There are many risk factors that insurers use to determine car insurance premiums. While in some cases, you can lower your risks, in others you don’t have a lot of choices. One of those uncontrollable factors might be your age. Drivers on the older and younger ends life often pay more on their premiums. Here’s why.
Age And Premiums
At different stages in our lives, we have different levels of experience and different characteristics that might influence how we drive. Therefore, our chances of having wrecks might go up or down as we age. As a result, many auto insurers use age as a risk factor that helps them determine a client’s premiums. The more risk you have of filing a claim, the more you will pay for your policy.
Car Insurance Risks For Young Drivers 
Younger drivers often pay more for their car insurance because of experience. They simply haven’t had years of practice to teach them what to do (and what not to do) behind the wheel. Therefore, they often face higher risks of wrecks and other mishaps. Teen drivers also often don’t have the financial credit to ensure carriers that they will be reliable policyholders. For these reasons, the chances of the insurer having to pay often increase.
There are things you can do to help your teen save on their rates. Often, you can add them to a multi-vehicle policy that insures all cars and drivers in your household. This is often cheaper than buying them a separate policy. Additionally, teens can qualify for policy discounts through several means, including maintaining good grades.
Cost Risks For Older Drivers
As you pass middle age and approach a senior living ages, you might also face higher driving risks. Often, these come from developing certain health conditions. Slower reflexes, diminished eyesight and functional problems might make it harder to control a car like you once did. So, your accident risks might increase, and with an increased risk might come a higher premium.
Still, other factors can also influence senior premiums. Being a long-time customer of the same insurer might qualify for a discount, for example. Plus, if you drive less than you did when you were commuting, then your risk rating might fall. You will be on the road less than you once were.
Never forget, there are many factors beyond age that could influence your premium. Your Berryhill Insurance agent can help you gain a full picture of your vehicle value and your driving habits, so that you can learn more about what your final cost might be.