A study that analyzed more than a million car insurance quotes revealed that states that allowed gender to be a factor in determining rates generated premiums for men 10% higher than for women. In states where gender cannot be used to set rates, that 10% premium declined. However, men still pay 6% more for car insurance than women in these states. However, once a driver turns 25, their car insurance rates are typically lower, and men and women with the same driving record can expect to pay about the same.
However, women pay slightly more than men by less than 1 percent, according to Insurance Journal. After the fall in rates at age 25, drivers generally expect to maintain roughly the same insurance rate until their 60th birthday, when another major drop occurs. Regardless of their gender, younger drivers will pay more for their car insurance premiums than any other demographic group, according to HuffPost. By car and driver, anti-theft devices also help, especially if a vehicle appears on a list of the 10 most stolen cars and trucks.
According to The Zebra, most insurance companies offer the same basic discounts and drivers will want to check with their insurance agent to determine what they qualify for. The cost of car insurance depends on several factors, such as the location of the vehicle, the owner's condition, and gender. While women pay more for their car insurance premiums on average, less than 1 percent more than men, this situation is reversed when compared to young drivers. Statistics show that men tend to drive at greater risk, which means that insurance companies charge more to insure them.