Car Insurance Premiums: Women Pay Up to 160,000 Won More Than Men

It has been revealed that women over their 40s pay up to 160,000 KRW more than men for car insurance premiums.

On the 22nd, fintech company Habit Factory analyzed data from 10,000 randomly selected customers and found that as of the second week of October, men in their 40s paid 619,229 KRW for car insurance premiums, while women paid 734,124 KRW. Women spent 114,895 KRW more. For those in their 50s, men paid 715,595 KRW and women 846,878 KRW, showing a difference of 131,283 KRW. In their 60s, men paid 818,016 KRW and women 982,618 KRW, with women paying 164,602 KRW more.

Insurance companies are known to consider various factors when setting car insurance premiums, such as driver age, gender, number of accidents, traffic violation history, and insurance subscription history.

According to Habit Factory’s survey, the age group paying the highest car insurance premiums is people in their 20s, who spent 1,036,838 KRW. Those in their 30s paid 776,667 KRW, and those in their 40s paid 676,426 KRW, showing that premiums decreased as age increased. However, premiums rose again for those in their 50s, who paid 768,291 KRW, and those in their 60s, who paid 857,264 KRW, reflecting an increase based on the loss ratio (the ratio of insurance payouts to premium income).

A Habit Factory official said, “While operating a car insurance comparison and recommendation service that allows users to explore various products, we paid attention to premiums by age group,” adding, “Since car insurance accounts for a large portion of fixed expenses, it is necessary to compare carefully.”