Behind the Wheel: Decoding the Gender & Age Game in Car Insurance 

Have you ever wondered if your gender and age impact the amount of your car insurance through the twists and turns of the car insurance world? You might be cruising through life, but your premiums might just be steering in unexpected directions. In this gender and age showdown, we uncover the numbers that make you go “Well, that’s interesting…” 

Gender Benders: Who’s Paying More for car insurance? 

Ever thought your gender could impact how much you shell out for car insurance? Turns out, it does. In the grand car insurance premiums, males are playing a slightly higher tune, forking out an average of between 3 – 6% more. Ladies, rejoice! You’re catching a bit of a break, paying slightly less which is not a significant gap, but it’s there – a gender twist in the insurance tale. 

Now, let’s dive into the data over the past 5 years: 

Female Drivers: Make up 42% of the insurance scene.  

Male Drivers: Revving their engines with constituting 58% of the road users.  

Now, here’s the backstory – over the years men have historically been involved in more accidents than women. They tend to cover more miles on average and engage in riskier behaviours. As a result, insurers might charge higher premiums for male drivers. 

On the flip side, women have statistically clocked in fewer accidents, giving them the golden ticket to lower insurance premiums. 
 
Insurance companies play detective, examining various factors to calculate your car insurance rates. Surprisingly, gender is one of them. So, next time you’re behind the wheel, remember it’s not just your driving record but also your gender that’s considered. 

Age-Old Dilemma: Who’s Faring the Worst ? 

Now, let’s talk age. If you thought your youthfulness or seasoned experience behind the wheel didn’t matter, think again. The age group feeling the pinch the most in their pockets is the 35 – 44 years old. Here’s why: 

Young Drivers: Inexperienced drivers, especially those under the age of 25, are statistically more likely to be involved in accidents. Insurers often view younger drivers as higher risk due to their limited experience behind the wheel. Not only do younger drivers face the challenge of inexperience on the road, but their lower income levels also impact their ability to afford more comprehensive coverage with higher premiums. 

Middle-Aged Drivers: As drivers gain more experience, typically between the ages of 25 and 54, they tend to become more skilled and cautious. Their drive comes with valuable assets, from sleek rides to a wealth of experience, demanding higher coverage levels. Factors like frequent commuting and participation in activities perceived as riskier by insurers also contribute to the tune of car insurance premiums for this age group. 

Senior Drivers: Elderly drivers may experience an increase in premiums due to factors such as slower reaction times and potential health issues. However, this can vary depending on the individual’s health and driving habits. 

So, the next time you spot a person in a snazzy car, you will know where those premiums are disappearing – right into the insurance fund. 

Insurance companies cast a wide net when calculating premiums, considering your age, among other factors. It’s a reminder that every spin of your odometer adds a layer to your insurance story. 

As we navigate the winding roads of car insurance, it’s clear that the journey is not one-size-fits-all. Insurance companies look at many factors to determine your car insurance rates. You might be surprised to find out that your gender and age affect how much you pay in premiums. 

Whether you’re a guy or a gal, cruising in your 20s or coasting through your 40s, remember that every detail matters in the car insurance game. It’s not just about driving; it’s about steering your way through the premium maze and finding the sweet spot that keeps both your car and your wallet happy. 

At GoInsuran, our commitment is to empower you throughout this journey. You’re not just a driver; you’re an individual with specific needs. Our 24/7 customer service is here to assist you at every turn. With GoInsuran, the control is in your hands for a seamless renewal process that ensures your peace of mind. Don’t delay – renew your insurance today at www.goinsurn.com/renew and experience potential savings of up to RM100* OFF with promo code GOINSURAN on the checkout page. 

*Subject to the premiums and sum insured of your car insurance 

Disclaimer: Data is derived from internal reports and does not represent actual industry data