Life is full of surprises, even when you’re on the road. That means it’s vital for individuals to avail of auto insurance plans to make sure that they’re protected no matter where they go. You can gain access to an updated auto insurance comparison here, but it’s important to learn more about these prices than just their values. A typical insurer will consider several factors when computing the premium a person has to pay for, and some of these factors are age and gender.
Average Cost of Auto Insurance
In 2014, the annual cost of car insurance in the United States was $907.38. This number, according to the Quadrant Information Services, is not a representation of the differences between states, rather an average of the annual insurance fees of people across the nation. Currently, average auto insurance will cost $102 USD a month or $1,222 USD a year. This number is significantly lower than the fees paid in neighbouring states because of the demographics of the people who avail of insurance plans as well as the driving conditions in the state. Ask your insurer for an updated auto insurance comparison to get a better idea on these differences.
Car Insurance Premiums Depending on Age
The age of the person getting an insurance will greatly affect the premium they pay for. The younger the individual, the more expensive the insurance premium from someone like https://insurancequote.deals/auto-insurance-quotes/. Why? This is because people who have aged are seen as more experienced drivers. Insurers see that as a reason to be less involved in accidents. On average, a 16 year old individual will have to pay a premium of $8,226 USD a year for auto insurance, while a 55 year old driver would only pay $1,845 a year. This is to help cover for the potential fees and repairs that younger individuals might face when involved in an accident.
Car Insurance Premiums Depending on Gender
Now, this might not seem all too realistic, but car insurance premiums can fluctuate based on the gender of the individual. Studies have shown that men are more likely to cause accidents on the road, and that’s why insurers always make it a point to take this factor into consideration. Across the board, men are usually charged a higher premium regardless of age. For example, the average annual premium for men the age of 31 is $833 USD, while women of the same age only pay $831. While the differences might not be significant at this age, it will become significantly more apparent at other age stages. Make sure you get an updated auto insurance quote comparison to see exactly why and how these prices came to be.