Car insurance costs 79% more for young males than females

Car insurance costs 79% more for young males than females

21 September 2010 / by Rachael Stiles

Young male drivers pay 79 per cent more for their car insurance than young females, research shows.

Because statistics show that young male drivers make a higher number of expensive claims than female drivers, car insurance premiums are as much as 79 per cent higher than their female counterparts, moneysupermarket.com has found.

Car insurance premiums for this demographic are all pushed up by the higher risk they pose, and young male drivers who get a speeding conviction pay a further 12 per cent for their car insurance.

Moneysupermarket.com found that the cheapest premium for an 18 year old male driver, for a 2005 1.4litre Ford Fiesta was £4,897,while the average premium for this group is £7,917, compared to an average £4,422 for a female driver of the same age.

A few years' driving experience can make a significant difference to the cost of car insurance for young male drivers, with premiums falling by more than 50 per cent, and falling further once they reach their thirties.

It is not until male drivers turn 50 that they start to pay less than their female counterparts, the results of the survey show.

Commenting, Steve Sweeney, head of car insurance at moneysupermarket.com, said: "Young male drivers traditionally bear the brunt of a ‘boy racer' reputation through the cost of their premiums." This is because, he said, "Many insurance companies view women as safer and more mature motorists and this is why their premiums are cheaper."

"It's a shame car insurance premiums are based on age rather than experience," he added, but that in the meantime, young male drivers can keep the cost of car insurance down by getting quotes from insurance providers who specialise in car insurance for young drivers.

"Motorists who are prepared to shop around for the best deal each year will always come out on top regardless of their age or gender," he concluded.

© Fair Investment Company Ltd

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