Illinois’ Senior Drivers Get a Bad Rap – And Terrible Insurance Rates

Even though elderly drivers are involved in less accidents than drivers who are younger, they are typically charged higher insurance rates. The reason for this is because elderly drivers are more likely to get hurt or pass away from their injuries if they are in an accident.

However, many elderly drivers will make the argument that they are being treated unfairly by insurance companies because they may never experience a car accident and still have to pay expensive insurance fees to be able to drive.

Elderly drivers are required to pay unfair insurance rates because of their age

According to a recent article published by the Chicago Sun Times, seniors who are 70 years of age or older are required to pay more for car insurance than drivers who are younger. In fact, drivers who are even 60 or 65 years of age pay far less in car insurance rates than those who are 70 or older. The article points out that the Secretary of State, Alexi Giannoulias, recently stated that senior drivers in this age group are considered to be some of the safest drivers in the Chicago area as well as the entire state of Illinois.

However, regardless of how safe they drive, a 60-year-old driver who lives in Illinois may pay on average around $1,250 for their insurance coverage, while a 70-year-old driver may pay about $1,400 for the same exact type of coverage. Unfortunately, the older a driver is, the higher their insurance becomes. In fact, the article goes on to explain that drivers who are 70 years old pay insurance rates that are about 12 percent higher than 60-year-olds, and drivers who are 75 years old pay insurance rates that are a whopping 25 percent higher. Drivers usually see their insurance prices start to increase once they surpass 65 years of age, and they continue to rise each year, which is a big deal for those who are retired and live on a fixed income.

How unsafe or risky are elderly drivers?

A study released by the Office of the Secretary of State looked at age-related driving abilities and found that elderly drivers who are 75 years of age or older have a car crash rate of 24.39, “which was the safest for every driver aged 16-69.” Therefore, since elderly drivers are very safe drivers who pose no real risk to other drivers, the author of the Chicago Sun Times article claims that elderly drivers are being discriminated against by insurance companies. While this might be true, the Centers for Disease Control and Prevention (CDC) explains that “the risk of being injured or killed in a traffic crash increases as people age.”

What factors can impact car insurance rates?

There are many factors that your insurance company takes into account when deciding your car insurance rate. Therefore, if you are looking at your car insurance rates and notice that they are cheap or expensive, there are likely several reasons why. Here are six factors that can impact car insurance rates for drivers:

  1. Your age: Car insurance is very high for young drivers as well as elderly drivers. Therefore, if you are a teenager who recently got your driver’s license or are a driver above the age of 70, you are likely required to pay higher car insurance rates. The reason for this is because young drivers are known to be inexperienced, drive recklessly, and make frequent mistakes, and older drivers are at risk of being seriously injured or being killed in an accident. If you are somewhere in the 30s to 50s age range, you may have the most affordable car insurance rates out of any other age group.
  2. Your driving record: Insurance companies look at people’s driving records before determining how much their insurance rate will be. This is because if an individual has several accidents on their driving record, this is likely a telltale sign that they may be involved in more accidents in the near future.
  3. How long you have been driving: It is typically believed that the longer you have been driving, the less likely you will make errors, cause accidents, seriously injure other drivers, or receive tickets. Therefore, the longer you have been driving, insurance companies will see you as less of a threat or risk for them, leading them to offering you cheaper insurance rates.
  4. How much you drive each year: Some insurance companies take into consideration how many miles you drive each year. If you are a driver who does not drive many miles, you are less of a risk to the insurance company, meaning that you get a more affordable insurance price. However, if you are someone who drives many miles each year, you are more likely to be involved in an accident, resulting in a higher insurance price.
  5. The type of coverage you want: When you are speaking with an insurance agent about getting car insurance, they will go over the different options from which you have to choose. It is important to remember that the more coverage that you choose, the higher your insurance rates will be. However, this should not deter you from getting more coverage, as this could cost you less money in the long run if you are ever involved in a serious accident and need your car insurance to help you cover certain things.
  6. The type of vehicle you drive: Another factor that insurance companies pay special attention to is the type of vehicle you drive. If you drive a two-door sports car, your insurance will be more expensive than if you drive a four-door Sedan or SUV. This is because your sports car may be more expensive to fix or repair if you are involved in an accident. In addition, you may be more likely to experience serious injuries in a smaller and faster vehicle.

If you have recently been involved in a car accident and your car has serious property damage, a Chicago attorney from Gainsberg Injury and Accident Lawyers is here to help you. Our team will take a look at your car insurance policy, communicate with insurance companies, and demand that you receive the compensation you are entitled to for your damages. We know that insurance companies are often difficult and uncooperative, but our lawyers will never back down without a fight. Call or contact our firm to schedule your free case review and address your concerns today.