Accident Insurance Claims Unlikely To Rise as Baby Boomers Age: Study

Aging baby boomers are unlikely to cause an increase in auto accidents or insurance claim rates, according to the findings of a new study. 

Researchers from the Highway Loss Data Institute (HLDI) have published a study called Changing Mix (PDF), which predicts that even though many baby boomers are causing sharp increases in the elderly population, that will not necessarily translate into more car accidents. The reason could be because baby boomers are not inclined to keep driving as they get older.

In 1997, there were fewer than 18 million drivers older than 75. By 2010, that number topped 22 million.

Did You Know?

AT&T Data Breach Impacts Millions of Customers

More than 73 million customers of AT&T may have had their names, addresses, phone numbers, Social Security numbers and other information released on the dark web due to a massive AT&T data breach. Lawsuits are being pursued to obtain financial compensation.

Learn More

Some observers have been concerned that a large increase in the elderly population as baby boomers get older will translate into more accidents on the road. Although it is known that elderly drivers face an increased risk of auto accidents, researchers indicate that baby boomers do not continue to drive in large numbers once they get older.

“Even though the segment of the population older than 65 years is expected to be 77 percent larger in 2030 than in 2010, it still will comprise a smaller proportion of the total driving-aged population than those younger than 30,” the researchers concluded. “And while all drivers younger than 30 have higher than average claim rates, on the older end of the spectrum only those 80 and over do.”

Researchers indicate that the largest concern should still be focused on the youngest drivers, who have insurance claim rates 68 percent higher than average, compared with 23 percent higher than average for the oldest drivers over the age of 80.

The largest segment of the driving population will remain drivers between the ages of 30 and 64, according to researchers from the Highway Loss Data Institute (HLDI), which is a group that has lower than average insurance claim rates.

Image Credit: |

0 Comments

Share Your Comments

I authorize the above comments be posted on this page*

Want your comments reviewed by a lawyer?

To have an attorney review your comments and contact you about a potential case, provide your contact information below. This will not be published.

NOTE: Providing information for review by an attorney does not form an attorney-client relationship.

This field is for validation purposes and should be left unchanged.

More Top Stories

Management of Ozempic Lawsuit Pretrial Proceedings To Be Reassigned Following Death of MDL Judge
Management of Ozempic Lawsuit Pretrial Proceedings To Be Reassigned Following Death of MDL Judge (Posted 3 days ago)

The judge overseeing Ozempic lawsuits consolidated in federal court has died, requiring a new judge to be assigned to oversee coordinated pretrial proceedings over claims the diabetes drug and similar medications caused stomach paralysis and other intestinal complications.