In almost all states, your marital position, gender and age might have a big impact on your car insurance rates, in accordance with a report released upon Thursday by insuranceQuotes.com.
Getting married could help you save the most money when you are young. At age 20, a married person will pay typically 21 percent less than just a single one, the report found. But through the time you turn twenty-five, the savings dwindles to 7 percent, and only two percent through the time you turn 30.
Hawaii forbids marital status to become factored into insurance rates, and it, North Carolina and Massachusetts don't allow gender to become a factor. Hawaii also doesn't allow age to become considered. Two states, Montana and Pennsylvania, allow gender to be considered, however rates for both sexes were the same, in accordance with insuranceQuotes.com data.
So, here's exactly how it works for age, based on the site: Your rates will drop while you get older -- to a point. The biggest diminish comes between ages 20 and 25 (41 percent). And then, you'll see another 18 percent drop unless you hit age 60.
After that it starts to head up again, but not as quick. A 75-year-old will pay 17 percent higher than a 60 year old, but still 43 percent lower than a 20-year-old, insuranceQuotes.com mentioned.
"Plenty of families worry about when grandpa or grandma should stop driving, however the data shows that drivers in their teens and also early 20s are far more risky," Laura Adams, insuranceQuotes.com's senior analyzer said in a statement.
But even new drivers have strategies to cut their premiums.
"Young drivers, particularly, can save money through qualifying for good student discounts, registering for pay-as-you-drive programs and also completing driver safety courses, " she mentioned.
Source: This atop story is based on materials provided by the CBSNews.
Getting married could help you save the most money when you are young. At age 20, a married person will pay typically 21 percent less than just a single one, the report found. But through the time you turn twenty-five, the savings dwindles to 7 percent, and only two percent through the time you turn 30.
Hawaii forbids marital status to become factored into insurance rates, and it, North Carolina and Massachusetts don't allow gender to become a factor. Hawaii also doesn't allow age to become considered. Two states, Montana and Pennsylvania, allow gender to be considered, however rates for both sexes were the same, in accordance with insuranceQuotes.com data.
So, here's exactly how it works for age, based on the site: Your rates will drop while you get older -- to a point. The biggest diminish comes between ages 20 and 25 (41 percent). And then, you'll see another 18 percent drop unless you hit age 60.
After that it starts to head up again, but not as quick. A 75-year-old will pay 17 percent higher than a 60 year old, but still 43 percent lower than a 20-year-old, insuranceQuotes.com mentioned.
"Plenty of families worry about when grandpa or grandma should stop driving, however the data shows that drivers in their teens and also early 20s are far more risky," Laura Adams, insuranceQuotes.com's senior analyzer said in a statement.
But even new drivers have strategies to cut their premiums.
"Young drivers, particularly, can save money through qualifying for good student discounts, registering for pay-as-you-drive programs and also completing driver safety courses, " she mentioned.
Source: This atop story is based on materials provided by the CBSNews.
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