Why do men have a harder time getting cheap auto insurance than women? There are quite a number of reasons why male drivers get higher car premium that their female counterparts. But ultimately, the one reason that all insurers give to customers is this: male drivers are considered high-risk driver than females.
What are the factors that affect the rate of a car policy?
Aside from your personal information, your vehicle details also play big roles in determining what your car policy premium will be. The make and model of your vehicle will either help you acquire low rate insurance or hinder you from getting one. The rule here is simple enough to understand: the latest the make and model of your vehicle, the higher your car premium will be. That’s why brand new sports car with super power engines and limited safety features cost way higher than a regular vehicle.
Your surroundings play a role in determining your policy premium as well. If you live in a rural area, your insurance premium will cost less than if you’re residing in the city. Rural areas have minimal traffic, which in turn creates minimal road accidents.
The Deal with Men’s High Insurance Rate
The two factors that draw the line when it comes to policy premium are the policy seeker’s age and gender. These two are the determinants that you don’t have any control of. You can’t change your sex and you need to wait for a long time to get older. Male drivers under the age bracket of 16-24 are considered high risk drivers. Based on numerous studies, insurance experts and statistics say that male drivers are often involved in road accidents than female motorists. Furthermore, men get more speeding and parking tickets than women. Because of these data, a lot of insurers believe that giving male drivers high-priced car insurance will not only secure their investment but will also help me drive more responsibly.
And though a lot of men take offense being coined as high risk drivers, studies after studies show that at least male drivers have an 80% higher risk of getting involved in a fatal accident than women.
When you add the age of the male driver in the mixture, it goes without saying that the car’s premium will skyrocket. This is especially true for male drivers who are under the age of 25 and/or unmarried. Again, statistics show that young drivers are five times more liable to be in a serious car collision than the average motorist. Possibly the main reason behind this is the lack of experience in driving and the concept of being a new driver that involves a rush of excitement that usually leads to inferior judgement calls. Because of these staggering numbers and reasons, insurers believe that it’s only apt that they consider male drivers more treacherous.
Is there any chance of getting low-priced policy then?
There are certain methods that you can do and control to get low-rate auto insurance. Driving records and credit reports are two determinants that you can periodically regulate to your advantage.