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Reduced car insurance needs for Quebec’s young adults: study

October 12, 2017   by Staff

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Photo copyright: ChioseaFewer men and women in Quebec between the ages of 16 and 24 are requiring insured vehicles, according to a study by the province’s consortium of auto insurers.

The trend is most dramatic with men between the ages of 16 and 20. There has been a drop of 20% in insured vehicles for this demographic over the last five years, finds the Groupement des assureurs automobiles.

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Women in the same age group produced a decrease of 15% in the same time period.

For those aged 21 to 24, the number of insured vehicles between 2011 and 2016 dropped 10% for men and 7% for women.

In all, between 2011 and 2016, the number of insured vehicles declined from 219,000 to 188,000 for men, and from 185,000 to 181,000 for women.

“Whether they’re environmentally conscious, fans of the collaborative economy, prefer to take public transit or want to spend their money on other things, regardless of the reasons, 16-24 year-olds have little interest in owning a car,” states the group’s announcement.

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Individuals who are 65 years old or older are showing higher insurance needs. Women between the ages of 65 and 74 experienced the highest increase in insured vehicles with a jump of 37% over the last five years. Men in the same age group saw an increase of 28%.

The data is similar for those over the age of 75, with the number of insured vehicles for women jumping 36% and 26% for men.

Among seniors aged over 65, the number of vehicles insured between 2011 and 2016 rose from 455,000 to 580,000 for men, and from 269,000 to 368,000 for women.

“The data points to an aging population, but also tells us that seniors want to remain autonomous as long as possible. This is even more true for women, who drive on their own,” explained Anne Morin, supervisor, public affairs, at Groupement des assureurs automobiles.

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This story was originally published by Canadian Insurance Top Broker.