A leading car insurance company has conducted a recent study that has revealed young male drivers pay out twice as much as young females do on their car insurance in the first year.
According to the Department for Transport, young men have a much higher accident rate and as a result have seen their premiums rise accordingly over the last few years. On the other hand, young women have been enjoying watching their car insurance premiums reducing over time. Since 2003, the difference in cost for car insurance for young men and young women, or the gender gap, had widened by 59 per cent.
Whilst the number of people being killed or seriously injured on Britain’s roads has been falling, studies still show that the majority of these incidents are as a result of under 25’s driving dangerously, out of these, over two-thirds are young male drivers.
It is due to these figures why men have to pay so much more for their premiums. The leading car insurance company said that the high costs can be explained by the figures that show that males under the age of 21 are 10 times more likely to have an accident than those aged 35 or over.
It is statistics like these that car insurance companies base their premiums on so this explains why the average cost for a young male driver is around £4,500 whereas car insurance for women costs around £2,700. These amounts will drop to £1,400 and £1,200 respectively when drivers are 35 or older.
Another fact that the insurance company pointed out was that drivers should always drive safely, as accident-free drivers who have no points will find that their car insurance premiums will fall by around 30 per cent and will continue to fall for as long as you have a clean driving record. An example that was given was of a 17 year old driver who, at 21, would find that their premium would fall by up to 80 per cent, as long as they had a clear licence and were still driving a similar car.
Other advice that the company gives on top of keeping a clean licence is to avoid speeding offences and taking a Pass Plus test which can knock 35 per cent off the cost of their car insurance.
Another tip, specifically for men, is that they could cut the price of their car insurance by adding a girlfriend or partner as having a female driving the car as well can help to reduce the premiums. Unfortunately, this doesn’t work the other way and if a woman was to add her boyfriend to her policy, she is more than likely to see the cost of her policy to increase.
It is statistics like these that car insurance companies base their premiums so this explains why the average cost for a young male driver is around £4,500 whereas car insurance for women costs around £2,700.
Another fact that the insurance company pointed out was that drivers should always drive safely
Another tip, specifically for men, is that they could cut the price of their car insurance by adding a girlfriend or partner as having a female driving the car as well can help to reduce the premiums.