Back in 2012, the EU Gender Directive decreed that motor insurers could not charge men more than women for their cover purely due to their gender. However, it is no secret that men are, on average, paying more for their cover than women so why is this?
According to the Confused.com Car Insurance Price Index for the second quarter of 2018, men are paying an average of £793 per annum for their fully comprehensive car insurance whereas women are paying £701 per annum for the same level of cover. It is unlikely that you will need a calculator to work out that is quite a difference in cost – £92 per annum to be exact.
There are a number of reasons for this. For instance, insurance companies base their premiums on things like the level of risk they feel the policyholder presents to them i.e. how likely are they to make a claim in relation to the vehicle he or she is driving. Apparently, men are more likely to be involved in a road traffic accident than women and, therefore, submit more claims. These claims are, on average, for a higher sum of money.
What you do for a living also has an impact on the price you pay for your cover and men have an increased likelihood to do a job that involves spending more time behind the wheel of their cars and travelling longer distances. The more miles you drive the more likely you are to be involved in a road traffic accident thus resulting in you probably having to pay a higher premium to insure your car.
Apparently, on average, men tend to drive more expensive cars than women do and more powerful cars. As a general rule, cars with a higher value are likely to cost a greater amount to insure and those with more powerful vehicles are more likely to be involved in an accident on the road.
Obviously, it is important that you shop around for your car insurance to try to get a competitively priced deal. There are dozens of insurance companies here in the UK and a great way of getting one or more quotes is to use the services of one or more price comparison websites. It costs nothing to use them and you may be able to save some money. They are also quick and easy to utilise and it is often possible to arrange and pay for the cover online.