In Today’s Age: Women aged 75 and older largest share increase in insured vehicles, says GAA

Montréal, Québec — Since 2015, women aged 75 and older represent the largest share increase in the number of insured vehicles, according to Groupement des Assureurs Automobiles (GAA) statistics.

GAA’s yearly stats update revealed a large progression of insured vehicles. Over the past five years, the number of vehicles insured by women aged 75 and older has risen 31 percent and for men of the same age, it rose 23 percent.

Among seniors aged over 75, the number of vehicles insured between 2015 and 2019 increased from 102, 631 to 134,771 for women, and from 176,097 to 216,727 for men.

For drivers, the number of vehicles insured rose five percent during the past five years. Among younger drivers, the number of insured vehicles fell 8 percent and 7 percent for women and men under 25 years of age, respectively.

“As the population ages, we note that seniors want to drive longer. On the flip side, the number of younger insured vehicle owners is down. Opposing trends among younger and older drivers!” stated Anne Morin, supervisor of public affairs at GAA.

Up to age 29, men are most likely to have the highest loss frequency. But the trend reverses at 30 when collision frequency is high among women, according to GAA 2019 data.

For both men and women, claim improvement progress as drivers age, up to age 65, when claims go up slightly.

Drivers of both genders aged 24 and under have the highest collision claims frequency, while collision frequency for all drivers sits at 4.72 percent, that stat rises to 11 percent for male drivers under age 24 and nine percent for female drivers in the same age group.

The fewest accidents are among the drivers aged 45 to 64.

The average cost of a claim for a collision caries on the policyholder’s age and gender. In 2019, the average cost varied between $3,836 and $5,424 for women, versus $4,338 and $6,597 for men.

“After a collision, vehicles driven by women suffer the least damage. And this observation holds true in older drivers,” states Morin.

To find out more, check out this website, here.

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