Men: They’re Paying for It

Men: They’re Paying for It

by Dave Reese
The Reese Agency
(Farmers Insurance at Oakmont)

Alright ladies, time for you to have a little fun at the expense of the men in your life. Will driving a bright colored car make your insurance rates go up (or make you more likely to get a ticket)? No. But being a guy will! What gives? As you already intuitively know, there are some very good reasons.

Of all motor vehicle crash deaths in 2013, 71% were males. Males accounted for 70% of passenger vehicle driver deaths and 91% of motorcyclist deaths. Insurance Institute for Highway Safety

And it’s not just the miles driven. In study after study, men are more likely to engage in risky behaviors that lead to serious accidents. We’re speaking in generalities here. With 7 billion people in the world, there will be some exceptions. Studies show that on average, men commit four times as many DUIs, cause over three times as many speeding-related fatalities, and in a UK study, men accounted for 88% of all driving offenses. Men are also about 10% less likely to wear a seat belt than women.

That’s not to say that men are necessarily worse drivers. A study by the University of Michigan found that by miles driven, female drivers actually have slightly more accidents after age 25. The difference? Men are much more likely to be involved in fatal crashes and high-speed accidents – both of which leave insurers on the hook for huge payouts. Combine that with the extra miles men tend to drive, and it’s understandable why underwriters see males as a higher-risk group.

The cost
So just how much more do men pay? The most drastic price difference is under age 20, with teenage boys paying over 12% more than their female counterparts. Once drivers enter their 20s, the difference for men and women drops to just around 3%.
Interestingly, there is a brief period when men pay less than women. Before guys get too excited, you should know that it’s not much of a discount – just 1.7% less on average – but is surprising nonetheless. The situation reverses until the mid-life crisis sets in at age 50, when men again pay a significant premium of 7.5%. After age 60, the difference drops to just over 4%, where is stays permanently.

We are here to help you find the best solution to your insurance needs. Contact the team at The Reese Agency (Farmers of Oakmont) to help.

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