And then from ages 35 to 65, women actually pay about one percent more than men. This article was originally published on insuranceQuotes. Please Enter Your Zip: So why do insurers consider married people a lower risk when it comes to pricing auto insurance? A single year-old male will pay 25 percent more for auto insurance than his married counterpart.
The car insurance premium for young women is at its highest when they are between 16 and 24 years old, but for young men they are much higher. While auto insurance companies calculate that women in this age group are more likely to exercise unsafe driving habits and get into accidents than older women, they find that men in this same group are still much more likely to: In a lifetime, women pay less for car insurance than men do.
As drivers reach 25 years old, their risk goes down, as insurance companies see them as more mature, settled, and safe on the roads. At this point, rates tend to begin evening out among men and women. The average number of miles driven by women vs.
Finally, married people tend to pay much less for insurance than single people. However, remember that you can always comparison-shop for the best possible car insurance rates.
According to the study, a single year-old male driver will pay 21 percent more than his female counterpart. Options for Male Drivers If you're a man, you may have to face that you'll probably be paying a higher premium than your female counterpart.
Since risk exposure is a large part of an insurance premium, women can generally expect to pay lower premiums than men.
However, don't expect your insurance rates to drop at midnight on your 25th birthday. The discrepancy between married and single drivers shrinks considerably by age 25, however, and continues to do so as they age.
Experts aren't entirely sure why this is the case, although Lehrer thinks it's most likely an insignificant difference. The Impact of Marriage on Car Insurance Rates According to the study, marital status is almost as significant in car insurance pricing as age and gender.
The statistics tend to show that as a group, women are less likely to: In addition to the above, a major factor that gets weighed when an auto insurance carrier determines your rates is your gender.
For instance, according to the Hawaii Department of Commerce and Consumer Affairs' Insurance Division, Hawaii is the only state that doesn't allow insurance providers to consider age, gender or length of driving experience when determining premiums, which accounts for the negligible difference in premium costs.
At age 25, women pay about four percent less.
The frequency of accidents among women versus men.A year-old single man pays 49 percent more for car insurance than a year-old single man. He will also pay 23 percent more than a year-old single woman, according to the study.
In a lifetime, women pay less for car insurance than men do. The major difference, however, stems from the difference in risk between female and male drivers in their youth. The car insurance premium for young women is at its highest when they are between 16.
Mar 31, · A single year-old male will pay 25 percent more for auto insurance than his married counterpart. And a single year-old woman will pay 28 percent more than her married counterpart. Mar 26, · Singles pay more for car insurance by Katie Lobosco @KatieLobosco March 26, AM ET Singles may have more fun, but they also pay more than their married friends for.
Watch video · Even then, a year-old single male driver is paying, on average, 60 percent less for auto insurance than a year-old single man. For women, the difference is an average of 50 percent less.
And then from ages 35 to 65, women actually pay about one percent more than men. Finally, married people tend to pay much less for insurance than single people.Download