Average Car Insurance Rates By Age And Gender
Car insurance isn’t an expensive kind of insurance, but it sure is a mandatory one.
Legally, you can’t drive on the road without having insurance, so if you own a car, it’s best that you apply for auto insurance immediately.
Auto insurance is a type of insurance that provides protection to your vehicle. Whether it be a car or a bike, you can easily get it insured. It is typically used to cushion the blow of an accident or mishap that you’re not able to afford financially. Your insurance company will cover the cost.
Affordable Full Coverage Auto Insurance
Full coverage means that your insurance company gives full protection to you and the car and bears every expense that comes with it.
The policy that is outlined for you during the start naturally covers the following losses when you pay your premiums regularly. These coverages include:
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Damage to your property:
If your car is stolen and you’re not able to retrieve it back, or if there have been vehicle damages due to a road accident or some other physical harm caused to your car.
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Legal requirement:
Any legal action that must be taken against someone who has intentionally or unintentionally caused harm to your property will also be covered in the policy.
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Liability:
Damage that you’ve caused to someone else’s property along with yours. Also known as collision coverage. All of this is covered in an affordable liability auto insurance package which covers your expenses when you’re at fault in a road accident.
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Medical expenses:
If there has been an injury or hospital bills need to be paid that have been caused by an accident, or if there has been a temporary loss of wages because of the accident will also be covered in the auto insurance policy.
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Comprehensive coverage:
This is if your car is damaged by a tree or a concrete pavement and you’re at fault.
Auto insurance policy covers the damage done to your car either by you, or a family member or even a distant friend who was driving your car with your consent.
A personal auto insurance guarantees protection to the driver himself, whether he is driving his own car, or someone else’s- with their permission of course. But you can’t use your car for commercial purposes; only to be used for your own personal driving. We’ll talk about commercial insurance later in this article.
| Coverage type | Study limits |
| Bodily liability | $50,000 per person/ $100,000 per accident |
| Property damage | $25,000 per accident |
| Uninsured/underinsured motorist BI | $50,000 per person/ $100,000 per accident |
| Comprehensive & collision | $500 deductible |
| Personal injury protection | Min. when required by state |
Note: Sample rates have been extracted online, courtesy of ValuePenguin.
Now that we know what auto insurance is and how it works, it is important to discuss all affordable auto insurance plans and know what matters while being light on the pocket.
Average Car Insurance Cost per Month
A typical policyholder on average pays about $119 per month, for a clean driver with a relatively decent driving history and around 40 years of age.
Here is a breakdown of some of the most famous auto insurance companies of 2020 and their rates on full and minimum coverage.
Minimum vs. full coverage average annual rates by company
| Company | Full coverage | Minimum coverage | Annual difference |
| Geico | $1,198 | $478 | $720 |
| State Farm | $1,511 | $624 | $887 |
| Progressive | $1,766 | $774 | $992 |
| Liberty Mutual | $1,778 | $900 | $878 |
| Allstate | $1,834 | $784 | $1,050 |
| Farmers | $1,865 | $926 | $939 |
Average Car Insurance Rates by Age and Gender
It is a well known fact that car insurance rates vary by age and gender. And while males pay more than females, and while a young person pays more than a senior driver, there are several factors that affect average car insurance rates.
Before we get into the reasons, let’s see how different car insurance rates are by age and gender.
| Age | Female | Male |
| 16 | $2,374 | $2,620 |
| 17 | $1,868 | $2,090 |
| 18 | $1,573 | $1,761 |
| 19 | $1,125 | $1,244 |
| 20 | $992 | $1,088 |
| 21 | $821 | $882 |
| 22 | $766 | $813 |
| 23 | $709 | $745 |
| 24 | $671 | $698 |
| 25 | $614 | $617 |
| 30 | $572 | $555 |
| 35 | $569 | $548 |
| 40 | $564 | $545 |
| 45 | $560 | $542 |
| 50 | $539 | $531 |
| 55 | $528 | $522 |
| 60 | $529 | $524 |
| 65 | $551 | $549 |
| 70 | $587 | $590 |
| 75 | $651 | $671 |
| 80 | $726 | $770 |
Which Gender pays the most for Car Insurance?
According to statistics, men are likely to pay for car insurance more than females. A study from the Insurance Institute for Highway Safety (IIHS) found male drivers of all ages are 63% more likely than female drivers to be involved in a fatal crash. Younger men are even more prone to fatal accidents, with rates for 16- to 19-year-old male drivers almost twice those for female drivers of the same age.
Fatal crash rate per 100 million miles driven
| Age | Males | Females |
| 16-19 | 6.4 | 3.3 |
| 20-29 | 3.9 | 1.6 |
| 30-59 | 1.6 | 1.1 |
| 60-67 | 1.5 | 1.0 |
| 70+ | 2.8 | 2.1 |
Note: Sample rates are extracted online, courtesy of NerdWallet.
How does Age affect Auto Insurance Rates?
Once young drivers gain more experience and hit 25, their car insurance costs drop about 30%. Costs continue to generally decline with each birthday. Once drivers reach 50, they’ll see their best rates. Around age 60, however, auto insurance costs begin to increase and compare to what drivers see in their 40s.
The best rates will be given to a driver who is 40, has a clean driving record and has a lot of driving experience. Such a driver is the least likely to get into an accident, thus becomes a safe investment for insurance companies.
Affordable Auto Insurance for High Risk Driver
If you’re a high risk driver and are looking for auto insurance, chances are you’ll have a hard time looking for one.
A high risk diver is someone who is likely to make more claims down the road- meaning someone who will cost the insurance company money! A poor credit, history of road accidents or violations, a record of Driving Under Influence (DUI) will all lessen your chances of being insured. Because let’s be clear: high risk driver means higher premiums!
But don’t lose hope.
There are still affordable auto insurance rates available for high risk drivers. Here are all the companies that may be able to assist you.
| Insurance company | Drivers with a clean record | Drivers with a recent DUI | Drivers with a poor credit |
| Geico | $642 | $1,470 | $3,950 |
| Progressive | $1,073 | $1,320 | $5,378 |
| Safe Auto | $1,406 | $1,791 | $5,695 |
Note: Insurance rates have been extracted online, courtesy of NerdWallet.
Smart Tips to Lower Your High-Risk Driver Insurance Rates
Reducing high-risk driver insurance rates takes commitment, but it’s achievable.
Start by improving your credit score to demonstrate financial responsibility, which can help show insurers and the state you’re a low-risk driver. Enroll in a defensive driving course and aim to keep your driving record violation-free.
Always maintain continuous coverage. Gaps in auto insurance mark you as high-risk, often resulting in higher premiums when you seek new insurance.
If you have past violations, consider waiting 3-5 years before applying for a new policy. Insurers typically offer better rates to drivers with a clean, long-standing record.
Avoiding high-risk driver rates takes time, but with steady efforts, you can enjoy lower premiums.
Car Insurance Cost Calculator
Auto insurance can be confusing. An online auto insurance coverage calculator can help you discover the right level of insurance coverage for your situation. Just answer a few quick questions about yourself, your assets, and your driving habits to get an estimate.
Whatever policy you’re buying, make sure you read exactly what is covered in your policy and what isn’t. Even if you buy a half insurance policy, you will still be covered for liability and medical expenses; so if you don’t need full coverage, don’t opt for it!
Conclusion
Car insurance rates vary by age and gender, with males often facing higher rates due to increased accident risk. Securing auto insurance relies on several factors, including your age, driving history, and credit score, and rates differ widely between states and providers.
In today’s world, where even minor car damage can be costly, having vehicle insurance is essential. It not only shields you from unexpected financial expenses but also provides peace of mind, knowing you and your car are protected.
Finding affordable auto insurance can be challenging, with some providers charging high premiums. A cost-effective insurance plan is crucial, and fortunately, there are companies that offer exactly that.
