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Age Discount

My Insurance Broker
Aug 23rd, 2016 at 10:56 am  •  Richmond Hill, ON

Compare Auto Insurance Quotes.
Compare The Best Auto Insurance Rates From Canada's Top Insurance Companies.
Average savings $500. Coverage available from $1,000,000 to 2,000,000.

Why does my age affect my insurance premium?

Special note: this discount can be applied mid-term immediately with the addition of vehicles, where the principal operator meets the criteria for an age discount. If this is you, contact one of our brokers to make sure you get the discount!

As people age, they tend to become more risk averse. The risk averse behavior may stem from an increased likelihood of having dependents, personal maturation, or from becoming comfortable in various driving scenarios and adjusting their driving habits to avoid more risky situations while on the road. This results in a lower number of claims made as age increases and insurance companies reward this reduction in risk of insurance claims payout by offering an age discount.

How much can I save on insurance as I age?

Growing older can affect your insurance, and you may be eligible to save between 5 to 30%. Insurance companies recognize that as you mature, so do your driving habits. Be sure to accurately inform your broker of your age to ensure you get the most savings possible on your auto insurance policy.

See what the Insurance Board of Canada thinks of age as a factor for insurance premiums

An example of how an age discount is applied is:

Compare Auto Insurance Quotes.
Compare The Best Auto Insurance Rates From Canada's Top Insurance Companies.
Average savings $500. Coverage available from $1,000,000 to 2,000,000.

References