Best Insurance Companies For Young Female Drivers - We looked at quotes from major car insurance companies and found that car insurance for women costs, on average, 5% less than for men. State Farm had the best rates for female drivers, with premiums about 30% lower than the other three major national insurers: Allstate, Nationwide, and Progressive.
The difference between male and female rates is because insurance companies find that women are generally less likely to have an accident. This rate difference is most evident in car insurance rates for young women.
Best Insurance Companies For Young Female Drivers
While women tend to save money on car insurance, it's still possible for women to overpay for insurance coverage, so be sure to maximize your discounts and shop for your best deal.
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State Farm consistently offered the cheapest auto insurance rates for women, with offers 30% below average across all age groups in our study. We collected samples of auto insurance quotes from the four largest auto insurance companies and found that women are more likely to get the best rates from that insurance company.
Every insurer weighs gender differently when submitting insurance quotes. Progressive and State Farm generally offer better rates for women, Geico offers better rates for men in general, and Allstate offers the same rates for both women and men.
Women looking for cheap car insurance should focus on getting multiple quotes to secure the best deals, rather than looking for an insurer that caters specifically to female drivers.
As a result, the overall price differential between insurers is much more significant than the effect of gender on insurance rates. State Farm, for example, had the most significant gender difference in our study: 17-year-old male drivers paid 26 percent more than female drivers, but received the cheapest rates overall.
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Women looking for the best deals shouldn't worry too much about choosing an insurer that caters specifically to female drivers, as long as they check with multiple insurers for the best rates.
For young girls looking for cheap car insurance, we recommend State Farm. The average wage for our 17-year-old sample driver is $4,618 per year, but State Farm charges 28% less, which is just $3,347 per year. While that's still a steep price, it sets $1,271 back in your pocket each year.
Young female drivers pay more for car insurance than adult females because they are new to the road and drive with less confidence than their older counterparts. Average car insurance prices for our young driver were 152% more expensive than our 32-year-old driver and 239% more expensive than our 65-year-old driver.
The best way for newly licensed young drivers to secure cheap car insurance is to stick with their parents' policy. Adding a young driver to a policy costs half as much as getting them to remove it.
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Young female drivers can also receive insurance discounts through good grades or membership in different like-minded groups or associations. If you are a young driver involved in a wrongful accident or speeding ticket, you can complete a defensive driving course and receive a discount.
Of the four companies in this study, State Farm again received the best rates for young female drivers seeking auto insurance. The average rate for a 24-year-old female driver was $2,159 per year, but State Farm bonuses for our young female driver were just $1,457, a 33% margin.
If you're a young female driver, it's often easier to find cheap car insurance than if you're a young driver, but that varies for women over 30. State Farm, for example, paid our sample of a 25-year-old female driver. 21% less for car insurance than our male sample driver, but the company charged the same rates for our male and female sample drivers aged 32 and 65.
Women over 50 pay slightly less for car insurance than men over 50, but the difference is much less pronounced than at other ages. In fact, of the four insurers in our study, only male drivers with increased wages had significantly higher rates than female drivers. State Farm and Allstate charged the same fees from 65-year-old drivers regardless of gender, and Geico charged our sample male driver just $3 more each year.
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If you're a driver over 50, start looking for cheap insurance with State Farm. Average annual premiums are $1,049 per year. This is 23% cheaper than the average wage for female drivers of that age of $1,364.
Marital status also has an impact on car insurance rates, as married drivers tend to pay slightly less than single drivers, regardless of gender.
State Farm is an exception to this rule. Not only did it charge our sample of married and single drivers at the same rate, but it also got the cheapest rates overall. If you're a single driver looking for the cheapest auto insurance, start your search with State Farm.
Men tend to pay more for car insurance than women. In our study, car insurance was 5% higher for men than for women in all age groups. The average annual rate for men was $2,617, while the average annual rate for women was $2,493.
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However, the difference between male and female auto insurance rates changes significantly with age. Women's car insurance is consistently cheaper than men's, but 17-year-old men pay 7% more than women, or about $328 each year.
By the time drivers turn 24, the difference drops to 5% ($119 more for boys), and by the time drivers reach 32, the difference is minimal: just 1% or $15 more per year. Interestingly, the difference in rates grows as drivers reach the age of sixty. Men pay 3% more ($36 more) than women at age 65.
Women's car insurance is generally less expensive than men's because insurers have found a statistical relationship between the gender of the driver and the cost and frequency of car insurance claims.
Men drive more cars on average than women. This increases your chances of being involved in a collision overall, which in turn increases your car insurance.
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In addition, it has been shown that men are more likely to engage in risky driving behaviors such as speeding and drunk driving. This is especially true for young drivers, as young male adolescents are twice as likely to die while driving than female adolescents. For this and other reasons, younger women are less likely to be in car accidents than younger men and pay less for car insurance to cover this miscarriage risk.
While your gender has an undeniable influence on car insurance rates, it's not the most important factor when an insurance company decides on your premium. Other factors that insurers consider include:
Of these factors, your driving history often has the greatest impact on your rates. Even among 17-year-old drivers in our sample who experienced the largest difference in gender ratios, an accident caused by a breakdown affected rates much more than gender. Car insurance prices for both young and female drivers increased by 48% after a faulty accident, while the difference in rates between young men and young women was only 7%.
To make rate setting fairer, some states have banned insurance companies from using gender when setting rates. This includes:
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Car insurance companies don't offer women-only discounts, but women can lower their car insurance bills as usual. Here are some of the best ways women can save money on car insurance:
The most important way for women to get the cheapest car insurance quotes is to compare offers from multiple insurance companies. For example, a 32-year-old woman who drives in Indiana will save $67 a month if she switches from Progressive to State Farm, meaning she could spend an extra $803 a year if she doesn't buy.
It's also a smart idea to check back regularly to verify you're getting the best deal, especially if you're dealing with an important life event like getting married, moving house, or buying a car.
Your driving record is one of the most important factors insurers consider when determining rates. Avoiding accidents not only prevents insurers from raising your prices, but driving safely can also enable you to take advantage of significant discounts through telematics programs. For example, female drivers using State Farm's Drive Safe and Save app can save up to 50% off their previous price.
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Many insurers offer discounts to customers who buy in bulk, for example, to insure multiple vehicles with the same auto insurance policy or to purchase multiple types of insurance (such as life and auto policies) from the same company.
Customers can also save money with some insurers if they are affiliated with certain organizations or professional groups. Sometimes it is based on an interest that a group, such as an employer or union, has privately negotiated with the company. Other times, it is working in a particular occupation. For example, Geico offers discounts to members of the Society of Women Engineers. Ask your insurance company what group or professional discounts you can take advantage of.
Generally speaking, men pay more for car insurance than women.
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