When does insurance comapanies stop charging outrageous rate for male sports car drivers?
March 12th, 2010 | by Rarzi |I just turned 24 and am thinking about getting a sports car.
I heard the insurance comapany charge outrageous rate for male drivers until certain age. I was wondering what that age is.
7 Responses to “When does insurance comapanies stop charging outrageous rate for male sports car drivers?”
By jasonz0rz on Mar 12, 2010 | Reply
According to the insurance companies, all males magically start driving better when they turn 25, so your insurance rate will be significantly lower.
By proeducate on Mar 12, 2010 | Reply
Even though rates improve with age–assuming a good driving record!–sports cars will always carry a higher insurance rate: more desireable to steal, and more expensive to repair.
By Damocles on Mar 12, 2010 | Reply
There is a slight drop in price at 24, but when it comes to sports cars, they don’t really drop a whole lot until like 50.
Insurance companies base their prices purely on statistics. There is a whole field of mathmatics called “actuarial science”, which deals with probablity. The fact of the matter is, men get into more accidents than women – that’s why they pay higher insurance. People who drive sports cars get into more accidents than people who drive mini-vans. People who wreck their mini-van cause like $4000 damage. People who wreck their sports cars cause $100,000 in property damage, not to mention the fact that they are now a “vegtable” in the hospital and their accident related health care costs will rack up a few million. Therefore, people who drive sports cars pay higher rates. They charge outrageous rates because they have to pay outrageous costs for young single males who drive sports cars.
The easiest way to lower your insurance rate is to get married. Married men have families that depend upon them and therefore they wise up and slow down and drive more carefully. Insurance rates for single males don’t drop significantly until you get past the “mid-life crisis” age.
By Fred C on Mar 12, 2010 | Reply
Your rates will go down when you reach 25, but sports cars always carry a higher rate because there are more accidents and injuries in the sports car group.
By Answer Man on Mar 12, 2010 | Reply
Yes males typically pay more than females of the same age. My rates went down dramatically when I turned 25. If you want lower rates then keep a clean driving record AND a good credit rating. Insurance companies now use your credit score as well as driving record and type of car to determine a rate. If you get married and buy a house they go down even more.
By mbrcatz17 on Mar 12, 2010 | Reply
When male drivers in sports cars stop getting into accidents.
The “age” varies by company and by state. Some states, it’s just seven full years licensed. Some states, it’s 25, or 26, or even 30.
So there’s no one right answer. Just get the insurance quote BEFORE you buy the car, so you know what you’re getting into. And put 20% down on the car, so you’re not upside down if you total it.
By xwdguy on Mar 12, 2010 | Reply
Usually 25, but in the meantime, raise your comp and collision deductibles to save some dough. And go to an independent agent with lots of companies (not just four, more like over a dozen) to get you the best price.
If sports car or young male drivers ever statistically become better risks, the price will drop. But they won’t.