(CNN) – Think you’re paying too much for car insurance? Try getting married. That should lead to lower rates, at least according to one study.
Getting married can be a money-saving venture for some people. Couples split housing and other financial obligations, like groceries or utility bills.
But how about this one? Getting married could save you a few bucks on car insurance. That’s the conclusion of a new study by “InsuranceQuotes.com”. Insurance-Quotes says a 20-year-old married woman pays an average of 22% less than a 20-year-old single woman. It’s a similar story for married men versus single men. Some experts say people get more serious about being better drivers when they’re married.
But the biggest factor in determining how much you pay for car insurance? Age. Older, more experienced drivers tend to be safer drivers. Data shows that teenagers have a higher crash rate. That means they’re more expensive to insure. A 20-year-old single male driver pays an average of 49% more than his 25-year-old counterpart.
The sweet spot: the cheapest rate goes to 60-year-olds. After that, premiums begin to creep up again.
For insurance companies, it’s all about assessing risk. Groups that tend to file the most claims pay the most for coverage.
And that old saying that women make better drivers? Well, Insurance-Quotes says it’s true, so women typically pay less than men for car insurance, but only for a little bit. The gap narrows around age 30, and eventually, men pay less.