Men pay 26 percent more for car insurance than women

Men pay more for car insurance than women

Men are paying 26 percent more than women to insure their car. That’s according to data from 15 million insurance quotes provided from January 2018 to January 2020.

The research found that men pay an average of £581 for cover, while women pay £460: a difference of £121.

MoneySuperMarket, the company that commissioned the research, says there are a number of factors behind the price difference.

For example, men are five times more likely to own a car that costs £1,000 or more to insure. They’re also 16 percent more likely to own a car that costs £500 more to cover.

Similarly, men are 84 percent more likely to work in jobs that result in an average premium of £500 or more.

One such job is professional football. The data shows 96 percent of professional footballers who enquired about car insurance were men. The average premium for a footballer is a whopping £2,166.

Insurance group rating is another factor. In the UK, cars are placed into groups ranging from 1 to 50. Although there are a number of factors at play, 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.

Shop around for a better deal

car insurance quote

Dave Merrick, car insurance expert at MoneySuperMarket said: “Our research shows that on average men pay £121 more than women for car insurance. Whilst insurance providers cannot legally discriminate based on gender, other rating factors – such as the car you drive and your occupation – will influence the price you pay.

“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.

“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.”

Click here to view the full data.

ALSO READ

Are you paying too much for your car hire excess insurance?

Nearly 1,000 children convicted of driving without insurance

Does your car insurance policy include valet parking cover?

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.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