Women pay 9% less for their car insurance than men

”Women

According to research from moneysupermarket.com, women get the best deal on car insurance while young male motorists are paying the most expensive premiums.

A study by moneysupermarket.com has established that women pay 9% less for their car insurance than their male equivalents, with the average quote for a woman in her 20s being £320 compared to £370 for a man.

Age is a major factor in determining the price of cover, particularly for male motorists, who pay 41% more when they are in their 20s compared to when they reach their 30s.

The research also shows that the older the motorist, the lower their car insurance premiums are. Once a woman reaches her 50s, the cost is an average £203 a year while for men in their 50s, it is an average of £199.

Commenting on the figures, Peter Gerrard, head of insurance research at moneysupermarket.com, said young and newly qualified drivers have long been perceived as high risk by the insurance industry and often find it hard to get competitive motor insurance.

However, there are ways they can cut their insurance costs, such as adding a parent to their policy or looking at specialist insurers who target young drivers. It is evident from the study that insurers view women as far more mature motorists at an earlier age, adds Mr Gerrard.

Older drivers generally find their cars cheaper to insure so this can make it tough for specialist insurers to offer better value for elderly drivers. Motorists who are prepared to shop around for the best deal each year will always come out on top, whatever their sex or age, concluded Mr Gerrard.

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