There has been a lot written about the colliding generations lately: Boomers, Generation X and Generation Y all duking it out on the highway of life in their struggle to be top dog.

I’ve decided to take a look at the generation gap as it relates to car insurance rates…

What generation of car insurance rates do you belong to?

Generation Y (born 1977-1991): The Internet generation, they learned to drive before they ever got behind the wheel of the car – via video games, of course. The centre of their parents’ universe, these high maintenance kids have been groomed for success. Voted most likely to have their own car before the age of 18.

They are referred to as Echo Boomers and lean towards the environmental friendly and electric cars.  There’s not a lot of actuarial crash data on these newer models which might give these buyers a bit of a break, but their age will more than likely counter balance this edge. 

Generation X (born 1961-1976): The most criticized generation. Generation ‘X’ have been described as disaffected, directionless, lacking passion and drive. Gen X seems to be a safe bet for car insurance companies.

This group grew up during a period of the Dot.com boom, combined with reduced expectations of long term relationships between employer and employee.  Using the Internet to find the best insurance rates is a no brainer for this group.  Switching companies to save a couple of bucks is a given.  Even if the rates for this generation come in higher, it’s a good bet that over all Gen X’s will not sleep until they find the lowest rate out there. 

Baby Boomers (1943-1960): This generation thinks the world revolves around them and for the most part, they’re right.  They command the most attention from marketers, media and politicians. Clinging to their youth, this group has been voted most likely to sport a bumper sticker saying; Just Like You . . . Only Richer & Smarter. As a group they’re the healthiest and wealthiest.  They could care less about what they pay for their car insurance, as long as they have enough money for their golf, skiing and boating memberships.

Insurance companies love this group as they profit like crazy because of the sheer number of Baby Boomers and all their kids, listed as drivers on their policies. 

The Silent Generation (1925 – 1942): This generation of hardworking people focused on getting things done and advancing their careers.  Yet, they’ve been called withdrawn, cautious and unadventurous.  

Many of our insurance risk assessors would have come from this group. Could the Silent Generation given themselves an insider’s edge when it comes to favorable car insurance rates?

The Greatest Generation (1911-1924): This generation had World War II and the ensuing years spent rebuilding to prove themselves – and they did.  These men and women have no problem fighting for what they believe in. And if they feel they deserve a fair break in their car insurance rate, they’ll have everyone running around to find them the best price.  I’d recommend collision coverage be mandatory.

So which generation commands the best car insurance rate?

Well it greatly depends on which insurance company you buy from, as they all offer a spread of difference rates for each generation.

I compared 30 insurance company rates using the same car and simply changed the driver’s age.  Here are the lowest to the highest rates I was quoted based on a clean driving record.

With all that said and quoted; when it comes to insurance rates the often overlooked Silent Generation came out on top!  Qualities considered to be negative by some have scored top points with the insurance companies!