SAN FRANCISCO: We all do stupid things when we are young, but saying "I do" in your early twenties can significantly lower your auto insurance, according to a new report released today.
The report, by online insurance comparison website 'InsuranceQuotes.com' indicates that an average, married 20-year-old female pays nearly 30% less than her single equivalent. The difference between a married and a single man of the same age is slightly less, at 24%.
But by the age of 25 married women will only pay 7% less than their single counterparts and married men pay 9% less, and it gets even smaller after that.
InsuranceQuotes.com say that factors such as age, gender and marital status significantly affect how much Americans pay for their car insurance, and the variability is highest among younger drivers.
It's true that women typically pay less for auto insurance up to the age of 30. The average single 20-year-old man pays 23% more than his female counterpart for the same policy. The gap narrows to 4% at age 25.
However, from ages 30 to 65, average premiums are actually slightly lower for men (about 1% cheaper). That flips once again after age 65, when women tend to pay about 1% less than men.
"In addition to regularly comparing at least three quotes from different insurers, consumers should review potential discounts with their current insurer. This is even more important for younger drivers because they tend to pay the highest rates," says Laura Adams, insuranceQuotes.com's senior analyst
"Consider things like good student discounts, avoiding small claims and bundling your car and renter's insurance policies with the same carrier," she adds.
Hawaii is the only state that doesn't allow car insurers to use age, gender or length of driving experience when setting their rates.
A second report released today, the California Car Insurance Landscape Report, by WalletHub.com ranks San Francisco as the second most expensive county in California for auto insurance, behind Los Angeles.
The Northern Californian cities of Livermore and Redding were listed fourth and fifth in a list of the cheapest cities for car insurance in California with prices between 12.4 and 12.8% below the state average.
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