Car insurance for women is 71% cheaper than for men
Car insurance premiums for women are an average 71 per cent less than for male drivers, research from moneysupermarket.com has discovered.
From analysing more than six million motorists’ insurance policies, moneysupermarket found that on average, car insurance for women drivers costs £517, while their male counterparts are paying £386 more, an average of £886.
And it is not just a gender divide that plays a major role in determining car insurance premiums, but also age, as men in their twenties pay 112 per cent more on average than a man in their thirties.
Between men and women, it is in their teen where the difference in cost is most evident, with an 18 year old male paying £1,081 more than an 18 year old female driver, illustrating the emphasis that car insurance providers place on experience.
Just two years’ experience will see an 18 year old male driver’s car insurance premium fall from an average £2,318 to £1,004 when they reach the age of 20.
Women’s car insurance also sees a significant decrease in cost with age, at a steeper rate than for men, with the average 20-something’s premium dropping from £598 to £260 when they reach their forties.
Steve Sweeney, head of car insurance at moneysupermarket.com, said: “Men have historically had to pay higher motor premiums than women and this is reflected in the different prices insurers charge for male and female drivers.” Statistics which find women to be safer drivers account for this stark difference, he explained.
“Likewise, younger drivers, especially males, will find themselves having to fork out for expensive motor insurance as they are perceived as a high risk category. It is a shame that motor insurance premiums are based on age rather than experience,” Mr Sweeney believes.
But while it can be difficult to find affordable car insurance for young drivers, Mr Sweeney recommends ways of cutting the cost, such as adding a parent to their policy, looking at insurers which specialise in cover for young drivers. But he said that the best way to ensure they find the best value is to compare car insurance quotes.
Those “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 added.