How Gender Affects Insurance Rates
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One of the factors that influences the price of insurance is your gender. Women pay less than men, although insurance companies take into consideration the risks associated with each person. On top of this, age is a very important factor. When a woman is between the ages of 16 and 24, her insurance is at its highest price. Nevertheless, men of that same age continue paying a little more
It’s true that insurance companies study the probability that there will be a claim to pay. They take into consideration not only gender but driving history, age, make and model of the car and other factors. Statistically, they know that women have a lower probability of having an accident, committing driving infractions, or driving under the influence of drugs or alcohol. Another cause is the fact that women generally don’t buy cars that are very costly to insure. However, men tend to buy sports cars and cars with higher horsepower. In any case, if a man has a good driving record and no driving infractions, the price of his insurance will be lower than that of a woman with a bad driving history and multiple driving infractions.
An Interesting Note
In the United Kingdom, women pay a little more for their car insurance. For them, car insurance costs 24 percent more than men, in part because of the equality laws of the UK. This law has changed the fact that before, female drivers under the age of 25 paid 31 percent less than men of the same age. This new reality for women is the fruit of the UK’s decision to carry equality of the sexes into the world of insurance.