In most cases, being in your 20s and single offers a lot of benefits.
You're learning a lot at your first job. Your nights are spent hanging with friends. Your bills haven't ballooned just yet ... or have they?
At least when it comes to car insurance, you're likely paying more than your more settled, married counterparts. According to recent data from InsuranceQuotes.com, a single 20-year-old is likely to pay 21% more than a married 20-year-old for the same coverage.
So what's behind the higher premium? Apparently, single people are more likely to get into car accidents—perhaps because marrieds are more likely to have kids and are therefore more cautious on the roads, InsuranceQuotes.com analyst Laura Adams told CNNMoney.
But it’s not just your marital status that affects your car insurance; gender and age also play a big role.
A single 20-year-old man will pay 25% more for car insurance than a married man the same age. And a single 20-year-old woman will pay 28% more than her married counterpart.
The good news? For both men and women car insurance costs decrease each year until the age of 60. For instance, a single 25-year-old pays 7% more for auto insurance than a married 25-year-old would; the difference falls to 3% in the 30s.
But if you still find these cost differences unfair, there is one thing you can do: Move—to either Hawaii or California. In California, age cannot play a factor into your policy costs, and in Hawaii, neither age nor marital status is a consideration.