Being a female vehicle owner in modern times has never been so beneficial seeing that you can enjoy lower insurance premiums than your male counterparts.
Car insurance companies prefer lady drivers to their gentlemen counterparts because they are considered to be much less risky drivers. However, it is not that the accident rates of ladies are lower. They face just as many accidents as males do. However, the damage caused by women do not add up to as much in most of the cases. So, their claims after the accident are also less. This is why on an average women’s car insurance premiums tend to be 30% lower than that of the male counterparts having same demographic profile.
Women drivers also tend to be more cautious on the roads by driving at lower speeds than men. Hence, accidents caused by lady drivers are in general not that serious. So, even if they might claim as often as males do yet, in all they claim less amounts, giving insurers lesser premiums.
Since male vehicle owners drive at higher speeds, the damaged caused will be much higher, even if they are the only party involved in an accident. In the case the accident involves two vehicles in a high damage condition; it becomes an insurance company’s nightmare.
A lady is regarded to be less of a risk, even from the age of 17. There are many premium discounts available for any young lady driver, like pass plus certificate. It consists of a series of extra lessons that a young lady driver can take following their drivers test. This can give you a discount of around 30% for the first year.
Some car insurance companies specialise in auto insurance for women drivers. Literally, these companies insure women drivers only, for example First for Women. They don’t even encourage getting a lady insured with her husband under combined policy because they can’t give too much discount, as they have to think about her husband’s high risk factors as well. So, they would prefer woman with woman. It means providing less risk in total, meaning lower premiums in total.
So, the calculation is simple – the lower premiums might mean that they don’t make much profit. However, if they can get as many women as possible, then the volume of business can go higher.
Look out for these companies if you are a woman. Lady car insurance quote includes legal cover as well. This helps you to claim back your excess from the third party in the event of a non-fault claim. You can further lower your premium by parking your car overnight in the garage and maintaining a good driving record.