If you’re a driver over the age of 25 you’ve probably noticed that your car insurance rates have gone up. And if you’re a younger driver you’re probably wondering why your rates are so high. The truth is there are a number of factors that go into determining your car insurance rates and age is just one of them.
But does an older car really cost more to insure? The answer may surprise you.
While it’s true that older cars generally have higher insurance rates than newer ones there are a number of reasons for this that have nothing to do with the age of the car. For example older cars are more likely to be involved in accidents than newer ones simply because they’ve been on the road longer. And since older cars are more likely to be involved in accidents they’re also more likely to be involved in claims.
Another reason that older cars generally have higher insurance rates is because they’re more likely to be stolen. This is especially true of older cars that are popular with thieves such as certain makes and models of Honda and Toyota.
So while the age of your car is one factor that goes into determining your insurance rates it’s not the only one. If you’re looking to save on your car insurance there are a number of things you can do such as increasing your deductible shopping around for the best rates and driving safely.
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