Car Insurance Nearly 10 Percent Cheaper for Women
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Car insurance is nine percent cheaper for women than it is for men, according to data from insurance comparison service InsWeb.
The company revealed that the current national median car insurance premium for women is $698 for a six-month policy and $765 for men.
If you’re curious why car insurance is cheaper for women, it has to do with basic insurance underwriting (how car insurance rates are determined).
Women are nearly 50 percent less likely than men to have a DUI on their record, and approximately 10 percent less likely to have a moving violation on their driving record.
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They also tend to drive cheaper cars, with the average list price eight percent cheaper than that of male drivers – $22,815 vs $24,861, respectively.
“While the difference in the median rates for men and women is clear, we can’t say definitively that women pay less than men for car insurance because they’re women,” said Brad Cooper, InsWeb’s Senior Vice President of Operations, in a recent press release.
“Our data suggests there is very little rate variation when gender is the only difference between two drivers. The variance in the median rates is most likely due to differences in the underwriting profiles of our male and female consumers.”
If you’re in the market for car insurance, consider gathering insurance quotes online and/or speaking with an independent agent who can shop your rate with numerous companies all at once.
Tip: How can I lower my car insurance rate?
(photo: akeg)