Car insurance rates aren’t one size fits all--they are calculated based on a lot of different factors that change as you age, hit milestones, and gain more experience with driving. Insurance companies determine risk factors for drivers, consider what kind of car you are driving, and monitor your driving record. For guys, insurance rates are likely to change a lot over a lifetime. In this article, Factor 1 discusses why teenage boys pay the highest rates, Factor 2 mentions milestones that can reduce rates, Factor 3 explains how age plays a part, and Factor 4 describes why your driving record is key.
Factor 1 of 4: Teenage boys pay the most car insurance
When teenage boys get behind the wheel they are more likely to be involved in an accident than any other male age group. Teenagers new to driving pay the highest insurance rate simply based on the statistics. Teenage boys, specifically, are known to take more risks and are more expensive to insure. The type of car they are driving also factors in - a two-door sports car will likely be more expensive to insure than the hand-me-down family sedan.
All hope isn’t lost just because you’re a new driver who happens to be male. Teenage boys can potentially lower their rates by performing well in school, maintaining a clean driving record, and taking a driver’s education class to gain more experience.
Factor 2 of 4: Milestones that can reduce car insurance rates for men
There are a few big moments in a young man’s life that might earn him a small break on the auto insurance front. One of them is getting married. Some studies show that married men are more likely to pay less for car insurance than single men of the same age. It seems the argument is that young single men take more risks and are therefore riskier to insure. This is a difference that decreases with age; however, a 45 year old unmarried male won’t pay significantly more than a 45 year old married male.
Another milestone for young men is turning 25. While this isn’t a definite number for a drop in rates, it is a rough estimate based on how long you’ve been driving. Young men who have been insured since they first got their license at age 16 are likely to see rates decrease in their mid-twenties.
Other significant milestones aren’t necessarily specific rules for lower insurance rates, but they can be impactful. Buying and insuring a house, or owning (and insuring) multiple vehicles can help lower your car insurance rate.
Factor 3 of 4: Age is a factor in men’s insurance rates
After the initial teenage years, men typically enjoy a steady decrease in their insurance rates, provided that they maintain a good driving record. Unfortunately, the age factor comes back into play as a negative once men are around the age of 65 to 70. Though not nearly as risky as teenage males, there is an increased accident rate for older drivers.
Older drivers can still help keep their rates low by taking adult driving courses or adjusting their insurance to reflect less frequent driving, which is particularly useful for retired men who no longer drive to work every day. And even with the rate increase, older males still pay much less than the high fees associated with teenage drivers.
Factor 4 of 4: Your driving record matters
Age is a factor in auto insurance rates, but it certainly isn’t the only one. A big component that affects car insurance rates throughout a man’s lifetime is his driving record. Rates are likely to increase any time a driver has been involved in accidents or placed several claims in a short amount of time.
So for all of the things that you can’t control, like age and marital status, there are a few that you can, like the number of claims you file and whether you drive safely or not. The type of car you drive is also always a factor. Opt for higher safety standards to see lower monthly rates.
Life events and driving statistics largely affect the insurance coverage that individuals receive. Stay informed about the things you can control to help make sure you see the lowest car insurance rates throughout your lifetime.
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