Facts & Articles On The Different Types Of Insurance

Battle of the Sexes for Cheapest Car Insurance

United Kingdom, Flintshire (PRWEB) June 14, 2008 -- Men in their twenties pay 41 per cent more for their car insurance (http://www.moneysupermarket.com/motor/) compared with thirty-something men, according to research by moneysupermarket.com (http://www.moneysupermarket.com/).

The analysis of 12 million motor insurance quotes by the price comparison site for the past year reveals the average car insurance premium for a man in his twenties was £370 - £108 dearer than the £262 average for a man in his thirties.

Women enjoyed cheaper premiums until they hit their fifties. The average quote for a twenty-something woman was £320 over the past year -- 16 per cent cheaper than their male counterparts. Overall, men paid nine per cent more for their car insurance (http://www.moneysupermarket.com/motor/) cover compared with women.

But the starkest difference was for teenagers, with 18-year-old women paying £861 less than males. Teenaged males who get through their first year of driving unscathed enjoyed a reduction in premiums from £1,815 to £874 when they hit 19.

Peter Gerrard, head of insurance research at moneysupermarket.com, said: "Young and newly qualified drivers have long been perceived as high risk by the insurance industry and often find it hard to get competitive motor insurance. 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.

"It's also clear that insurers view women as far more mature motorists at an earlier age."

The findings also highlighted older drivers getting better value for money for their car insurance compared with younger ones. Female drivers in their fifties were paying £203 per year on average compared with £320 for a female driver in her twenties. Similarly a male driver in his fifties was paying £199 compared to £370 for those in their twenties.

Peter Gerrard added: "Older drivers generally find their cars cheaper to insure so this can make it tough for specialist insurers to offer better value for elderly drivers. Motorists who are prepared to shop around for the best deal each year will always come out on top, whatever their sex or age."

.Age    Male Premium    Female Premium    Difference

18    £1,815    £954    £861

19    £874    £577    £298

20s    £370    £320    £50

30s    £262    £250    £12

40s    £224    £218    £6

50s    £199    £203    -£4

60s    £194    £210    -£16

70s    £233    £245    -£12

80    £274    £276    -£2

Average    £282    £258    £24

Other ways to cut your insurance costs:

?    Shop around - The Association of British Insurers says you can save 35 per cent by comparing as few as five insurance providers.

?    Buy online - Many car insurance (http://www.moneysupermarket.com/motor/) providers offer discounts to customers that buy online.

?    Mileage limit - Consider a mileage limit or to only drive at certain hours of the day. Norwich Union offers a pay-as-you-drive scheme which reduces premiums by around 20 per cent if youngsters drive only during off-peak hours.

?    Car security - Make sure you have an alarm and immobiliser.

?    Drive a car with a smaller engine -- A newer, more reliable car that is less likely to be used by 'boy racers' will have a cheaper premium.

About moneysupermarket.com:

moneysupermarket.com is a price comparison site designed to save consumers time and money. The website has 29 channels including motor insurance, home insurance, mobile phones, broadband, credit cards, mortgages, current accounts, gas and electricity.

Consumers using the moneysupermarket.com site have access to an email alert service and to over:

?    60 home insurance providers

?    60 car insurance providers

?    50 energy tariffs

?    20,000 mobile phone deals

?    20 broadband providers

?    300 credit cards

?    300 current accounts.

?    500 personal loans

?    4,000 savings accounts

?    4,000 mortgages

Moneysupermarket.com Group PLC has over 600 employees.

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