What is the cost difference for car insurance between men and women?

Curious what role gender plays in the maths.

Asked by katie.jenkins

2 Answers

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
in general terms you could argue that gender is irrelevant.

insurance relies on interpreting past data on claims experience.

therefore a young female driver might be considered to be a safer bet than a young male driver due to the notion of "boy racers".

if there were common traits between the genders that influenced the reasons for claims on motor or other policies, gender related pricing wouldnt occur.

the notion of female pricing on motor policies had been thought to be short lived last year as legal challenges were being made to outlaw it as somehow a form of discrimination.

the truth of the matter is that you can probably find as many bad drivers of all genders and ages, occupations, home towns, and so on.

but in order that people with a safer driving record are rewarded for their careful driving, insurers have to set a benchmark and the "good risks" fall below the mark and pay less, whilst others pay more, and possibly only a few sit on the line.

otherwise if we all paid the same amount regardless of our circumstances or history, there would be no disincentive to have a claim every year!

but the above comments are very general and it is still often possible to find a good deal even if you fit into a high risk category as just as many insurers set up to cater for hot hatches, former drink drivers and female only - i suppose its just that sheilas wheels gets more air time on the tv! | 01.21.11 @ 02:39
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$commenter.renderDisplayableName() — {comment} | 08.17.17 @ 01:43
Answered by Paul Ross DipPFS CII(MP&ER), IFA in Bourne, LINCOLNSHIRE
Not sure, but this may help.

http://www.youtube.com/watch?v=39qdhbkTko4&feature=player_embedded#! | 01.21.11 @ 05:10
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$commenter.renderDisplayableName() — {comment} | 08.17.17 @ 01:43
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE

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