Why women car insurance is cheaper? Gender in combination with age is one of the main variables that influence the price of car insurance. In general, women obtain greater advantages when contracting their insurance, depending on their profile as insured or the specific characteristics of their vehicle.
For example, those under 25 years can save considerably when choosing their policy, reducing the cost of their insurance by 36-46%.
They are followed by women between the ages of 25 and 29, who can obtain an average saving of 23%, and in some insurers up to 35%.
Between the ages of 30 and 35, women can qualify for reductions ranging from 10% to 26% in their car insurance policy.
Curiously, men take their driving license before women (average age of 21.3 years versus 22.9 years for them).
According to the data of the analysis, women's have fewer serious accidents and therefore obtain better offers when hiring their insurance.
In fact, data from the DGT confirm that 90% of drivers were killed on the road during 2007 are male.
The decision by the European Union to bring gender equality to the world of insurance was approved in late 2012, the standard for insurers requirements, the same prices for women and men has paid off.
Thus, in just two years, the amounts of car insurance have not only matched for both, but have fallen by an average of 7% since the legislation was approved, according to data collected, after comparing more of one million ratings for the third quarter of 2014 compared to the same period of 2012 through its system.
However, the EU Equality Act has opposite consequences for every driver, since the former have seen the number of their auto policies increased considerably, while the men have benefited from a decline in the price of car insurance.
This change in policy amounts is especially significant for younger drivers, as the study compiled by the insurance comparator reveals.
However, not all age groups have been affected to the same extent, since while the price has increased by 10.4% on average for women under 30 years, from the age 30, the impact has been much lower, because for this age category, drivers gender is not such a main factor when calculating the price of car insurance.
Before the European Union's regulations came into force, for example, Spanish women between the ages of 18 and 25 paid 31% less than men of the same age for their car insurance, the percentage reach 39% in case of the 18 years novice drivers.
In addition, the EU's price equality law has brought other negative consequences for Spanish women.
For example, since its entry into force, some insurers that vetoed men between the ages of 18 and 25 not provide to insure women in that age.
In order to alleviate this situation and maintain the most competitive rates possible for them, some insurance companies have opted for the creation of specific insurance brands for women, promoting an image with a strong feminine character, in order not to contaminate such portfolios with men's policies, for which, under the aforementioned regulations, they must also guarantee the same price for men.
Although gender was a relevant variable in determining the price before the application of the standard, it was by no means the only one. For example, those under 25 years can save considerably when choosing their policy, reducing the cost of their insurance by 36-46%.
They are followed by women between the ages of 25 and 29, who can obtain an average saving of 23%, and in some insurers up to 35%.
Between the ages of 30 and 35, women can qualify for reductions ranging from 10% to 26% in their car insurance policy.
But other factors are also influential: many insurance companies argue that women often choose less powerful cars and use them less often, further reducing the risk of an accident. In fact there are women specific car insurance policies, with tailor made coverage and services.
Curiously, men take their driving license before women (average age of 21.3 years versus 22.9 years for them).
According to the data of the analysis, women's have fewer serious accidents and therefore obtain better offers when hiring their insurance.
In fact, data from the DGT confirm that 90% of drivers were killed on the road during 2007 are male.
The decision by the European Union to bring gender equality to the world of insurance was approved in late 2012, the standard for insurers requirements, the same prices for women and men has paid off.
Thus, in just two years, the amounts of car insurance have not only matched for both, but have fallen by an average of 7% since the legislation was approved, according to data collected, after comparing more of one million ratings for the third quarter of 2014 compared to the same period of 2012 through its system.
However, the EU Equality Act has opposite consequences for every driver, since the former have seen the number of their auto policies increased considerably, while the men have benefited from a decline in the price of car insurance.
This change in policy amounts is especially significant for younger drivers, as the study compiled by the insurance comparator reveals.
In particular, auto insurance for 18-year-old women has skyrocketed by an average of 24% since 2012, while the amount for men of the same age has been reduced by 18%.
However, not all age groups have been affected to the same extent, since while the price has increased by 10.4% on average for women under 30 years, from the age 30, the impact has been much lower, because for this age category, drivers gender is not such a main factor when calculating the price of car insurance.
Before the European Union's regulations came into force, for example, Spanish women between the ages of 18 and 25 paid 31% less than men of the same age for their car insurance, the percentage reach 39% in case of the 18 years novice drivers.
In addition, the EU's price equality law has brought other negative consequences for Spanish women.
For example, since its entry into force, some insurers that vetoed men between the ages of 18 and 25 not provide to insure women in that age.
In order to alleviate this situation and maintain the most competitive rates possible for them, some insurance companies have opted for the creation of specific insurance brands for women, promoting an image with a strong feminine character, in order not to contaminate such portfolios with men's policies, for which, under the aforementioned regulations, they must also guarantee the same price for men.
Gender is not only one factor used to calculate the price
Factors, such as the age of the driver, the technical characteristics, and age or the history of the vehicle
are others variable.
It is also important to recognize that different pricing according to the user profile is not a matter of discrimination, since the insurer determines the amount of policy based on the risk they will face and this is based on accident statistics.
In that sense, until the entry into force of the EU insurance price equality rule, some country legislation allowed differentiation by gender when calculating premiums and benefits, but only "when gender is a determinant factor of risk assessment from relevant and reliable actuarial and statistical data".
Currently, according to data from the DGT, there are more than four million drivers under the age of 30, who have been particularly affected by the new EU equality law in Spain.
However, it should be remembered that price variations as a result of the regulation affect only new hiring, with exemptions for policy renewals prior to the entry into force of the law in December 2012.
However, as a comparison, some of Europe countries that have already eliminated that factor of discrimination, ie Belgium, Bulgaria, Cyprus, Estonia, Latvia, Lithuania, Netherlands, and Slovenia, has applying unisex insurance premiums of cars.
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