When it comes to car insurance, women are paying less than men, with young male drivers being the worst hit by expensive premiums according to research from moneysupermarket.com.
On average, women pay nine per cent less for their car insurance
than their male counterparts, according to the study, with the average quote for a woman in her twenties being £320 compared to £370 for a man.
Age also plays a large part in determining the price of cover, especially for male drivers, who pay 41 per cent more when they are in their twenties compared to when they reach their thirties. An even more dramatic gap can be seen for men insuring their car when they are aged 18, at an average cost of £1,815, and age 19, when the average drops by more than half to £874.
It seems the older a driver gets, the lower their car insurance premiums are, with the cost for women being an average £203 a year once they reach their fifties, and men in their fifties finally benefit from a small advantage with an average of £199.
"Young and newly qualified drivers have long been perceived as high risk by the insurance industry and often find it hard to get competitive motor insurance. Peter Gerrard, head of insurance research at moneysupermarket.com, said. "But there are ways they can cut their insurance costs, such as adding a parent to their policy or looking at specialist insurers who target young drivers.
"It's also clear that insurers view women as far more mature motorists at an earlier age.
"Older drivers generally find their cars cheaper to insure so this can make it tough for specialist insurers to offer better value for elderly drivers. Motorists who are prepared to shop around for the best deal each year will always come out on top, whatever their sex or age."
While women are paying less for their car insurance than their male peers, swiftcover.com still believes that they are paying more than they need to. According to its research, the 18.9million British female drivers face price differences of as much as £600 a year.
The insurer warns that companies which specialise in women's car insurance
are not necessarily going to be the most competitive, and urges women to compare car insurance quotes
to make sure they get the best deal.
Tina Shortle, marketing director of swiftcover.com, comments: "Statistically, women have been shown to cause less accidents than men, which means their premiums should be much lower, but even we were surprised in the difference between what they could be charged. Our message to all drivers, both men and women, is to shop around - and certainly not to settle for your renewal premium until you have made sure it is competitive."
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