A study released today by the online insurance information provider InsWeb supports the common perception that car insurance for young drivers costs more than insurance for other drivers.
InsWeb analyzed median 6 month car insurance rates in the state of Ohio and found that young drivers aged 19 and younger paid $1191 during the most recent period. By contrast the lowest priced group, drivers aged 60 to 74, paid a mere $483.
Young drivers, however, don’t have to wait long before experiencing car insurance rate reductions. By the time Ohio drivers move into the 20 to 24 year old age group they see their 6 month median rate drop to $761 every six months, and at 25 years of age their rates drop further to $554.
The 25 to 29 year old figure is roughly in line the rate that most ages pay: the median rate doesn’t dip below $500 until a drivers reaches 50 years of age.
In related news, the study reports that overall the median six month rate increased 5% over the same rate from the previous period.
