Insurance

Oct 30 2016

Do Women Pay Less for Car Insurance? #privilege #insurance

#womens car insurance
#

Do Women Pay Less for Car Insurance?

By Colin Bird on September 22, 2010

You’ve probably heard this assertion before when it comes to health insurance, life insurance and yes, auto insurance: Women typically pay less than men for their policies. Is this true and if so, why?

According InsWeb, an online insurance comparison provider, women do pay an average 9% less than men do for their car insurance policies. Current national six-month averages for car insurance are $698 for women and $765 for men, according to the study.

The insurance industry isn’t picking on men; it’s simply a numbers game. The rates are primarily based off the underwriting policies that many leading auto insurance companies use. Each auto insurer assesses the risk for paying out future claims.

For example, men are 50% more likely to have a DUI or DWI on their driving record than women. Women are also 10% less likely to have a moving violation on their driving record. Women typically have cheaper vehicles than men. On average, women’s vehicles are valued at 8% less than a men’s cars nationally ($22,815 vs. $24,861, respectively). When women are the primary drivers on a policy, they are less likely than men to have multiple drivers or multiple vehicles listed on a policy. All of these factors feed into costlier premiums regardless if you’re a man or women.

It just so happens men are riskier bets for insurers than women. To find out how much insurance costs for a man or women in your state — and state premiums vary drastically — check out the complete graph from InsWeb below.

Written by CREDIT


Leave a Reply

Your email address will not be published. Required fields are marked *