New Study May Show Elderly as Less of an Auto Insurance Risk

    RANCHO CUCAMONGA, CA, July 20, 2010 /24-7PressRelease/ -- A report recently released by the Insurance Institute for Highway Safety (IIHS) is making people question what had been a piece of commonly held knowledge--namely, that the growing population of elderly drivers would become involved in a greater percentage of total U.S. auto accidents.

Most consumers know that cheap car insurance rates have always been easier to get for older drivers, as long as they're not too old. That's because the frequency of accidents per age group drops as drivers approach the 30-year-old mark and then rise as drivers approach their 60s and 70s.

But, looking at crash data between 1997 and 2008, the IIHS found a 37-percent decline in the total number of fatal crashes involving drivers 70 and older. When compared to the 23-percent decline for drivers aged 35 to 54, reported by USA Today, the elderly appear to be becoming much safer than most had anticipated.

"AARP is delighted that one of the most trusted authorities on car and driver safety continues to refute stubborn stereotypes about older drivers with new data," stated AARP Senior Vice President Elinor Ginzler, upon release of the study.

There is a growing population of elderly people, and the percentage of elderly people who possess licenses is also growing. All of this has usually led to expectations contrary to the study's findings. What remains to be seen is whether auto insurance companies will take this new data into account when calculating rates.

While most experts relying on their common sense foresaw a rise in the frequency of crashes among the elderly, a study published in 2002 in the journal Injury Prevention actually projected a decline. However, though the study predicted that the crash-involvement rate for drivers 65 and over would indeed show a sharp decrease approaching 2010, the researchers said the trend will reverse itself in subsequent decades, eventually surpassing late-'90s levels. The study, titled Older Driver Involvements in Police Reported Crashes and Fatal Crashes, said that the percentage of all fatal crashes involving drivers age 65 plus was 14 percent in 1999, which would drop to 9 percent by 2010 and would climb back up to 13 percent by 2020. Whether this happens remains to be seen.

Consumers can use the directory at http://www.consumeraction.gov/insurance.shtml to find state insurance regulators and determine whether insurers in a state are allowed to use age as a rate-determining factor. Also, it might be worthwhile to attain a certificate through a safe-driving course for motorists over 55. Insurers in many states are required by law to grant a discount if their policyholders have such a certificate.

Website: http://www.onlineautoinsurance.com/

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