Men do not get cheap car insurance until they are 30
Men must wait until 30 for cheap car insurance
Tuesday, 06 Feb 2007 12:34
Men have to wait until they are in their 30s to get cheap car insurance, while women benefit from low-cost car insurance up to ten years younger.
That is according to new research from Moneysupermarket.com, which shows the UK's men do not shake off their boy-racer image until well into their third decade.
But once the big three-zero is passed car insurance for men halves in price. The average annual car insurance premium for men in their 20s is £1,123, more than twice as high as the average premium for men in their 30s (£543).
Women, by contrast, benefit from cheap car insurance when they hit their 20s. The average car insurance quote for a 20-something woman was £736 last year, 51 per cent cheaper than the teenage premium of £1,503.
"It's clear from these statistics that insurers view women as mature motorists in their 20s, while men have to wait a decade longer to have their boy racer premiums wiped out," said Peter Gerrard, insurance researcher at Moneysupermarket.
"Younger drivers often find it hard to get competitive motor insurance, as insurers rate them as a high risk group, but there are ways they can cut their insurance costs, such as adding a parent to their policy or looking at specialist insurers who target young drivers."
For motorists of all ages, UK car insurance premiums became five per cent cheaper in 2006 - falling from £878 for 2005 to £832 in 2006.
The average premium for a woman driver was £646, down from £667 in 2005, while the average car insurance from a man became £32 cheaper at £944.
"Year-on-year figures show insurance premiums have dropped by five per cent, due to fierce competition in the marketplace," said Mr Gerrard.
"Motorists have also become more active in seeking out the best deals for them, adding higher excesses and being more accurate with their mileage details."