Impact of Age and Gender on Car Insurance
Read about Average Car Insurance rates by Age and Gender
When shopping for car insurance, it's paramount to understand how your age and gender can affect your rates. Depending on the company, you may be paying more or less than someone of a different age or gender. In this blog post, we will take a look at the average car insurance price for different age groups and genders by understanding how these rates vary as per age and gender.
How Do Age Affect Car Insurance Premium Costs?
The rates of car insurance premiums widely vary amongst young and old drivers.
Young drivers are often considered to be high-risk drivers by insurance companies. This is because they have less experience on the road and are more likely to get into accidents ads compared to older or experienced drivers. Moreover experienced drivers are more cautioned on road than young and new drivers.
The most common risk factors associated with young drivers include:
• Driving speedily
• Driving inappropriately
• Driving while intoxicated
• Driving recklessly at night
• Distracted while driving
• Ignoring seat belts while driving
• Lacking appropriate driving skills, etc.
If you're a young driver, you can do a few things to save money on your car insurance premiums. One option is to purchase a used car instead of a new one. New cars tend to be more expensive to insure than used cars as they have a higher Insured Declared Value.
As you get older, your rates will typically go down. This is because insurance companies consider older drivers to be more experienced and less likely to get into accidents. However, if you are older than 65, your car insurance rates may start to increase again. This situation is entirely unavoidable as we all struggle with brittle bones and stiff joints.
How Do Gender Affect Car Insurance Premium Costs?
Young males between 18 and 25 pay a higher premium for vehicle insurance than female drivers.
In general, men tend to pay more for car insurance than women. This is because men are more likely to get into accidents than women. Few companies like Kotak General Insurance advocate for female drivers as they are considered to be safe drivers and pose fewer threats when driving, which eventually decreases the claims.
Tips of Saving on Car Insurance Premium
Paying large amounts of car insurance premiums can sometimes be intimidating. However, you can implement specific techniques to save some money on car insurance premiums. Some of them include:
Discard Small Claims
If there are any minute claims, kindly prefer to ignore them. It is because it will cost you extra money and also affect your no-claim bonus.
Implement Voluntary Deduction
Considering voluntary deduction helps in lowering car insurance premiums considerably. You have the privilege of paying the whole amount or opting for a voluntary deduction.
Exempt Expensive Gadgets
The premium amount is likely to increase whenever you modify your vehicle. So make sure you do not install some expensive gadgets to avoid a massive impact on your premium amount.
Incorporate Anti-Theft Equipment
When your vehicle doesn’t have safety features, the car insurance costs are significantly higher. Installing anti-theft devices can reduce the car insurance premium as companies would find your car safe from thefts.
Consider Joining Road Safety Organisations
Joining organisations to promote road safety can be highly beneficial for vehicle insurance premium amounts.
Numerous factors influence the rates of your car insurance. Besides age and gender, past driving records also determine the cost of your car insurance. So you need to plan and work towards obtaining the best value on your car insurance policy. To buy the best car insurance plan at affordable prices, check the different car insurance plans offered by Kotak general insurance. Comprehensive car insurance plan like Kotak Car secure provides you with all your needs and financially protects your car from any damages.
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Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.