Why young men pay twice as much as young women
2 commentsThe elation at passing your driving test and buying your first car can fade quickly when you realise just how much you are likely to pay in insurance, especially if you are a young man. According to a recent research carried out by AA Insurance, the average premium for a 17 year old male is quite likely to be double that for a young woman of the same age. Whilst this may well seem unfair, there are facts and figures to support the notion that males of this age are a far higher risk for insurance companies.
Although we may well feel proud as a nation that our accident rate on the roads is falling, the fact remains that the rate of death or serious injury in the under 25 age group has actually risen in the last eight years, the lion’s share being accounted for by young men under the age of 21. They are ten times more likely to have an accident than their counterparts over 35, whereas women under the age of 21 are a mere five times as likely as women over 35 to have an accident.
When it comes to looking at the cost of accident claims, young men come off badly too. The average cost of a claim for a young male driver is a staggering £4500 compared with £2700 for young women. For the over 30s, the costs are reduced to £1400 and £1200 respectively.
The good news for careful drivers is that once you start accruing your no-claims discount, the costs drop pretty quickly, by about 30% in the first year up to a maximum of 80% after three years. Just don’t be tempted to change car to one in a higher insurance group!
Comments
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