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Men under 30 paying double for motor insurance

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Written by:
06/02/2007

Men in their twenties pay more than double for their motor insurance compared with those in their thirties, according to research by moneysupermarket.com.

The average premium for a man in his twenties was £1,123 which is 107% higher than the £543 average premium for a man in his thirties.

Women face far more affordable premiums a decade earlier, with the average quote for a twenty-something woman being £736 last year, 51% less than she would have faced in her teens.
Peter Gerrard, insurance researcher at moneysupermarket.com, said: “It’s clear from these statistics that insurers view women as mature motorists in their twenties, while men have to wait a decade longer to have their boy racer premiums wiped out.
“Younger drivers often find it hard to get competitive motor insurance, as insurers rate them as a high risk group, but there are ways they can cut their insurance costs, such as adding a parent to their policy or looking at specialist insurers who target young drivers.
“Year-on-year figures show insurance premiums have dropped by five per cent, due to fierce competition in the marketplace. Motorists have also become more active in seeking out the best deals for them, adding higher excesses and being more accurate with their mileage details.”

 

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