For most drivers, when they first received their driver’s license, they were probably astonished by how much they had to pay their insurance company- and they hadn’t even gotten into an accident yet! Most people can’t wait to turn 25 and have those high car insurance rates finally decrease. After all, it is quite a common perception that car insurance premiums are able to automatically go down for drivers at age 25. Unfortunately, there is no magic age cutoff that ends up in a drop in vehicle insurance rates. When it comes to the correlation between car insurance rates and age, it’s more of a gradual decline. The age curve will vary depending on the insurance company in question. Read on to learn more about how your car insurance rates may be impacted by your age as well as other factors. Trueway Insurance is a top provider of car insurance in the Palm Springs area. Call Trueway Insurance for your car insurance quotes today!
Policy Rates Vary
There are many factors that can have an impact on insurance policy rates. One factor that tends to impact insurance policy rates for all policyholders, but especially when they are younger, is whether an insurance score is factored into the cost. Certain insurance companies will not pull an insurance score for drivers who are teenage. A driver who is 25 years old, however, who has done some work to establish and improve his or her credit score- which ultimately is tied to their insurance score- may result in rewards as it relates to his or her car insurance premiums. Other factors that may have an effect on the insurance rates of young drivers include the year, make, and model of the vehicle; driving habits (such as the number of miles driven every year); the garaging location of the car; safe driving record; deductible; and how the vehicle is utilized. Young drivers who own homes or are married, moreover, may also qualify for car insurance discounts to provide additional savings on their car insurance quotes.
Age and Car Insurance Rates
There are many other factors, of course, other than age that can end up raising your car insurance premiums. One such factor that may drive your rates up is if your driving history has many traffic violations or accidents. Some other such factors is if the policyholder resides in a more population dense area, their credit score took a plunge, or if they added more drivers, which can all have the policyholder seeing higher premiums that have them paying more overall for collision coverage. This is why it’s important to remember that when it comes to car insurance, turning 25 is not the magical number that cuts down on your insurance premiums.
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There are a variety of factors that can affect your car insurance rates, with age being one of them. Trueway Insurance is a top provider of car insurance in the Palm Springs area. Call Trueway Insurance for your car insurance quotes today!
