Age discounts for women faster too, says Moneysupermarket
Men pay 71% more on average for their car insurance premiums than women and 20-something men paying 112% more than men in their 30s, according to research by moneysupermarket.com.
An analysis of six million motor insurance quotes in the year to June 2009 showed the average motor insurance premium for a man was £886. This was £386 more than the £517 average for a woman.
- An 18 year old may was paying £1,081 more than a woman of the same age.
- Teenage men see a reduction in premiums from £2,318 to £1,004 when they hit 20.
- Women in their 40s pay on average £260 compared to £598 for a woman in her 20s.
Steve Sweeney, head of motor insurance at moneysupermarket.com said: "Men have historically had to pay higher motor premiums than women and this is reflected in the different prices insurers charge for male and female drivers.
“Many insurance companies view women as safer and more mature motorists and this is why their premiums are not only cheaper but also decrease with age at a much faster rate than those of men.
"Likewise, younger drivers, especially males, will find themselves having to fork out for expensive motor insurance as they are perceived as a high risk category.”
Age Male Female Difference (%)
- 18 £2,318.83 £1,237.33 87.41%
- 19 £1,873.31 £1,006.78 86.07%
- 20s £1,004.25 £598.02 67.93%
- 30s £473.13 £348.60 35.72%
- 40s £331.08 £260.99.85%
- 50s £249.16 £204.33 21.94%
- 60s £200.41 £170.59 17.48%
- 70s £217.90 £199.69 9.12%
- 80 £308.82 £236.83 30.40%
- Average £885.86 £517.37 71.22%