While you’re in control of many of the factors affecting your car insurance costs, like your driving record and credit score, there are two factors that you can’t control: Your age and gender. Both age and gender play a role in what you’ll pay for your insurance.
Gender affects car insurance rates, especially among younger drivers. According to Statista, young men pay significantly more for car insurance than young women. The average monthly premium for a 20-year -old man is $142 per month, while 20-year-old women pay an average of $126 per month.
Those rate differences are based on statistics. According to the Insurance Information Institute (III), women are in fewer car accidents than men, and those accidents are less likely to be DUI accidents. Additionally, men are more likely to be involved in a fatal accident than women. Data suggests that women take fewer risks behind the wheel than men, so insurance companies charge men higher premiums because of the increased risk they assume when insuring men.
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Age also affects your safety while driving, which impacts your auto insurance rates. The III reports that mature drivers tend to have fewer accidents than less experienced drivers, such as teenagers. Insurance rates are usually highest for teenagers or drivers below age 25.
While car insurance rates are high for teen drivers, rates start to decrease once drivers are in their twenties. Rates continue to decrease into your forties and fifties, but then they’ll start to increase again as you age and your reflexes slow.
You may not be able to control your age and gender, you can control many other factors that affect your insurance premiums. To save on car insurance, focus on driving safely and maintaining a clean driving record. Consider buying a lower value vehicle and ask your insurance provider if you’ll receive a discount for completing a defensive driving course.
Rates can vary significantly between insurance companies, so take the time to shop around and compare quotes. You can get free car insurance quotes online today to start comparing coverage to find the best deal.
