Understanding Age Limits On Your Auto Insurance Policy
When it comes to auto insurance policy, age limit does play a role. Most insurance companies have age limits on who can purchase auto insurance. Your age is also a key variable in determining auto insurance premiums since your age shows your levels of driving experience, to a great extend.
Generally, most insurance companies require the applicant to be 18 years or older to purchase auto insurance on their own. This does not mean minors are not insurable. If you are minor, you will most likely be placed on your parent's or guardian's auto insurance policy. However, you might have to live with your parents for you to enjoy the benefits of your parent's or guardian's auto insurance policy. If you do not live with your parents or guardian, you will most likely have to purchase your own auto insurance policy.
In most cases, young drivers will need to pay higher insurance premiums. The main reason for this is the number of motor vehicle accidents involving teenagers. According to a survey, in 1999, teenagers were involved in 14 percent of all motor vehicle deaths. Even though teens drive less than most age groups, the number of accidents and deaths due to these accidents are alarmingly high. Hence, when it comes to auto insurance for teenagers, the premiums are always on the higher side.
Those without too many years of driving experience might be required to pay higher premiums. After the age of 30, the premium is pretty much the same for everyone.
When it comes to rental car insurance companies, they do have some age limits affecting both young and elderly drivers. The driver's age and experience is taken into consideration before rental companies rent out their car.
There are no age limits when it comes to elderly drivers. Elderly drivers can purchase auto insurance as long as they are able to pay the insurance premiums and maintain their driver's license. On the other hand, if an elderly driver has lost his driver's license or has stopped driving, but wishes to use a caretaker to driver him around, he will need to speak to the insurance company and add the new driver to the policy. Generally, this is acceptable by most insurance companies.
There are several factors that determine the rate of premium for your auto insurance policy. One of them is your age. Most insurance companies have an age limit when it comes to auto insurance. People below 18 cannot purchase auto insurance of their own and they will need to be on their parent's or guardian's policy. Age limit ensures that young and inexperienced drivers do not go around driving vehicles recklessly, which can cause serious accidents.