Young men pay significantly more for their car insurance

Tue, 21 Sep 2010

Young male motorists pay on average 79 per cent more than young women for their car insurance, new research has found.

Moneysupermarket.com discovered that while the cheapest premium for an 18-year-old male, driving a 2005 1.4L Ford Fiesta, is £4,897, the average premium is £7,917, which is 79 per cent more than the £4,422 average for an 18-year-old female.

Despite this, young males who boast a few years experience on the road will benefit from a significant drop in their car insurance premiums, with the average cost being 53 per cent less.

Steve Sweeney, head of car insurance at moneysupermarket.com, explained: "Many insurance companies view women as safer and more mature motorists and this is why their premiums are cheaper."

Defaqto, the independent financial research company, claimed recently that there has been rapid growth in both the prevalence and the scale of charges for administration fees in car insurance policies .
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