Age, gender and marital status significantly affect just how much Americans buy car insurance, according to a new study from InsuranceQuotes.com. As well as the disparity in insurance costs is highest among young people.
InsuranceQuotes.com investigated premiums for drivers of varying genders, ages and marital status. The study used a fictional driver that was employed, owned a 2012 sedan, possessed a bachelor’s degree, a clean driving record and no lapses in coverage.
The findings were surprising. Ends up, numerous characteristics that seemingly have nothing to do with driving can drastically affect exactly how much you pay for insurance.
For men and women, simply being younger means paying more, with vehicle insurance rates falling each year until age 60. After age 60, premiums start to rise a small amount. InsuranceQuotes found that a 25-year-old single male pays about almost fifty percent less for car insurance compared to a 20-year-old. Plus a 25-year-old single woman pays 39 percent less than a 20-year-old.
Additionally, until age 30, women pay much less than men. The average single 20-year-old woman pays 23 percent less than a single 20-year-old man for the same exact policy. At age 25, women pay about four percent less. Then from ages 35 to 65, women actually pay about one percent over men.
Finally, married people tend to pay much less for insurance than single people. According to the study, the average married 20-year-old female pays 28 percent under a single female of the same age. The gap is about the same for guys. The discrepancy between married and single drivers shrinks considerably by age 25, however, and continues to accomplish this as they age.
Fortunately, there are steps you can take to lower your premium is basically that you fit into one of several higher-paying categories.
All drivers can pay less for vehicle insurance, regardless of their gender, age or marital status, said Laura Adams, insuranceQuotes.com’s senior analyst. In addition to regularly comparing no less than three quotes from different insurers, consumers should review potential discounts with their current insurer. This is certainly even more vital for younger drivers because they often pay the highest rates. Consider things like good student discounts, avoiding small claims and bundling your vehicle and renter’s insurance policies using the same carrier.