How Gender Affects Car Insurance Rates
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Your gender can affect your car insurance rates, especially when you are young. Statistically, women pay lower rates because they tend to make safer choices when it comes to driving. Because of these choices, providers charge them less than men. Wise decisions lead to fewer accidents and claims, which equates to less risk and payouts for insurance companies.
Men are three times more likely to get a speeding ticket than women and have more than twice the risk of being involved in a fatal accident. The odds change significantly for the better after the age of 24, but until then a man will pay a much higher rate because the chances are greater he will get a ticket or be in an accident.
If he does get a ticket, his rates can raise as much as four times higher until he has proven himself a safe driver.
Women are safer drivers, while men are willing to take more risks. Studies have shown, especially in younger, single, or childless men, a man is more likely to push through a yellow light, cut off a nearby car, speed, turn sharply, not wear a seat belt, or change lanes without signaling.
These risky maneuvers increase the probability of an accident, thus increasing car insurance rates.
Driving while drunk
Researchers have found that men are more than three times more likely to be arrested for drunk driving. Individuals who drive while drinking are seven times more likely to be in an accident. Add up the numbers and you don’t have to be a mathematician to understand why this gender statistic affects car insurance rates.
Because the risks are so high, if a person is convicted of drunk driving, they can expect their rates to go up as much as $4,000 annually, if they can get their insurance renewed at all.
Male drivers tend to prefer sportier and faster cars. Not than women don’t like them, too. However, in this case, men act on their impulse more often. While this does not directly affect car insurance rates based on gender, it indirectly does because men buy and drive the type of cars more and the make and model of a car affects insurance costs. Add this to the gender factor and the insurance rate is even higher for a man than a woman in this situation.
This information may seem discouraging to a young man, but there are still ways to lower rates. If he is a student and maintains a B average, he can ask his insurance company for a good student discount. He can also take a safe driving course. Make sure it is an approved course, one in which his insurance company offers a discount for attending and completing.
In general, gender does affect car insurance rates when drivers are young, but when men turn 25, and if they have a clean driving record, the gender rate gap begins to disappear. Several states are starting to turn away from this practice and are prohibiting insurance companies from pricing premiums based on gender rating factors. But until the practice is eliminated altogether, the contributing reasons for the rate differences is the chances for speeding tickets, risk taking, and driving while drunk, as well as vehicle preference.