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Do women pay less for car insurance?

Updated: Sep 20

Why Women Pay Less for Auto Insurance


On average, women pay less for car insurance. Fact or Fiction? It might sound like a myth, but there are statistics to back it up. First of all, women tend to drive less than men. Less time on the road means less risk. In addition, statistics about car accidents and driving under the influence show that men are more of a liability. Insurance companies operate on the basis of calculating risk and have determined that women are a safer bet.


Risk-Taking Behavior of the Male Gender


According to the National Association of Insurance Commissioners, females are less likely to get into a collision. Men also wear seatbelts less often, which means that the injuries they sustain are often greater. Thus, their auto insurance claims are usually higher.


The National Highway Traffic Safety Administration declares that speeding is often more likely to be a contributing factor for men in fatal accidents than for women. Men are known to the riskier of the two genders. This can lead them to receive more citations and cause more accidents.


In addition to these factors, according to the FBI, over 500,000 men were arrested for DUIs in 2013 versus only about 175,000 females. As an indirect effect on cost, men might also tend to choose cars that are more expensive to insure.


So, What’s the Difference?


On average, females collectively pay less than men for auto insurance during their lives. Women pay the most when they are young, from ages 16 to 24. Youth is a contributing factor to high auto insurance premiums so men face very high costs at this age. Women are able to secure lower rates from ages 25 to 65. The difference boils down to about 12% less. In terms of dollars, this can mean a $15,000 difference over a lifetime.


The Takeaway


Of course, despite these trends, an individual’s personal driving record makes the most impact on auto insurance rates. So, men who are safe drivers need not be discouraged. And, females who have a clean driving record can reap an extra benefit. Hopefully, this will help to explain some of the difference when men and women get auto insurance quotes. So, keep this in mind when shopping around.


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