Insurance discount at 25 years



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Thread: Insurance discount at 25 years

  1. #1

    Insurance discount at 25 years

    I was wondering if im 24 and get a ticket for speeding (minor infraction) and i dont fight the ticket how will this affect my rates for the following year. Specifically in regard to the discount i get for turning 25 and for turning 25 with a clean record?

    I had a similar question in the legal forum and they referred me here.

    Thanks

  2. #2

    Join Date
    Mar 2011
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    Scarborough
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    804

    Re: Insurance discount at 25 years

    I don't know how it'll affect it but I would fight it no matter what. At least request a trial so you can delay it.

    www.ticketcombat.com
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  3. #3
    VifferFun's Avatar
    Join Date
    Jul 2008
    Location
    West of Toronto
    Posts
    7,486

    Re: Insurance discount at 25 years

    It won't change the fact that you will turn 25yo and your rates will decrease significantly due to your rate re-classification. In general, with the exception of State Farm, a minor conviction adds about 0% to 10% to the premium that an otherwise conviction-free person of the same age, gender, marital status, location, etc. would be paying.
    I'm an Actuarial Analyst for a Major Canadian Insurance Company. I analyse claims patterns to determine overall rate changes, as well as relative premium differences by various risk characteristics (eg. age, experience, claims, convictions, usage, etc.)

    Unless it's private, please post insurance-related questions in the forum rather than sending me a PM.

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