Male vs Female Car Insurance Rates in India

In India, many households do not have a car and hence many women cannot afford one for themselves. This means that these households cannot afford regular maintenance costs for their cars and lack driving experience too. This has led to the number of accidents involving female drivers increasing sharply in the last few years. Hence there is an urgent need for reforms to bring about equality among all genders when it comes to driving habits and car insurance rates for they do not be discriminated against on account of their gender...Read More

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Many factors are considered for car insurance. One of the major factors is the gender of the driver. Car insurance rates vary depending on the gender of the driver and can be as high as 30% higher for men than women. This study aims to find out if there is a difference in risk between male and female drivers in India, looking at car insurance rates, accidents, and driving violations. Insurance companies use the gender of a driver to determine the rates of car insurance. The reason behind this is that they believe women are less likely to get into an accident or commit a crime, and hence it is fair to charge them less.

Car insurance Male vs Female Price List

Driving habits are a major factor in determining car insurance rates. Women have been found to drive less than men, and hence, they tend to be charged lower premiums. When it comes to the gender gap in car insurance rates, it is not just about driving habits but also about the number of accidents that men and women are involved in. Men are more likely to be involved in accidents than women, which is why they tend to pay higher premiums for their car insurance. Indian drivers need to know about this gender gap so that they can take steps towards minimizing their risk of getting into an accident and hence, reducing their car insurance premium.

Male vs Female Car Insurance Rates Comparison:

When it comes to car insurance, gender and age have a big impact. Women tend to pay less for car insurance because of several factors that affect their prices more significantly. Young drivers generally pay higher car insurance rates statistically, because they are more likely to be into a car accident. The rates tend to go down as your age gets older and have more driving experience.

It is estimated that one reason why male drivers are charged more for car insurance than female drivers is that they are more difficult to insure. Men often drive more kilometers than women drivers and are more prone to engage in unsafe driving practices such as speeding, driving while intoxicated, and not wearing a seatbelt. Due to these reasons, some insurers charge more premium rates to men than women.

Car Insurance Company Male Female
Acko Rs. 3583 Rs. 3160
ICICI Lombard Rs. 3338 Rs. 2940
Digit Rs. 3048 Rs. 2686
TATA AIG Rs. 2964 Rs. 2629
New India Assurance Rs. 2844 Rs. 1836
Oriental Rs. 2537 Rs. 2333
Reliance Rs. 2148 Rs. 2438
SBI Rs. 2218 Rs. 1502
Magma HDI Rs. 3104 Rs. 2189
Future Generali Rs. 2094 Rs. 2030

*The above-mentioned values are for displaying purposes if you want the exact readings please compare car insurance quotes by filling in your age and gender.*

But, gender is a very small factor in the many that insurance providers use to determine car insurance rates. Several others, like location, age, how much you drive, claims and accident history, and what coverage you want all play a much bigger role than gender.

Difference between Male vs Female Car Insurance:

Know about all the coverages, benefits, add-ons, policies, and availability. The main difference between male and female car insurance is pricing and capability according to their ages.

Comparison Male Female
Coverages
  • Physical Injury
  • Death of an Individual
  • Damage to the Property
  • Personal Accident Cover
  • A comprehensive Car Insurance policy covers
    • accidents,
    • natural/man-made calamities,
    • fire and explosion,
    • Theft, etc.
  • Accidents and damages caused by the accident.
  • Fire includes damages caused to your car due to self-ignition, explosion, and lightning.
  • Theft In case your car gets stolen.
  • Calamities Natural and man-made calamities such as earthquakes, riots, etc.
  • Third-Party Losses Covers damages to a third party or property.
  • Car Owner Covers damage to the insured’s car and the insured.
Average Price Starts at Rs. 2094 Starts at Rs. 2072
Availability Online through PolicyBachat Online through PolicyBachat
Policies
  • Coverage against third-party injuries.
  • Coverage for third-party property damage.
  • Accidental damage.
  • Personal accident cover for the driver.
  • Fully customizable coverage duration.
  • Standalone Own Damage Cover
  • Private Car Bundle Policy.
  • Personal Accident Cover
  • Third Party liability
  • Third Party Injuries
  • Comprehensive car insurance
  • Commercial car insurance
  • Own damaged car insurance
  • Basic zero depreciation car insurance
Add-ons/Riders
  • Zero Depreciation cover
  • No Claim Bonus Protection
  • Emergency Assistance Cover
  • Downtime protection
  • Engine and gearbox protection
  • Return to Invoice
  • 24*7 Roadside Assistance
  • Key Replacement
  • Personal Accident Cover
  • Engine Protection Cover
  • Zero depreciation cover
  • Key replacement cover
  • Consumables cover
  • No claim bonus (NCB) protection
  • Personal accident cover for passengers
  • Roadside assistance cover
  • Outstation emergency cover
  • Engine protection cover
  • Return to invoice cover.
Discounts
  • No Claim Bonus (NCB)
  • ARAI Approved Anti-theft devices
  • AAI Membership
  • No Claim Bonus (NCB)
  • ARAI Approved Anti-theft devices
  • AAI Membership

Annual Premiums 10 lakhs 10 lakhs
Insured Declared Value Depends on the Make & Model of the car Depends on the Make & Model of the car
Deductibles 5 lakhs 1 lakh
Overall Rates Cost – effective based on Your Age, driving history, and location. Affordable prices based on age, and location.
Benefits & Features
  • Get Instant Quotes
  • Payment Reminders
  • Instant Coverage
  • Quick Issuance
  • Zero paperwork
  • Convenience
  • Control over coverages
  • 24x7 customer service.
  • Lower premiums.
  • No paperwork
  • Doorstep Service claim settlement
  • Claims settled instantly
  • Lower Prices
  • Convenient support, claims, or renewal.
  • Stress-free Claims.

How does Age affect Car Insurance Premium Costs for Male vs Female?

Age is one of the most important factors that affect car insurance premium costs. The older you are, the more likely you are to get a higher premium. The following table shows how much your car insurance will cost for every year in your 20s, 30s, 40s, and 50s:

In general, age is the most important factor that affects car insurance premium costs. This is because as people get older, their risk of getting into an accident increases dramatically. Therefore, they have to pay higher premiums to make up for it. The rates of car insurance premiums widely vary amongst young and old drivers.

Male vs Female in Younger Age:

Young drivers are often considered to be high-risk drivers by insurance companies. This is because they have less experience on the road and are more likely to get into accidents as compared to older or experienced drivers. Moreover experienced drivers are more cautioned on road than young and new drivers. The good news is that by taking the time to shop around for cheap car insurance for teens, you can save some money in the process. The most common risk factors associated with young drivers include:

  • Speed driving
  • Driving inappropriately
  • Drunk Driving or taking drugs while driving
  • Driving recklessly at night
  • Distracted while driving
  • Ignoring seat belts while driving
  • Lacking appropriate driving skills, etc.

If you're a young driver, you can do a few things to save money on your car insurance premiums. One option is to purchase a used car instead of a new one. New cars tend to be more expensive to insure than used cars as they have a higher Insured Declared Value.

Age Male Female Insured Declared Value (IDV)
18 year old 3902 3728 Rs. 7.36 lakhs
19 year old 3828 3527 Rs.6.26 lakhs
20 year old 3602 3189 Rs. 5.26 lakhs
21 year old 2891 2596 Rs. 7.62 lakhs
22 year old 2654 2416 Rs. 3.27 lakhs
23 year old 2478 2280 Rs. 4.92 lakhs
24 year old 2340 2169 Rs. 2.92 lakhs
25 year old 2290 2094 Rs. 2.89 lakhs

Note: - All mentioned values in this article are approx. rates for exact prices that are related to age, gender, location, and company may compare car quotes using the comparison tool at the car insurance page or top of the page.

Male vs Female as Seniors:

As you get older, your rates will typically go down. This is because insurance companies consider older drivers to be more experienced and less likely to get into accidents. However, if you are older than 65, your car insurance rates may start to increase again.

When you reach the age of 65 years, your auto insurance premiums will begin to rise. A 75-year-old man pays much more for a car insurance policy than a 55-year-old man. And after you reach the age of 80 years, there is another increase in rates beginning at age 75. The risk of you being in a car crash increases with age.  Normally age above 70 years old cannot drive a car because of their weak eyesight and no stiffness in their bones.

Gender 35 year Old 40 year old 50 year old 55 year old 65 year old > 75 year old 80 year old
Female 2651 2614 2586 2152 3489 >3926 4592
Male 2823 2717 2618 2428 3538 >4201 4869

The older we get, the more prone to injury or death in a car accident. It's an unfortunate fact of life that eventually catches up with us all because unfortunately, you can't avoid getting older.

How to Reduce your Car Insurance Premiums?

The car insurance premium is one of the most important factors people consider when buying a policy. Owners-drivers are always looking out to get extensive coverage at affordable premiums. Here are a few tips that will help you reduce your car insurance premium:

  • Additional Security Measures: If you choose to install additional security devices in your vehicles, such as parking sensors and anti-theft apparatus, you effectively reduce the risk associated with your vehicle. A reduced liability risk leads to lower premiums for your car insurance.
  • No-Claim Bonus: When you renew your policy after a claim-free year, you get a discount on the premium you have to pay. This discount can go up to 50% for five consecutive claim-free years. However, even a single claim will reset the NCB back to zero. Avoid making claims against your policy for minor damages to keep your NCB from lapsing.
  • Insured Declared Value: When you get a car insurance policy, the company runs an assessment to establish the highest claim value for your vehicle, known as the Insured Declared Value (IDV). However, you can reduce the vehicle’s IDV in exchange for a reduced cost of the premium. But remember that a lower IDV entails a lower reimbursement in case of theft or total damage to the car.
  • Increase Voluntary Deductibles: A voluntary deductible is a choice by the policyholders to pay a proportion of the claim amount while the insurance company pays the rest. When you raise a claim, the insurer will deduct this amount and settle the difference. By opting for higher deductibles, you can substantially reduce the cost of your car insurance premium.
  • Ignore Small Claims: Making small claims will not only cost you money but also affect your No-Claim bonus. Receiving a No-Claim bonus every year guarantees you save money on your car insurance renewal.
  • Shop around. It’s smart to compare car insurance quotes from multiple companies to find the best deal. Car insurance rates can vary widely among insurers for the same coverage and the same driver.
  • Ask for discounts. Insurers have a wide variety of car insurance discounts, such as price breaks for good drivers, good students, vehicle safety devices, and buying multiple policies.

Factors that determine your Car Insurance Premium:

While your gender has an impact on your car insurance rates, it's far from the biggest factor when an insurance company decides your premium. Other factors that insurers consider include:

  • Your age
  • Your driving record
  • The make and model of your car
  • Your credit score
  • Your marital status.

The type of car insurance you choose can also have an impact on the cost; whether it's a third party, or fully comprehensive. And whatever type you choose, you might not get a cheaper policy simply because of your gender. We want everyone to get the best value insurance, so get in touch today for a quote.

Conclusion:

Car insurance rates are different for men and women, but there are many reasons why this might be true. One reason could be that men drive more than women do, which increases their risk of getting into an accident, or they might have more accidents because they tend to speed more often than female drivers do. Another possible reason could be that men are less likely to buy additional coverage like comprehensive or collision coverage, which can lead to higher premiums because of higher repair costs if an accident does occur.

No. of factors that influence rates of car insurance for males and females. Besides age and gender, past driving records also determine the cost of your car insurance. To buy the best car insurance plan at affordable prices, check the different car insurance plans offered by multiple insurance companies. Buy Comprehensive car insurance plan provides you with all your needs and financially protects your car from any damages.

When picking a car insurance company, make sure to pick the one with everything you're looking for and that suits your requirements. It's important to get all the information you need before making any decisions and going with a company that will provide the best coverage so you feel confident in your coverage.

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