Hello! As you read this I am on a 4-day long weekend trip enjoying some nice rain in Falmouth. Today I bring you a guest post from one of my new blogger friends Andy over at Complete Personal Finance. If you enjoy this post, I recommend checking out some of his other content over at the site. Make sure you check out the different insurance premiums by career – it is incredibly interesting. Have a great weekend guys!
Motorists over the age of seventy are always given a rosier outlook than those who are younger when it comes to the price of car insurance. Insurance price data published by Towers Watson Car Insurance Price Index indicates the first premium drop for over 70s for the first time in many years.
The data points to the overall fall in premium rates across different age groups but by comparison, motorists over seventy are still receiving the lowest rates.
Now before we all starting get excited about falling premiums – it’s still true that the best way to save on your insurance is to find a provider that best suits your individual requirements, and that normally means looking around.
One advantage of getting older
It’s not only the seventy plus category that have seen a fall in premium rates. Car insurance premiums for people in the age group of 61-65 can be as low as £321 and the age group of 66-70 are looking at paying around £342.
Gareth Kloet, vehicle insurance specialist, attributes the reason for drop in premium rates to the increased number of insurance players present in the market place than ever before. In order to capture the market, car insurance providers are trying to attract customers by providing such low rates. Another factor for the falling premium rates for the older drivers is that these drivers are perceived to be more careful in driving and thus resulting in fewer car accidents.
Fall in premium rates across different age groups
The data published also signifies a fall in premium values for the young drivers in the age group of 17 to 20 and those youngsters in the age group of 21 to 25.
The premium rates for the young car drivers in the age group of 17 to 21 has come down to around £2000, while motorist in the 21 to 26 age range face premiums on average of £1126.
Car insurance rates for women
Women in the age group of 17 to 21 pay an, average, annual car insurance premium of £1493, compared £1998 paid by their male counter parts in the same age group. The main reason for this difference in premium rates is that the women drivers across several age groups are less likely to get involved in an accident, when compared to the male counterparts in the same age group. However, that might not last if US providers follow the example set by new European law.
According to this law, the car insurance companies would not be able to fix the premium for women at a much lower rate than men. Insurance companies cannot fix the premiums based on the gender profile of their customers. The overall difference between men and women across different age groups comes to around £100. It is definitely the right time to buy in Europe and the UK and hopefully we can enjoy a decrease in premiums this side of the Atlantic
How your career choice influences premiums
Check out the following premiums according to totallymoney:
What are your experiences with Premiums for car insurance?