The UK's leading price comparison site analysed over six million motor insurance quotes from between June 2008 and June 2009 and reveals the average motor insurance premium for a man is £886 - £386 more than the £517 average for a woman (see table below). In addition, it is those in their teens who see the starkest difference between premiums, with an 18 year old male paying £1081 more than a female of the same age. Teenage males who gain themselves a few years experience on the roads however, will see a reduction in premiums from £2318 to £1004 when they hit 20.
Men continue to pay significantly more for their car insurance the younger they are. Men in their twenties pay on average £1004 a year - a 112 per cent difference to a man in their thirties who will cough up around £473 by comparison. Likewise, women can expect to see significant decreases in the costs of their premiums as they get older, paying on average £260 if they are in their forties in comparison to £598 for a woman in her twenties.
Steve Sweeney, head of motor insurance at moneysupermarket.com said: "Men have historically had to pay higher motor premiums than women and this is reflected in the different prices insurers charge for male and female drivers. Many insurance companies view women as safer and more mature motorists and this is why their premiums are not only cheaper but also decrease with age at a much faster rate than those of men.
"Likewise, younger drivers, especially males, will find themselves having to fork out for expensive motor insurance as they are perceived as a high risk category. It is a shame that motor insurance premiums are based on age rather than experience and while it will be hard for younger drivers to find competitive cover, there are ways to cut the costs such as adding a parent to their policy of looking at specialist insurers who target young drivers. With this said however, motorists who are prepared to shop around for the best deal each year will always come out on top regardless of their age or gender."
Average motor insurance premiums for men and women based on age*
|
Age |
Male |
Female |
Difference |
Percentage Difference |
|
18 |
£2,318.83 |
£1,237.33 |
£1,081.50 |
87.41% |
|
19 |
£1,873.31 |
£1,006.78 |
£866.53 |
86.07% |
|
20s |
£1,004.25 |
£598.02 |
£406.24 |
67.93% |
|
30s |
£473.13 |
£348.60 |
£124.53 |
35.72% |
|
40s |
£331.08 |
£260.99 |
£70.08 |
26.85% |
|
50s |
£249.16 |
£204.33 |
£44.83 |
21.94% |
|
60s |
£200.41 |
£170.59 |
£29.82 |
17.48% |
|
70s |
£217.90 |
£199.69 |
£18.21 |
9.12% |
|
80 |
£308.82 |
£236.83 |
£71.99 |
30.40% |
|
Average |
£885.86 |
£517.37 |
£368.49 |
71.22% |
Other ways to cut your insurance costs:
- Shop around - The Association of British Insurers says you can save 35 per cent by comparing as few as five insurance providers. The average amount saved by changing your car insurance provider with moneysupermarket.com is £157.
- Buy online - Many car insurers offer discounts to customers that buy online.
- Mileage limit - Consider a mileage limit or to only drive at certain hours of the day.
- Car security - Make sure you have an alarm and immobiliser.
- Drive a car with a smaller engine - A newer, more reliable car that is less likely to be used by 'boy racers' will have a cheaper premium.
-Ends-
Notes to Editors:
* Table based on 6,120,803 motor insurance quotes from 01 June 2008 - 31 May 2009.
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