Are men less likely to get affordable auto insurance than women? Moneysupermarket, the leading online price comparison provider in Great Britain, reported that male drivers would pay £17,000 more premiums than female motorists throughout their driving lifetime.
This figure was based on a survey conducted by the company, which looked at more than 6 million motor insurance quotes throughout 2008. It turned out that male drivers paid £743 a year on average, compared with £454 for women, or a net difference of £289. The difference is estimated at £17,000 when computed throughout the driving lifetime.
The same study also revealed that there was a huge difference in the cost of car insurance among various age groups, with younger drivers paying the most. Teen drivers approximately paid £2,200 a year, or £1,905 more than what was paid by forty year-old male drivers. A huge price gap was also seen between male and female drivers in their twenties. The male group paid £997 on average, whereas females paid £421 less at £576.
It is apparent that car insurers tend to be biased against certain gender and age groups, but their prejudice is somehow justified.
What do men drivers have that cause their premiums to soar above women’s? The total distance travelled by a car is one of the causes of the gender gap in insurance pricing. Men approximately drive 12,000 miles a year, compared with 8,000 miles for females. Younger and male drivers also tend to drive recklessly and commit other traffic violations more often. Notwithstanding the new Equality Bill, gender and age issues seem to remain a major obstacle to affordable auto insurance for men and young drivers. There is no law yet that directly forbids insurers from computing risk scores and premiums based on age and sex. Finding affordable auto insurance can be tricky for men and younger drivers, especially now that companies are downsizing and cutting costs to improve their baseline.
Male drivers can reduce the gender gap in insurance pricing by following these simple guidelines:
- Shop around to get the most affordable auto insurance from as many providers as possible. Premiums for the same policy can differ significantly among different insurers. You can save as much as 35 percent if you have at least five providers to choose from.
- Some insurance companies give discounts on purchases made online.
- Having car security measures lowers premiums. Equip your car with anti-theft and safety devices to reduce the risk of loss and injury.
- Choose a car with smaller engines. SUVs and bigger models cost more premiums than lighter cars. One of the reasons why SUVs are more costly to insure is because they are frequently stolen.
- Earning Pass Plus. Premiums can be lowered by as much as 35% with Pass Plus.