Auto Insurance Rating for Older Age Group | Premiums, Rate, Risks

The accident numbers for the oldest drivers skew perceptions among auto insurance risk analysts, who tend to characterize the entire population of over-65 drivers as “high increasing risk” This means that drivers between 65 and 75, whose accident rates remain relatively close to drivers in the middle-age categories, subsidize the drivers over 75.

“A logical step would be to adjust premium cost so that the oldest drivers paid much higher auto insurance rates,” says one risk analyst for a big multi line insurance company, who requested anonymity for his comments on this subject. “But that would effectively force people over 70 certainly over 75 off the roads. The political fallout from that would be huge. There wouldn’t be an elected official in Florida who still had a job.”

As with most insurance coverage, it is illegal to discriminate unfairly against a person because of age in the issuance, non renewal, or cancellation of an affordable auto insurance policy. If you feel auto insurance companies has rejected your application based on your age, you may request in writing the reason for your denial of coverage, and the insurer has to respond in writing.

“They can still get around that, though,” says Amy Johnson, counsel for the Illinois-based Public Insurance Council, which serves as an advocate for consumers on insurance issues. “It’s illegal to refuse to renew a policy because of age, but the problem is, if you’re an older driver and you lose your coverage for another reason, like making a claim, many auto insurance companies refuse to write you another.”