is quite substantial. In fact, it’s more than double the average car insurance rate for a 60-year-old driver.
How Can You Lower Your Car Insurance Rates?
No matter what your age, there are a few things you can do to save money on your car insurance. First, shop around for the best deals. Different insurance companies will offer different rates for the same coverage, so it pays to compare and contrast. Second, consider raising your deductible. The higher your deductible, the lower your overall premiums will be. Finally, consider bundling your car insurance with other policies. Many insurance companies offer discounts for customers who bundle their policies, so this can be a great way to save money.
What Should You Consider When Choosing a Car Insurance Policy?
When it comes to choosing a car insurance policy, it’s important to consider a few factors. First, make sure you choose a policy that provides the coverage you need. There’s no point in paying for coverage you don’t need, so make sure you’re getting the right coverage for your needs. Second, consider the cost of the policy. It’s important to find a policy that provides the coverage you need at a price you can afford. Finally, consider the customer service of the insurance company. You want to make sure you’re dealing with a company that’s willing to help when you need it.
Conclusion
Car insurance rates by age chart can be a helpful tool when it comes to understanding how car insurance rates are determined. However, it’s important to remember that there are a few things you can do to save money on your car insurance no matter what your age. Shopping around for the best deals, raising your deductible, and bundling your policies can all help to lower your car insurance premiums. Ultimately, it’s important to make sure you’re getting the coverage you need at a price you can afford.