It will not come as a surprise to most of you to read that there are an awful lot of factors that impact upon how much you are charged for insuring your car. For instance, the make and model of the car you are driving, where you live, where you park your car overnight, how many miles you travel each year in the vehicle, what you use the car for, what you do for a living, if you have any motoring convictions and how old you are all have a bearing on the price you will pay for your cover.
Why does your age affect how much the motor insurance provider will charge you for the cover?
Well, as a general rule, the older you are the cheaper the cost of car insurance is likely to be but only up to a certain age i.e. once you get into your 60s the cost is likely to go up.
Based upon data published by The Statistics Portal called statista the average cost of insuring a car driven by someone in their twenties here in the UK was £1,036 per annum in 2018. Someone in their 30s would expect to pay an average of £832 per annum. If you are in your 40s you can expect to pay an average of £692 per annum for your motor insurance. In your 50s you can expect to pay even less with the average premium being £600 per annum. However, someone in their 60s can expect to see the cost of their cover rise to an average of £687 per annum.
The reason why someone in their 20s is, on average, going to pay more for insuring their car than any other age bracket is quite simply down to the likelihood of someone claiming on their car insurance policy. Statistically, it is known that, on average, the younger motorist is more likely to be involved in a road traffic accident resulting in a claim being submitted to the insurance company. This could be due to the fact that a young driver is more likely to drive faster than a more mature motorist and also a young driver tends to have less experience behind the wheel of a car. Also, it is felt that someone in their 60s is more likely to be involved in a road traffic accident perhaps due to their reaction time being slower whilst driving.
Obviously, it is important that motorists should shop around to try to get the most competitive deal possible to insure their vehicles. One of the ways of doing this is to use the services of a specialist price comparison website that has an extensive panel of insurers although it should be borne in mind that not all car insurance companies advertise their products on such websites.