Is it a fact or an urban legend that automobile insurance rates are lower for females vs males?

I had given my insurance company change of name and gender information last year and did not see any difference in my rates.

When I moved (6 miles away) recently, I contacted them again to give them the change of address. Their rate calculator claimed that my rate had gone up slightly ($40/year) due to the new address.

While I was on the phone, I asked the agent what gender was marked on my record. She hesitated, then replied that it was listed as male. I asked her to correct it, which she did with no problem, however she volunteered that changing the gender on my record would NOT change the rate.

I didn't get into it with her, but if the gender on the record doesn't change anything, then why even record it?

Perhaps it is just the company I'm with, maybe others do have different rates.

Does anybody have substantiative proof that their rates changed when changing gender?

Jennifer

i have no concrete proof but if you do online quotes for yourself as male and female, (depends on your age too and driving record), it does or doesn't change. gender is just a minor thing when it comes to rates, and they only record it because its on your drivers license and linked to your ssn. your lucky you live in a state where they obviously don't ask questions.

Mostly insurance rates are based on the area that you live in.  Theft rates, etc.  Age, then your driving record and the number of miles you drive.  Then gender will come into play.

Depending on age, gender can lower your rates as a woman.  Mine drop dramticly after I changed my name and gender.  Saved $600 a tear.

Janet

Gender matters most when you are under 25.  After that point rates tend to flatten out between genders, but if your 19, and driving anything more powerful than a Vega, guys are going to pay much more.

Ditto what Tekla said; it's age related.  I was expecting my rates to go up after I switched my gender to M with the insurance company, and that didn't happen.

My rate went up when I traded in my Explorer for a Focus.  For some reason, they call the Focus a 'sport's car.'  Really?!  Coulda fooled me!  It looks like a boring sedan.


Jay

For some reason, they call the Focus a 'sport's car.' 

As I recall it has something to do with the ratio of horsepower to weight, and the way the seats are - bucket seats = sports car, bench seats do not.  But I'm sure there are other factors too.  But I'm pretty sure about horsepower to weight.

Not so much HP to weight, as much as who drives the car.

BMW and Corvette's carry low insurance rates than other sporty cars because those who drive them tend to be more careful. Corvettes have one of the lowest rates for a pure sports car. A Honda Civic can cost more to insure than many people think because of all the young kids who modify and race them. Of course if granny is driving a Civic she will probably be okay, but a younger driver in that car will get a higher rate.

The Focus is like the Civic, kids get them and mod them, then race and wreck them. A Focus in the hands of a younger driver is a sports car, a Corvette in the hands of an older driver, is a status symbol.

My rates were the same on both of these...
1991 BMW 2door sport coupe
1999 Subaru AWD SUV/wagon

Age definitely plays a factor, at 25 my rates took a huge drop, but that will drop across the board regardless of gender or vehicle.

It's fact.... but not absolute fact.

For instance, accident rates for young males are higher than for young females.  Young males pay more for insurance as a result.  However, a young male who drives a car with a lower value, lives in a different ZIP code or has more driver's ed than his female counterpart will pay less.  It's one factor of many.  if you're unsure if your rate has been affected (or if it should be), call your insurance company.

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Post Merge: April 25, 2009, 02:06:21 PM

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As a former honda civic owner, I was told my higher rate was due to the car's presence on the top 100 theft list.

Quote from: Mister on April 25, 2009, 02:04:49 PM

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Post Merge: April 25, 2009, 02:06:21 PM

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As a former honda civic owner, I was told my higher rate was due to the car's presence on the top 100 theft list.

That only matters if you have theft.

Theft rates have a huge amount to do with it.  Vette owners don't buy 'hot parts' and the BMW folk only want BMW factory parts.  Its one reason that a BMW bike is a lot cheaper to insure than a Harley, they are ripped off far less because there is no market for the parts, where there is a huge market for hot Harley parts.

Here in the UK, Gender does matter. Males insurance is higher than womans as they take more risk[/b] Like most people said all the factors matter; Age, theft rate in your area, where you store your car, how valuable your car is, NCB, Claims, ETC.

100% fact. I work for MASSIVE insurance company.

Jay