Personal Finance and Investing

There is one battle that continues to divide the sexes – the argument about whether men or women are safest on the road.

Well, moneysupermarket.com knows better than to wade into that particular debate but we can bring you some statistics that show what the car insurance companies believe.

Analysis of more than six million motor insurance quotes made throughour website during the 12 months to June 2009 shows that men are paying an average of 71% more than women for their cover.

Why is this the case?

Insurance companies price for risk, and claims data shows that male drivers make more car insurance claims than their female counterparts.

Steve Sweeney, moneysupermarket.com’s head of motor insurance, said: “Many insurance companies view women as being safer and more mature in the way they drive. This why their premiums are not only cheaper but also decrease with age at a much faster rate than those of men.”

Isn’t this just for teenagers?

Admittedly the price gap is at its widest for teenagers. An 18-year-old man will fork out an average of £2,318.83 a year for cover – that’s 87% more than the average a female driver of that age will pay.

The good news for young drivers is that prices do start to fall once they reach their twenties; the average man then pays £1,004.25 a year – although the girls are still winning in the cost-stakes at an average of just £598.02.

Steve continued: “Younger drivers, especially males, will find themselves having to fork out for expensive motor insurance as they are perceived as a high risk category.

“While it is hard for younger drivers to find competitive cover, there are ways to cut costs such as adding a parent to their policy or looking at specialist insurers who target young drivers.”

Watch our video ‘Insurance tips for young drivers’ to see Steve outline a few of the ways teenagers can bring down the cost of cover.

However, the price differential between the cost of car insurance for men and women continues throughout their lives:

Planning for plummeting premiums

Whether you’re a man or a woman, a teenager or in your forties, you’ll want to pay as little for your car insurance as possible.

For tips on bringing down what you pay for car insurance, read our article ‘How to beat rising car insurance costs’.

Taking time to compare the motor insurance premiums different providers offer is essential to finding the right cover at the cheapest price. In fact, people who use our car insurance comparison tool save an average of £157 on their cover.

Steve concluded: “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.”

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