Car insurance premiums are much like wine. Not in many ways, but in the way that matters most – they get better with age! And by better, we really mean lower! So no, age is not just a number. It’s a fermenting grape that can leave the sweet taste of wine in your mouth or the bitter taste of defeat every time your car insurance debit order goes off.
At what age is car insurance the cheapest?
There are plenty of downsides to getting older. Your back goes, and your knees buckle. Bills pile up, and responsibilities weigh you down. Cholesterol, tax, this, and that, the list is endless. The only shining trinket in the ageing chest is a little nugget called wisdom, which comes with the experience of it all. To car insurance companies, experience equals a low risk and a lower premium.
Our data tells us that the deal gets sweeter the older one gets. On average, a 19-year-old signing up for new car insurance could pay approximately R800 more than a 57-year-old person signing up for car insurance. Statistically, people aged 56 years and older will pay the cheapest car insurance premium.
At what age is car insurance more expensive?
Good looks are no substitute for experience (according to insurance companies). The fewer wrinkles you have on your face, the higher your premium will be, especially if you are under the age of 25. Younger drivers (popularly labelled as inexperienced drivers) have less experience in navigating the highways and byways, and the risk of bumping into trouble on the road is significantly higher. This makes them high-risk drivers.
How age affects how much you pay for car insurance
Your age impacts on two main things about your car insurance. Your premium and your excess. It’s important to note that age is not the only deciding factor on the subject of your car insurance premium, but it is a major one! And if you thought our less experienced co-road users catch a break or price cut when it comes to their excess, you’d be wrong! Younger drivers also pay a higher excess on their valid claims. A number which also decreases the more years and experience they amass on the road.
Premium to age
Younger drivers pay the highest premium. Middle-aged drivers pay the most affordable premiums. Truly experienced drivers pay the cheapest car insurance premiums.
At dotsure.co.za, we strive to offer you the most affordable car insurance premium, regardless of the year in which you were born.