Can age of the owner decide the premium price

Can age be a deciding factor for premium cost of car insurance policy? Yes, can increase or decrease your premium cost as per the terms of insurer. Formerly, average premium for women drivers over 60 were comparatively higher than men. Everything else was same. And the reason behind this peculiarity was explained by insurers. Women at this age drive because they do not have any male who can do the driving for them. That is the reason they are more likely to meet with major accidents. It was the most strikingly odd explanation for this discrimination price on the basis of age. In general, young female drivers pay higher premiums because statistically most of the fatal accidents or rash driving incidents reported were against people below 25. So, owners who are below the age of 25 years are considered to pay more premium cost. It is an obvious reason to apply such pattern. Given facts make it easier to understand the reason.

·         Around 20% of the drivers meet with accidents in their first year of driving.

·         According to a report, at least one driver below 25 was involved in 30% of major road accidents.

·         In 2015, more than 74 teenagers were killed while driving, and approximately 950 got seriously injured.

Although young females are considered as better and safer drivers than males but since the gender factor is out of the equation now, so premium costs will be the same for both of them.