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Male drivers under the age of 30 years old face steep insurance premiums

PHIL BENSON | 09.01.2009 11:37

Young men are beginning to find a host of high profile insurance companies reluctant to offer quotes for third party, fire and theft cover for their cars. One such top insurer Allianz, have recently pulled out of the market place completely to offer young drivers this type of car insurance.

This action could be in response to information released by AA Insurance, which shows that male drivers under the age of 30 years old are accountable for the biggest insurance claims in the UK. The AA revealed that the average claim made by young men is £4500 compared to male motorists over 30 years old whose average claim stands at £1400; a disparity of around £3000.
The gap is a great one and looks even more evident when using the same comparison for female drivers. Young women under the age of 30 years old make claims on average of £2700, whilst those over 30 make average claims’ of £1200, a difference of just £1500.
The statistics seem to mount up against young male drivers as further data shows that men under the age of 21 years old are ten times more likely to be involved in a road traffic accident, compared to motorists over the age of 30 years old. Again, when using the same comparison for female drivers of the same age groups, women under 21 years old are only five times more likely to have a crash.
This evidence may reveal why young men are paying twice as much as women for their car insurance premium, according to a study carried out by the AA.
The AA British Insurance Industry Index, which looks at premiums for 1000 different risk factors, did show a rise of 7.6 per cent on last year to an average of £724.28, for annual comprehensive cover across the board.
However, an evaluation of pricing trends has revealed a dramatic cost increase for young men trying to obtain cover over the last five years. There is now an imbalance of 60 per cent for the price of car insurance premiums between males and female motorists under the age of 30 years old.
One reason for the large difference may sit with the fact that men are more likely to try to insure powerful and expensive cars. A recent report by a comparison website revealed that 63 per cent of male drivers between the ages of 17 and 21 years old try to get cover quotes for cars with engines over 1250cc. The report also showed that around 66 per cent of men are actually driving cars with engines over 1250cc, compared to just 55 per cent of women. These factors are likely to push up the figures for young male drivers’ car insurance premiums.

www.quinn-direct.com

PHIL BENSON

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