There are lots of questions surrounding the Canadian car insurance industry.
Many car owners often wonder, “do men pay more for car insurance?”. Reputed insurers determine the premiums by factoring in different aspects. These include years of experience, driving record, insurance record, type of usage, model of the vehicle, and several other factors. Gender also happens to be one of the prime determinants of your car insurance premium.
Historical records reveal that men pay more for car insurance over the years than women. This is not only in Canada but in most parts of the world. No wonder it’s logical to reach out to one of the insurance experts at Surex, where the professionals can recommend viable means to reduce your premium.
A quick look at the statistics
Before we answer the question, “why do men pay more for car insurance?”, let’s look at the statistics. This will help you understand the reason behind high premiums.
- The AAA Foundation for Traffic Safety, based on research, states that men are more likely to engage in rash driving and speeding, besides breaking traffic norms. Compared to women, men have historically been involved in more collisions.
- Another piece of information from Statistics Canada reveals that in 2018, as many as 1,851 deaths were recorded as a result of car collisions. As many as 1,313 of these involved male drivers, while only 538 were females.
- According to the Traffic Injury Research Foundation, most accidents caused by fatigue involve young male drivers.
- More men drivers, compared to women, indulge in drunken driving. Out of the young drivers who get fatally injured in accidents after drinking, 89% are males.
- 17,696 males and 5,184 females indulged in impaired driving in 2018 and were found to be guilty.
Based on all these records, insurance companies perceive male drivers to be higher-risk clients. This explains why they charge more premiums for male drivers, regardless of age.
Why do men pay more for car insurance?
Here are some of the reasons that further explain why men pay more for car insurance:
1. Men are riskier drivers
Insurance companies calculate the risk that each client involves. The cost of car insurance will be lower if the driver’s risk profile is low. Based on historical data, insurers have found that male drivers are more likely to indulge in risky driving. Therefore, they are more prone to accidents as compared to women. This explains why they charge more insurance premiums for men.
From the data above, it is evident that men are more involved in aggressive driving, drunk driving, and breaking traffic rules. Since insurers factor in these risks, men need to shell out higher insurance premiums than women.
2. Men are more challenging to insure
Statistics also reveal that men are more ignorant when it comes to traffic and road rules. Most times, they are reluctant to put on their seat belts. Also, men tend to drive faster, eventually getting into more accidents.
Moreover, the quotes for auto insurance are highest for males between 16 to 25 years of age. Historical data reveals that young male drivers, who have just started to drive, are often involved in high risk situations. Over time, when they set their hands on the steering for around ten odd years, the insurance premiums start dipping. However, you need to maintain a safe driving record if you want your premiums to come down.
How much extra premium do men need to pay?
The extra premium men have to shell out depends on your demographics. The insurers largely consider the province when they calculate the insurance premium.
- On average, men in Ontario pay 27% more premium on their car insurance policies than women.
- In Alberta, men have to shell out 8.6% more compared to women for these policies.
- In Atlanta, men need to pay around 22% extra on car insurance than women.
If you are a male under 40 years of age, be prepared to pay more premiums than a woman of your age. In some cases, if you manage to maintain a clean driving record, the premiums may become equal after you exceed 40 years.
However, in provinces like Manitoba, Saskatchewan, and British Columbia, the insurance is government-administered. Therefore, gender doesn’t have any major role in determining the premiums. However, even in these provinces, statistics reveal that men are more at fault in collisions than women. Ultimately, they need to pay more car insurance premiums than women.
Tips to lower your car insurance premiums
While men will continue to pay higher premiums, there are also means to save up on the same. Here are certain tips that experts recommend.
- Buy adequate insurance: Men with older insurance records benefit from low premiums. So, try to get onto your parent’s policy or some adult in your family as an occasional driver.
- Undergo a course: It makes sense to develop healthy driving habits early on. So, undergo training at an established driving institute. This will help you mitigate the risks on roads.
- Get a safer car: It would be advisable not to go for a high-end car. Also, get a car with proper safety gear to reduce insurance premiums. Some cars attract thieves more than others, so it would be wise not to go for these vehicles.
- Try paying a higher deductible: If you do not want to shell out higher premiums and are confident about your driving skills, try paying a higher upfront deductible. This way, you’ll pay lower premiums every year while benefiting from a no-claim bonus.
Endnote
So, if you are wondering, “do men pay more for car insurance?”, in all the provinces, the answer is ‘yes’.
However, this shouldn’t discourage you from purchasing adequate coverage for your car. Reach out to an established insurance expert to obtain affordable quotes.
Even if you are a new driver or have just started driving, the experts can recommend the right policy that won’t hurt your pockets. Along with growing healthy driving habits, you need a reputed professional to guide you regarding the correct type of insurance policy.
