Insurance premiums - Age milestones

john26

What are the milestones for insurance premiums decreasing?

I am 11 days off my 35th birthday, should I wait to renew my insurance and take my bike off the road until then?

InsideInsurance

The pricing curves I have seen are smooth with no giant uncharacteristic step changes in them.

Prices start at the highest when you are 16/17, they fall as you age but the fall slows each year until you are around 35-40 when it tends to plateau. Its then fairly static until you get to around 65 when it starts to climb again but never gets to the level it once was.

Do some dummy quotes (fake name etc) with your dob at +1 day and -12 days and you will see the pricing difference. There will probably be a small difference but if thats worth 2 weeks of no transport only you can decide

InsideInsurance

ComebackGirl wrote: »

Sorry if this is a silly question but is the age ignored if you are buying car insurance for the first time after the age of thirty? Or would you still benefit from being an "older" driver?

Age is never ignored, just at a certain point it gets to the bottom of curve and stays there for a while but you are normally looking at older than 30.

Having additional drivers can still assist, particularly husband/wives/civil partners. Being a boy racer doesnt automatically stop at any particular age but tends to be less common as you get older but also when you get married etc.

Insurers of cause dont price on logic but on statistics and so they segment their book of business and analyse their claims experience and they see that those who have named drivers tend to be slightly safer than those that have insured only driver policies. Lay people like us then try and then apply a logical reason as to why that may be (or underwriters do when trying to move into a new area where they dont have statistical evidence to price off of)

Aretnap

ComebackGirl wrote: »

Sorry if this is a silly question but is the age ignored if you are buying car insurance for the first time after the age of thirty? Or would you still benefit from being an "older" driver?

There are at least three different factors, all of which are signifcant

(1) your age
(2) your "experience", as measured by the number of years since you passed your test
(3) your "experience", as measured by the number of years you've actually been driving regularly, ideally without smashing your car up (no claims bonus is a very crude proxy for this)

Age is important independently of the other two. Young drivers tend to be riskier, not just because they're inexperienced, but also because teenagers have a tendency to do risky things that an adult probably wouldn't (I certainly cringe to think of some of the things I did as a teenager). So a 30 year old who's just passed his test will likely pay less than a 17 year old who's just passed his test, and quite possibly less than a 20 year old who's been driving for two or three years.