In Colorado, male drivers are going to pay more for their premiums than female drivers. With all other things the same, men’s car insurance cost may be as much as $150 or more than their female counterparts regardless of any other factors.
But there are many other factors all drivers should be aware of. Insurance companies aren’t simply looking at gender to determine the cost of coverage. Furthermore, there are ways that you can save on coverage no matter your gender.
Why Do Males Pay More for Car Insurance in Colorado?
When it comes down to it, men pay more for car insurance in Colorado because they are riskier to insure. Studies have shown that men are more likely to engage in risky driving practices. This includes driving while under the influence, speeding, and not wearing a seat belt.
In part, these risky behaviors also coincide with why men are involved in more fatalities involving auto accidents than women. Another factor that causes auto insurance companies to raise their rates.
Furthermore, when it comes to men driving in Colorado, on average, males simply drive more. If you’re on the road more, it’s more likely that you’ll be in an accident. This means that you are more likely to file a claim. Therefore, you’re going to pay higher rates as a result.
Male vs Female Car Insurance Rates for Colorado Drivers
Car insurance rates vary from person to person. There are several different factors that go into it but gender is one of the keys. However, even within gender, you’re going to find discrepancies in averages. For example:
- Younger males are going to pay higher rates than female drivers for all of the previously mentioned reasons.
- This is still true for males who are not yet senior citizens. In other words, before the age of 65 give or take.
- However, when it comes to older males, you may notice that auto insurance rates can be lower for men than women.
Therefore, men’s car insurance can be cheaper for seniors. This is because while overall, men get in more accidents and serious accidents, women who are seniors are involved in more fatal accidents than males.
Which Group Pays More for Car Insurance Married or Single in Colorado?
Married couples typically pay lower car insurance rates than singles and it’s important to realize why. This isn’t simply because of the opportunity to bundle auto with home insurance in Colorado, but for concrete data that supports a more favorable premium for couples.
At the heart of the matter is that insurance companies have data supporting the fact that married people engage in less risky behavior while driving than single. Those with families are prone to engaging in safer driving habits and are less likely to cause accidents as a result.
This is important because younger men are already at a disadvantage and in the state of Colorado, men get married when they are 29 to 30 years old on average, which is on par with the rest of the country.
Therefore, the savings that come with marital bliss may not be significant for men and age may still be a great determinant of saving on premium as a male. Especially when you consider that the Centennial State is also one of the states with the highest rates of divorce in the nation.
Additional Core Factors That Affect Car Insurance Rates for Colorado Drivers
Analyzing which group pays more for car insurance is incomplete when it comes to looking at gender only. Men pay more, but there are many, many more factors that are going to be assessed by your insurance carrier.
All auto insurance companies are looking to determine how much risk you are as a client. The more risk you have based on the factors assessed by carriers, the higher cost you’ll receive for your premium.
There are some things you can somewhat control but others are completely out of your hands. Men pay more than women overall, but here are several other factors that each auto insurance company is going to assess when calculating your premium:
- Where you live
- The number of miles you drive
- The vehicle you drive
- How much coverage you need
- Your driving record
- The number of claims you’ve submitted
- Whether or not you’re married
- Your credit score
- Nationwide, statewide, and local driving trends
These factors and more are all looked at by virtually every auto insurance company in the state. However, here’s where things get even trickier. The biggest factor that can determine how much you pay for coverage is the actual method used by insurers. Here’s what that means:
- While every carrier is going to look at your individual factors to determine your premium, they all do it differently.
- Each company has its own method of doing so. Using proprietary technology, algorithms assess risks and calculate premiums based on this data.
- However, each company has its own algorithm. What this means is that some companies will rank certain factors as more serious or less serious than their competitors.
- Because of this, you’ll find that different carriers will provide you with differing premiums not only among different drivers but within the same driver with the same exact individual factors.
As you can see, while being a man is going to cost you more, it’s far from the only factor raising your rates. Men and women can benefit from understanding the factors surrounding their coverage and understanding that shopping around is the best way to save on premiums.
How To Save on Car Insurance Regardless of Gender in Colorado
It doesn’t matter what your gender is, if you’re a driver, you’re going to need coverage. The state of Colorado has made liability coverage mandatory, however, there are additional coverages you may also want to consider:
- Comprehensive coverage is available to protect your vehicle from damage that doesn’t involve an auto accident, such as a tree falling on it.
- Collision coverage is for you and restores your vehicle after an accident. This is important because, after an accident, liability coverage is there to restore the other party’s damage, but won’t cover yours.
Overall, staying protected against the risks you may face is key and while gender may play a role in how much you pay, shopping and comparing coverage is key. Here at Freedom Insurance Group, we work with many top-rated carriers to help you shop for the best options and pinpoint the right coverage for you.
Give us a call at the number above to speak with one of our licensed insurance agents. Alternatively, you can also receive a no-obligation, free auto insurance quote using our online tool.