Insurance companies charge premiums to motorists based on what the company believes the risk of a payout is. When it comes to auto insurance, men pay much more in premiums for coverage than women according to a recent Yahoo News report. This, in theory, could suggest that male drivers are not as safe as female drivers. However, is this actually the reason for higher insurance rates among male drivers?
Insurance companies are responsible for compensating injured victims for losses that the insured causes when a collision happens. If you or a loved one is injured by a dangerous or careless driver, contact a personal injury lawyer for help pursuing a claim to recover monetary compensation for losses.
Why Do Men Pay Higher Insurance Premiums Than Women?
Evidence suggests that the reason men pay higher insurance premiums than women do is because men generally become involved in more serious motor vehicle accidents than their female counterparts. While women may be involved in more fender benders and may also be involved in more intersections at collections, male drivers are more likely to be involved in collisions where a vehicle is totaled. Men are also much more likely to die in crashes, or to cause other motorists to suffer serious injuries or fatalities. In fact, men account for 71 percent of the people killed in collisions on U.S. roadways.
The difference in premiums is very substantial when comparing men to women. As Yahoo reports, a 25-year-old man who lives in Oakland California and who has not ever had a ticket or an accident will end up paying as much as $385 higher premiums for car insurance compared to a woman with the same driving profile of the same age. As the man and woman get older, the gap narrows but still exists. Over time, the male driver will end up paying many thousands more in insurance costs than the female driver.
This is true despite the fact that a Reader’s Digest report shows that men may be better at certain driving skills when compared with women. The Reader’s Digest report confirms the fact that men are more likely to take risks and get into serious accidents. When a crash is caused by a male driver, the accident was more likely to have happened because of bad choices rather than because the male driver had insufficient driving skills.
The Daily Mail also affirmed the important differences between male and female drivers. The article talked about research conducted from 1998 to 2007, during which time there were 6.5 motor vehicle collisions that were studied. The researchers found a surprising number of collisions involving two female drivers. There was also a high number of accidents at intersections involving female motorists.
Unfortunately, a serious accident that totals a car or that results in injury or death is going to cause much more financial loss. Insurance companies know there is a greater chance of a very expensive accident with a male driver, and this is why men pay more than women do for car insurance.
Accident lawyers in Washington, D.C. can help if you have been injured in an accident. Contact the Mike Slocumb Law Firm at 1-800-HURTLINE.