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How Does Your Age Affect Auto Insurance?

Car Insurance Premiums

Whether you are a new driver looking at auto insurance quotes to buy a suitable policy or an experienced person waiting for coverage renewal, it is crucial to know what can impact your rates. Otherwise, you may end up paying a hefty price for a policy that does not meet your needs. This is why it helps to work with a professional auto insurance broker who can guide you and choose comprehensive coverage that suits your specific requirements. Learn about the cost of car insurance and how age and other factors affect insurance rates so you can make an informed decision.

Does Age Affect the Average Car Insurance Rate?

When considering your options for automobile insurance quotes, it helps to know that while age does impact the rates, it is not the only factor that affects the premium amount. Once you are past your mid-twenties, insurance companies often consider you to be a mature driver, and you may see a gradual decline in car insurance prices if you have a clean driving record. However, the rates may increase after the age of 60-80 years. Be sure to consult your auto insurance broker to see if you qualify for any discounts.

It is best to compare the prices when your policy is up for renewal to get a reasonable car insurance rate. You can shop around during any of the following milestones:

  • Every ten years or when you hit a milestone birthday
  • When your children get their automobile insurance policies, and they are no longer secondary drivers on yours
  • If the number of cars you own gets reduced
  • If you move out of the city to a rural area that tends to have lower insurance premiums
  • When you retire because many car insurers offer discounts to retirees

Other Factors Affecting Car Insurance Premiums

Age is only one aspect affecting the auto insurance rate. Other variables include:

License Level

Auto insurance providers associate young and inexperienced drivers with more risk because they are more likely to have accidents. The level of license you hold has a significant effect on car insurance premiums.

Insurance Record

Be sure to have a consistent record of car insurance to keep your rates low. Your insurance company will consider how long you’ve had car insurance to determine your premium amount. They also look for discrepancies in your coverage. Because of this, being added to a parent’s insurance before buying insurance of your own once you obtain your G2 can help you get a better rate.

Driving History

Certain types of tickets have a significant impact on your insurance rates. Although non-moving violations such as parking tickets may not be a problem, moving violations like speeding tickets can increase your automobile insurance premium more than your age will. It is always best to adopt safe driving practices.

Type of Vehicle

Car safety ratings include many vehicle security aspects such as airbags and anti-lock brakes. When buying a new car, consider safer ones with good safety ratings. In addition to this, managing the factors that increase the risk of theft which often leads to insurance claims, can help reduce your car insurance rates.

Your Location

The price of car insurance varies tremendously in different areas. Your province, the frequency and cost of claims, insurance rules and regulations in your region, and other factors all contribute to how much your premium will cost.

Level of Insurance You Want

All drivers have to buy a specific level of insurance coverage mandatorily in Canada, as stated by their province. Additional insurance gives you better protection. However, better coverage costs more and comes with a higher premium.

Get the Best Car Insurance Possible as a Young Driver with Us

How Does Your Age Affect Auto Insurance?

Whether you have just received your G2 or are an experienced driver looking for qualified auto insurance brokers who can guide you, Orr & Associates, a division of Western Financial Group, is the right choice. We are committed to providing efficient services and have a team of experts to help you compare automobile insurance quotes from top insurers and choose the best policy that meets your needs. Our professionals will work to understand your needs and get customized options at the best prices. We have a quick and easy process to help you get a car insurance policy. Customer satisfaction is of the utmost importance to us, which is why we provide 24/7 support.

For more information about auto insurance in Bradford, King City, and other areas in Ontario, give us a call toll-free at 1-866-521-5926 or 905-833-6691. You can also get auto insurance quotes online by visiting our website.

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