Women account for over half of all licensed drivers in the U.S., with over 115 million women licensed to drive in 2019. According to Quadrant Information Services, the national average cost of full coverage car insurance for women amounts to $1,532, You might be able to make an informed decision about your coverage by understanding how your gender influences your car insurance.
Women need car insurance
In most states, vehicle owners are required to carry at least a minimum amount of car insurance mandated by the state. If the state has minimum requirements, women who drive or own vehicles are required to have car insurance that meets them. In most areas of the country, your gender will be used as a rating factor when determining how much you pay for car insurance coverage. Your gender is only one of the many rating factors that can be used. Other factors include your driving record, vehicle type and the coverages you select.
California, Hawaii and Massachusetts prohibit insurance companies from using gender as a rating factor. These states may have men and women paying the same amount for coverage, as long as all other rating factors are equal.
What does it cost for women to insure their car?
The cost of car insurance for women varies based on numerous additional rating factors, such as age, location, vehicle type and coverages chosen. Women pay $1,532 annually for full coverage car insurance. This is slightly less than the $1,674 national average for full coverage.
Insurance rates for women aged over 50
Insurance premiums for younger drivers tend to be higher. Insurance companies will view you as a lower-risk driver if you have more driving experience.
State-specific rates for female car insurance
The cost of car insurance will also depend on where you live. Every state has its own insurance laws. The likelihood of being in an accident and the severity can differ between states.
Cheapest state for women
Nationally, full coverage car insurance costs for women average $1,532. For a woman aged 40, Maine offers the lowest full coverage car insurance rates at $972. Next are Ohio, Idaho and Hawaii. Hawaii doesn’t allow gender to be considered in car insurance premiums. However, the state has lower-than-average prices for full insurance coverage at $1,127, compared to the national average $1,674.
The most expensive state for women
Louisiana is the top-ranking state for annual full coverage car insurance premiums for women with $2,766. This is despite the fact that Louisiana already has the highest average yearly cost of full coverage insurance at $2,724. The list includes Nevada, Florida, New York, and Florida. These are the same states that have the highest annual full coverage premiums for women. However, the average rates for full coverage insurance for women vary slightly.
Michigan doesn’t allow gender to be used in rating factors for car insurance premiums. However, Michigan is the fourth most expensive state for full-coverage car insurance according to Bankrate’s study of average annual quoted premiums.
Are women more likely to pay for car insurance than their male counterparts?
It all depends on your age and whereabouts. According to some data, women are more likely to pay for car insurance than their male counterparts. Women pay less for car insurance in certain states and at certain ages. However, the reverse is true. Women are paid less in some states, such as Washington, Maryland, and Connecticut. Men are more likely to drive at high risk than women. Statistics show that men tend to get into more accidents and more severe accidents than women.
Your gender may impact your premium, depending on where you live. However, other factors such as your rating will be more important. A woman who has a clean driving record will likely pay less than someone with multiple tickets, accidents or DUI convictions. A woman who insures a luxury high-end car will likely pay more than someone who insures a smaller vehicle.
How to get cheap car insurance for women
Many women consider car insurance affordable a top priority. There are ways to lower your insurance premium.
Safety driving habits
If you have safe driving habits, your auto insurance premiums will be lower. Accidents, tickets and DUI convictions can raise your insurance rates significantly. These surcharges can be avoided by maintaining a clean driving record.
Compare rates
Comparing quotes from multiple companies will help you to find the right coverage at the best price. Every insurance company has its own rating algorithm. This means that rates may vary greatly between companies.
Ask about discounts
Many insurance companies offer discounts that can help you save. Your premium could be reduced by taking advantage of any discounts you are eligible for. Although each company and each state has different discounts, some common discounts include bundling your home and auto insurance with the same company, taking part in a telematics program and paying in full.
Questions frequently asked
Which is the best company to insure women’s cars?
Each woman has a unique situation when it comes to car insurance. Women will also have different needs and wants from their company and policy. There is no single best car insurance company for all women. It can be helpful to get quotes from multiple companies in order to find the right company for you.
How old does female car insurance start to decrease?
Women should see a decrease in their car insurance premiums around the age of 25 if they maintain a clean driving record. Teenagers and young drivers typically cost more to insure due to their lack of experience; car insurance companies view young drivers are more likely to get into an accident than their adult counterparts.
Are women more likely to pay for insurance than men?
Although some data suggest that women pay more to insure their cars, the true cost of your coverage will depend on many factors. Women pay slightly more for insurance than men at certain ages and in certain states. A woman aged 40 in Nevada will pay $2,325 annually for full coverage. A man aged 40 in Nevada will pay $2,164. Full coverage in Wyoming costs women aged 40 years $1,428 annually, and men the same age $1,562.
However, younger drivers tend to pay less than women. For full coverage, a 22-year old woman pays $2,495 annually, while a $2,828 annual average cost for a man is $2,828.
