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The gender gap and car insurance
When it comes to policies, XX can mean lower rates than those for XY.
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Do women always pay less for car insurance?
Despite what you may have heard, women don’t always get cheaper rates on car insurance.
We compared rates across providers for a sample driver in New York for a more accurate view on how much gender plays into the premiums you end up paying.
Our analysis of Quadrant data found that men under the age of 18 pay 17% more for their car insurance than women of the same age. However, between the ages of 31 and 35, women could see 5% higher rates than men.
Who pays the most for car insurance: men or women?
The higher premium varies by a driver’s age. But it turns out that over a lifetime of driving, men end up paying about 3% more than women.
Car insurance rates for men vs women by age
Young men have the highest car insurance rates
Men younger than 18 pay the most for car insurance at an average annual premium of $7,560. That’s 17% higher than the average $6,304 women pay annually.
Car insurance rates for men vs women: under 18
Men continue to pay 14% more for their car insurance between the ages of 18 to 21, when they pay $4,144 versus $3,571 for women.
Car insurance rates for men vs women: 18-21
Men also shell out 8% more between the ages of 21 and 25: an average $2,929 a year for coverage while women pay $2,709.
Car insurance rates for men vs women: 22-25
The tables turn after 25
This is where the script flips: Women between the ages of 26 and 30 pay an average 3% more each year for their car insurance: $2,591 for women to $2,518 for men.
Car insurance rates for men vs women: 26-30
This trend continues between the ages of 31 and 35, when women pay an average 5% more per year. Women pay about $2,602 a year for their car insurance — $122 more than men.
Car insurance rates for men vs women: 31-35
Women ages 36 to 45 continue paying 5% more with average premiums of $2,650 versus $2,533 for men.
Car insurance rates for men vs women: 36-45
Welcome to the middle-age spread
Between the ages of 46 and 55, it starts to even out. Here, men and women pay (almost) the same amount for car insurance: $2,460 for men versus $2,471 for women.
Car insurance rates for men vs women: 46-55
This trend continues through to age 56 and older, with women paying a mere 1% more for auto insurance at $2,454 versus $2,426 for men.
Car insurance rates for men vs women: 56+
More to the story
These stats show average rates for the same driver demographic, but they don’t tell the whole story about car insurance rates across genders. The average and minimum rates for men were about 4% lower between ages 26 to 45, but the median rates were a lot closer at around 2%.
For example, median rates for men ages 31 to 35 were only $18 higher than for women, at $1,870 versus $1,898, respectively. And the absolute cheapest rate for men at $601 was only $80 more than the $681 for women.
Why do car insurance prices differ by age and gender?
Unless you live in California, Hawaii, Massachusetts, Montana, North Carolina, Pennsylvania and some parts of Michigan, the gender on your driver’s license is a factor for your premiums. It’s just one of the factors your insurer considers when determining how much you’ll pay for your car insurance.
Charging different premiums by gender boils down to statistics, which suggest that men, by and large, can make bad decisions behind the wheel — especially when they’re young.
Each year in the United States, between 70% and 80% of all drunk-driving offences are attributed to male drivers. And according to the latest data available from the National Highway Traffic Safety Administration, men account for almost three-quarters or 71% of all road fatalities.
Pay less for car insurance when you pay-as-you-go
If you’re looking to pay less for insurance, among the options available to help you save is pay-as-you-go car insurance.
With this use-based insurance, your rate is determined not only by how much you drive but how also how well you drive. The insurer tracks your driving either through a trial or throughout your policy through a plug-in telematics device, a built-in device or a smartphone app.
After you’ve installed the monitoring device, it tracks data points related your driving, such as how far you drive, your speed and how heavily you break.
Pay-as-you-go could be an affordable option for younger drivers looking to cut down age- or gender-related penalties by proving conscientious driving. It’s a convenient way to prove that your driving ability should be the biggest factor when it comes to your rates.
It pays to compare your options
Ultimately, paying too much for car insurance is more complicated than how old you are or whether you identify as a man or a woman. To find the cheapest rates and most comprehensive coverage you’re eligible for, compare both big and smaller insurers.
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