While auto insurance premiums are priced based on a variety of factors, a new study from insurance comparison site Lowestrates.ca suggests that Canadian men are paying more for coverage than women.
Lowestrates.ca’s report not only compares the difference in auto insurance premiums between the two genders, but also takes into consideration the policyholder’s age.
“To understand the correlation between age, gender and auto insurance premiums, we used our car insurance quoter to collect test data for male and female drivers aged 17-60, from three major Canadian cities,” explained Lowestrates.ca co-founder and CEO Justin Thouin.
The three cities observed for the report were Toronto, Montreal, and Calgary. Lowestrates.ca obtained quotes for the average Canadian living in the respective downtown areas of the three cities using its own comparison system. The results were then broken down in terms of age groups.
Thouin explained that there are several reasons why men are being charged more for auto insurance than women in Canada.
“Statistics show that men are far more prone to road accidents, and they are also over three times more likely to drive under the influence of drugs and alcohol than women.”
The chief executive also said that the industry has observed that men are also more likely than women to commit traffic infractions such as dangerous driving.
While gender and age can be factors in auto insurance premiums, Thouin offered a reminder that they do not overshadow more important parameters in insurance pricing, such as a clean driving record, having no insurance gap, or claims history.
“Irrespective of gender, anyone who drives safely, follows traffic rules, and has no insurance gap for a significant amount of time can reduce their insurance premiums,” he said.