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18Jun 2019

How age affects your insurance premium

What’s age got to do with insurance? A lot actually. How it affects your insurance tends to depend on the type of insurance we’re talking about. For instance, when it comes to life insurance, your age plays quite a big role in how much you’ll pay. It’s better to get cover as early as possible, not only because anything can happen to you at any time (so it’s better to be prepared) but also because if you wait any longer, you’ll probably end up paying much more.

You see, with every shining birthday that passes, bringing with it cake and presents (happy birthday, btw), the premium that you’ll pay is likely to increase. The younger you are, the lower the rates you’ll pay.

But it’s a different story with car insurance.

Here’s how age affects car insurance

Your age affects 2 main things about your car insurance. The first thing is your premium. The second is your excess.

How age affects your excess

Younger drivers are affectionately called ‘inexperienced drivers’. Catchy, we know. And because they have less experience, they pay higher premiums and have a higher excess to pay when they claim.

These higher excesses are reserved especially for the under 25s.

How age affects your premiums

The older you are, the lower your car insurance premiums will be. It’s not the only deciding factor that influences the price you’ll pay, but it’s a significant 1. You see, age brings experience. Even if you got your licence later on in life, you’ve still be on the road for many years as a passenger. You’ve heard the stories about how accidents happen and what drivers could have done differently to prevent these incidents.

So that’s the upside to wrinkles. What this means for the baby-faced drivers out there, unfortunately, is that you’ll pay higher premiums. In particular, the under 25s will pay a pretty steep car insurance premium. Of course, after you’ve aged past 25 you’ll get your hands on a birthday present in the form of reduced premiums. Don’t say that we didn’t get you anything.

And whatever you do, please don’t forget about the fact that the king decreases your comprehensive car insurance premiums every single month in line with the depreciating value of your car. And it doesn’t matter what your age is.

Want some of this peace of mind? Just call our royal client care team on 0860 50 50 50. They’ll sort you right out.