Car Insurance for Women - Is it Cheaper

There are many long-standing jokes amongst men about the “so-called” poor driving habits of female drivers. If male drivers are that much better why are there a number of insurance companies that are prepared to offer women lower premiums on car insurance?

Insurance is all about safeguarding against risk. Insurance companies draw up risk profiles and these are based on statistics drawn up by actuaries. When insurance companies set premiums they take into account all the factors influencing the risk they are expected to insure.

Statistically women have been proven to be better drivers, sorry guys. Let us rather rephrase and say they have been proven to be less of a risk, we don’t want to start another debate on the issue.

According to the National Highway Traffic Safety Administration’s 2004 report male drivers were involved in 1,369,000 more property-damage incidents, 432,000 accidents without fatalities and 27,000 more accidents with fatalities than female drivers. Numbers alone can be misleading though. There are more male drivers on the roads, and more of them are involved in economic activities that include driving. How often, if ever, do you see a female taxi or truck driver?

Some men don’t seem to like the fact that women can get car insurance for less and online blogs and forums have some heated debates around the topic, it makes for interesting reading. Lower premiums for women have been called sexist, disputed by men complaining about women putting on their make-up, feeding babies, talking on cell phones, all while they are driving. (It’s called multi-tasking, something only women are capable of.) It’s a joke guys!

The fact remains that female drivers are less of a risk as far as insurance companies are concerned and therefore they are prepared to offer lower premiums to female drivers. Insurance companies are in business and they therefore make decisions based on economic realities.

A number of insurance companies are now prepared to offer lower premiums to women drivers purely based on their risk profile, not for altruistic reasons. Men are by nature more inclined to take risks and it has been found that the accidents caused by women drivers are usually less serious and therefore less expensive. Male drivers are more likely to get involved in road-rage incidents and in general drive at a higher speed; therefore the accidents are more serious and obviously much more expensive for the insurance companies in terms of monetary values. Women, on the other hand, seem to specialise in fender-benders. Sorry girls, but fair is fair.

There are now specific products available in the car insurance market for women only. These policies include a number of free benefits based on a woman’s special needs. But always do your research, most companies now offer the same add-on benefits, so always check the facts. Don’t go after the benefits before you have checked the actual cover.

If you are female and you are in the market for car insurance do your homework. Don’t assume anything, always ask. It may not be in your best interest to move your existing policy, talk to your current insurer and ask for a discount. Tell them that you can get the car insurance cheaper elsewhere.

Ask other female drivers who they are insured with, get feedback from as many sources as you can. Also remember that it is not only your gender that may qualify you for a discount, many other factors are taken into account such as your driving record, the type of car you drive, your age, travel patterns and many more.

Shop around, that’s something women are great at, anyone wishing to dispute that?