Study: The Auto Insurance Gender Gap Is Real! (And Not In Men’s Favor)
–New Data Reveals Impact of Gender, Age, Marital Status, Vehicle Type and Credit on Premiums–
AUSTIN, TEXAS (November TK, 2017)—Think your driving record is the only factor influencing your auto insurance premiums? Think again. A recent study from insuranceQuotes shows important, but lesser-known factors that impact rates.
“Life isn’t fair, and neither are auto insurance rates. While some factors that influence what you pay are in your control, such as the vehicle you drive and your annual mileage, many are not. For instance, your gender, age, marital status, and credit, place you in a particular risk profile that determines rates,” said Laura Adams, senior insurance analyst at insuranceQuotes.
Among the study’s findings:
- Men pay more: Men pay an average of $124 per month, while women pay an average of $119 per month — adding up to an average of $60 more per year for male drivers than female drivers.
- Younger drivers pay more: A 20-year-old pays $213 on average per month and a 25-year-old pays $126. Meanwhile, a 30-year-old pays $116 and a 50-year-old pays $107, with a 60-year-old paying the lowest rate at $103 per month.
- Single drivers pay more: Single drivers pay $9 more per month than married drivers.
- Drivers of coupes and hybrids pay more: They pay an average of $131 per month, while those driving sedans pay $126 and those driving trucks pay $117. SUV drivers pay even less — $103 a month.
- Those with poor credit pay more: Insurers in most states use credit as a rating factor.
“No matter what, drivers do have control over their safe driving habits. Having a clean driving history with few claims helps keep your rate low,” Adams said.
The full report — which includes in-depth data and further analysis — is available at /auto/surprising-factors-drive-up-car-insurance-rates-111417
Data from Quadrant Information Services was used to measure the impacts of age, gender, marital status, and vehicle type on car insurance premiums in each U.S. state and the District of Columbia. Averages are based on driving 12,000 miles per year, having a clean driving record, and good credit. Policy limits include $100,000 for injury liability, $300,000 for all injuries, a $500 deductible on collision and comprehensive coverage, and uninsured motorist coverage.