In the state, a concerning trend emerges as drivers reach their 60s and beyond, with 70-year-old drivers facing a 12% increase in premiums compared to 60-year-olds.
Car driver insurance rates for older adults have been a contentious issue in Illinois and nationwide
By the age of 75, the increase spikes to a staggering 25% for a full coverage policy. According to a 2022 data analysis by CarInsurance, these car driver insurance premium hikes are not unique to Illinois; they are a nationwide phenomenon. The study found that senior drivers, typically starting in their mid-60s, experience continuous increases in their car driver insurance premiums.
While statistics show that older drivers, aged 75 and above, have a lower crash rate compared to younger age groups between 16 and 69, the Federal Centers for Disease Control and Prevention (CDC) reports that older adults are more vulnerable to injury in accidents. However, the CDC also acknowledges that older adults exhibit safer driving behaviors than other age groups, raising questions about the fairness of the premium hikes.
Advocates argue that car driver insurance rates should be based on factors that individuals can control, rather than age, which is beyond one’s control
With a growing population of older drivers, this issue takes on even greater significance, affecting the financial well-being of millions of seniors. In conclusion, the debate over car driver insurance rates for seniors is ongoing, prompting discussions about fairness and discrimination in insurance underwriting guidelines. As the number of older drivers continues to rise, the industry’s coffers swell while seniors are left with fewer funds in their pockets. Age may be just a number, but its impact on car driver insurance premiums remains a hot topic of concern.
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