InsuranceQuotes.com and Quadrant Information Services conducted an analysis of the impacts of gender, age and marital status on car insurance premiums using data from the largest carriers in the United States.
According to the report:
- Young women get a better deal than their male counterparts. On average, single 20-year-old men pay 23% more than single 20-year-old women for the same policy. The study notes that the gap narrows significantly by age 25, and from ages 30 to 65, men pay slightly less than women.
- When men are compared, age, wins. A 25-year-old single man pays 49% less than a 20-year-old single man. For women, 25-year-olds pay 39% less than 20-year-olds.
- Older, married women get a break, too. The average married 20-year-old female pays 28% less for car insurance than the average single 20-year-old female (the difference is 24% for married vs. single 20-year-old men). By age 25, the marriage benefit falls to 7% for women and 9% for men.
- For both men and women, the average cost of car insurance falls each year until age 60.
- Up until age 30, women typically pay less.
- Married drivers pay less.
“All drivers can pay less for car insurance, regardless of their gender, age or marital status,” said Laura Adams, insuranceQuotes.com’s senior analyst in a written statement. “In addition to regularly comparing at least three quotes from different insurers, consumers should review potential discounts with their current insurer. This is even more important for younger drivers because they tend to pay the highest rates. Consider things like good student discounts, avoiding small claims and bundling your car and renter’s insurance policies with the same carrier.”
Fun fact: Only one state—Hawaii—does not allow car insurers to use age, gender or length of driving experience when setting rates.