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  • How much I will pay for insurance if I’m older than 40? 65?
  • June 26, 2015
  • How much I will pay for insurance if I’m older than 40?By

    Forty may be the new 30, but age is still a factor when it comes to estimating how much a person will pay for an insurance policy.

    Not only can age impact life insurance premiums, it can also have a significant impact on the cost of health, auto and homeowners coverage – and even pet and travel insurance.

    However, in some cases, age comes with more than just wisdom, it comes with a reduction in costs.


    As individuals mature and have no traffic violations or accidents, they are more likely to have lower auto insurance rates than teenagers or people in their early twenties, explains Loretta Worters, spokesperson for the Insurance Information Institute.

    “In fact, people in the 40 to 60-year-old range probably have the best rates age-wise,” Worters said.

    Teens carry the highest rates for insurance because of the risk associated with inexperienced drivers. Motor vehicle collisions are the leading cause of death among 15- to 20-year-olds, according to a  report by the Insurance Institute for Highway Safety (IIHS). In fact, drivers age 15 to 20 accounted for 12 percent of all drivers involved in fatal crashes and 14 percent of all drivers involved in police-reported crashes for that year. Twenty-five percent of teen drivers killed were alcohol-impaired.

    “Immaturity and lack of driving experience are the two main factors leading to the high crash rate among teens,” Worters said.

    While teens see the highest rates, costs start to increase again when drivers reach their 70s and 80s. Driving skills vary from one elderly person to another, but there are physical and mental changes that accompany aging which can diminish the abilities and reaction times of elderly drivers.

    “We know that based on per-miles driven, crash rates for seniors are far worse than any other age group except for teens. Consequently those rates for the elderly can be much higher,” Worters said.

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