A newly released report has revealed that women aged sixty or older can see their car insurance rates rocket upward. The report also indicated that older women can end up paying up to £80 more annually than men.
However discount car insurance for women, especially younger women, is still more accessible than it is for men. This is due to a statistical consideration that women make safer motorists than men for the most part.
Car insurance companies feel that despite how well younger women may drive, their motoring abilities will decline more quickly than men as they age, according to the study. This can lead to older women experiencing a rise in their premiums as insurers see them as slowly evolving into a higher-risk individual. By the age of sixty, most women will be paying much more for their motor car insurance than will men of comparable age.
Consumer reporting watchdog Which? conducted the survey. Which? officials reported that men began to pay less than women at about the age of sixty, according to their research. The methods used to determine the results of the study were through the use of a price comparison site, one of many that have grown in popularity in order to compare car insurance quotes. After obtaining quotes from five separate car insurance companies, the consumer group’s researchers began studying how costs would differ.
Their results indicated that women could sometimes pay approximately 28 per cent more for the same policy than a similarly-aged male would, after the age of sixty. Which? stated that out of all the insurance companies they received quotes from, only one of them provided a similar price for both women and men who were over 60 years old.
Customer gender is indeed a factor that can be influential on any given offered premium, a Which? spokesperson confirmed. Based on the group’s estimates in regards to risk level as represented by two customers who only differed by gender, as an insurer the difference is indeed correct, concluded the spokesperson.