Women Pay More for Car Insurance
Car insurance is expensive, that much we can all agree on. However, when it comes to men and women, insurance companies are not treating gender equally when it comes to setting insurance rates.
According to Insurance Institute for Highway Safety data, men tend to drive more miles, take more risks and be more aggressive when driving; therefore, it’s no wonder that most of us believe that men pay more for insurance.
A 2017 study conducted by the Consumer Federation of America overthrew this theory and revealed that women with impeccable driving records pay much more than men with identical driving records. In terms of premiums, 20-year-old women have to pay lower prices than for 20-year-old men, in most cases.
In 2018, the state of California prohibited insurance companies from setting insurance ratings based on gender. California is one of the latest states to join others that implemented such regulations and although it’s a long way from all states recognizing this gender disparity, it’s still a step in the right direction.