Men pay £17k more for motor insurance than women

In the course of a lifetime, male drivers will pay an average of just under £17,000 more for their motor insurance than their female counter-parts.

The research from moneysupermarket.com involved the analysis of over six million motor insurance quotes for the full year of 2008. It found that the the average motor insurance premium for men across all ages is £743 a year, while the average for women is just £454 annually. This equates to a difference of £289 per year or almost £17,000 over a lifetime of driving.

If you’re in your twenties, the disparity between men and women is at its worst, with the average premium for a twenty-something male almost double that of a female of the same age, at £997 compare with £576.

But the good news is that premiums get cheaper as you get older. The research shows that the average premium for an eighteen year-old male is just over £2,200 a year – a whopping £1,905 more expensive than the average premium of £294 paid by drivers in their forties.

Steve Sweeney, head of home and motor insurance at moneysupermarket.com, said:

“It’s clearly careless versus cautious as the motor insurance battle of the sexes lives on, and it is shocking to see the extent of the extra cost to a male driver for a lifetime of being behind the wheel. Men are seen as the riskier sex in the motor insurance industry across all ages, especially the younger generation where we see the biggest differences. The gap in price between the sexes narrows to a mere £21 by the time drivers reach their seventies.”

moneysupermarket.com also revealed that if a newly-qualified eighteen year old male sees out his first two years of driving accident-free, the average premium reduces by more than half from £2,200 to £997 a year.

Mr. Sweeney continued:

“Quite obviously sex and age discrimination continues to be rife in the motor insurance industry, and it comes as no surprise policies for the ‘riskier’ younger generation, and ‘boy racers’ are pricier. Furthermore, despite the Equality Bill coming into force in April 2009 it seems drivers will continue to face a rough ride as insurers are permitted to continue using age and sex as a legitimate way to calculate the price of premiums. Finding affordable motor insurance can be tricky, and at a time when every penny counts it’s crucial to shop around for the best deal to suit you.”