Car Insurance: Men Are Paying 26% More Than Women
No one likes paying for car insurance, but men seem to have even more of a reason to be irked. According to research, they’re paying 26% more than women…
Car Insurance: Men Pay More
Research conducted by MoneySuperMarket has revealed that men are paying considerably more for car insurance than women. On average, they’re presented with premiums costing 26% more than those faced by female drivers. That’s according to data extracted from 15 million quotes between January 2018 and January 2020. For perspective, men pay an average of £581 for cover, while women pay £460; that’s a difference of £121. According to MoneySupermarket, there are number of factors behind this discrepancy. For instance, men are five times more likely to own a car that costs £1,000 or more to insure. In addition, they’re 16% more likely to own a car that costs more than £500 to insure. Furthermore, 84% of men are more likely to work in jobs that result in an average premium of £500 or more.
What’s referred to as an ‘insurance group rating’ can also be a factor. In the UK, cars are categorised into groups ranging from 1 to 50. In essence the lower the insurance group, the less you’re likely to pay for car insurance. One in five men drive a car in the top 20 groups; meaning they need to pay more for cover. In this sense, then, the discrepancy between what men and women pay is really a question of what men prefer to drive. They’re seemingly much more interested in driving larger and more expensive vehicles than women; which causes prices to rise. It is, after all, illegal for insurers to discriminate based on gender.
The Key Is To Shop Around
Dave Merrick, car insurance expert at MoneySuperMarket, has said that the best way to save money on car insurance (regardless of gender) is to shop around. He said, “our data shows that men typically drive cars in higher insurance groups and work in professions that attract a higher insurance premium, pushing up the cost of their insurance. No matter your personal circumstances, there are a number of things you can do that may help to reduce the cost of your insurance. For example, parking your car in a secure location, fitting an alarm and reducing your mileage are all ways to bring costs down”. He added, “shopping around for a better deal can also save you up to £2,702. It’s vital to ensure your policy doesn’t auto-renew as this can sometimes lead to an increase in your premium. More than 14 million motorists still allow their policy to auto-renew every year, meaning that £565 million more is being spent on car insurance than is needed”.
New Car Tech Is Putting Up The Price Of Insurance – https://autoserve.co.uk/motoring-news/new-car-tech-is-putting-up-the-price-of-insurance/
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