What Age Does Car Insurance Go Down for Males? (2024)

FAQs

What Age Does Car Insurance Go Down for Males? ›

Car insurance rates usually start going down in the mid-twenties for men. The rate reductions usually plateau after that and reach a stable low throughout middle age. For a few decades, car insurance will not increase due to the age factor for male drivers.

When I turn 25 does my car insurance go down? Yes, car insurance for 25-year-olds can go down because you have a lower risk of accidents than teen drivers. Our rate averages show male drivers pay $766 less per year at age 25 than at age 21.

Unless you live in a state where insurers can't factor gender into insurance rates, another major change occurs at age 25: the difference between what male and female drivers pay for car insurance. Car insurance goes down for men by 12% at age 25, whereas it only goes down 9% for women.

On average, the premium for a new auto insurance policy is cheaper for a 25-year-old than for a 24-year-old—at Progressive, for instance, rates on new policies drop by a whopping 9%. That's because drivers under the age of 25 are statistically more likely to cause an accident and file an insurance claim.

Young drivers ages 16 to 24 tend to have the most expensive car insurance. Drivers in this age group are often inexperienced and are more likely to get into car accidents and file insurance claims. As a result, car insurance companies often charge higher premiums to young drivers.

In general, car insurance companies charge male drivers more for coverage because they're more likely to get into accidents. But while most states allow insurers to consider gender when setting rates, your age, location, insurance provider and driving record usually make a bigger difference.

Car insurance rates increased 24% on average in 2023 and are projected to rise another 7% in 2024. These increases are largely the result of increased costs for insurers: As they pay more to settle claims, they pass on the costs to customers.

That's because, under the Affordable Care Act (ACA), young adults typically qualify for dependent coverage under a parent's insurance plan until the end of the year they turn 26. In some states, you can stay on a parent's plan past age 26. You have many options when coverage under a parent's plan ends.

Is car insurance cheaper if you own your car? Car insurance premiums don't automatically go down when you pay off your car, but you can probably lower your premium by dropping coverage that's no longer required. Banks and financing companies who loan you money for your car are called lienholders.

While rates typically decrease as teen drivers gain experience and reach milestones like turning 25, individual circ*mstances vary. Factors like driving record, vehicle type, and coverage choices influence rate adjustments.

Are older cars cheaper to insure? ›

In general, auto insurance for older cars may be cheaper than insuring newer vehicles of the same make and model if the used car is cheaper to repair or replace.

The most substantial reductions in auto insurance rates typically come as teen drivers get older, usually when they hit 18 or 19 years old. Rates continue to decline as you age, particularly once drivers pass the age of 25.

If you buy directly from a Progressive company, your car insurance price reflects the cost of staffing and maintaining the sales centers, and a larger portion of our marketing costs.

Car insurance goes down by 15% for male drivers at age 25 and even goes down every year until age 25. Once men are in their mid-twenties, rates begin to decrease more gradually and plateau through middle age. Premiums won't start going up again until men are about 65 to 75 years old.

Age is one of the most important factors insurance companies consider when coming up with a car insurance quote because young people have less driving experience. Drivers under the age of 25 tend to pay the highest car insurance rates. Rates start to increase again after age 60.

Age and car insurance

As a general rule of thumb, you can expect to pay the most for your car insurance when you're under 25. Once people are over 25, they tend to find that the cost of their car insurance starts to fall. The price usually declines gradually between the ages of 25 and 60.

The main reason for this is the differences that surround male vs female driving statistics. Statistically speaking, more male drivers under the age of 25 are involved in auto accidents than female drivers. This is the leading reason why insurance is higher for males.

What to know first. 18-year-old drivers on their own policy pay the highest car insurance premiums out of the age groups Bankrate analyzed. The most significant difference in premiums by gender occurs at age 18. On average, 18-year-old males cost 15 percent more to insure than their female counterparts.

Yes, car insurance goes down at 25 with Geico, since 25-year-olds are no longer considered as high-risk as younger drivers. Turning 25 years old saves drivers an average of 8.53% on a Geico policy, based on quotes for ZIP codes across the country.