Car Insurance For Women
According to Sainsbury’s Car Insurance survey, women drivers are paying less than their male counterparts for their car insurance. Female drivers in the UK currently pay an average of £412.44 a year – which is more than £90 less than the male average of £503.98.
Overall, motorists are paying an average £458.92 on insurance, with young drivers facing the highest bills and being hit hard – sometimes having to pay more than £900. The differences between the most expensive and least expensive insurers was over £100!
Motor insurance companies tend to compete on the basis of price to gain customers, which is of course to motorists’ advantage; this leads to saving money by shopping around. Unfortunately however, one in five motorists only bother to get one quote when they buy their car insurance. By shopping around, they could collectively be saving over a billion in premiums a year.
SOME COMPARISONS OF WOMEN AND MEN
According to new research, many women only car insurance policies actually end up costing female cusomers more money. The insurance industry has always admitted that females are safer drivers and makes reduced premiums, but the premiums themselves may not be competitive!
Research from early 2005 found that 72% of female drivers would save around £85 a year on their car coverage by choosing a mainstream NON-Women-only insurer over a specialist women-only deal.
Bradford & Bingley have proposed that women should research options more fully before deciding on an insurance company. The bank found in research that women are only half as likely to shop around at renewal time than men are. Also, men organize their shopping better.
Before the expiration of their current policy; men begin sooner to research new policies, while just 50% of women do the same. Men also spend longer looking and are 10% more likely to phone a number of providers (over 5 in fact) when looking around than females are. By not shopping around, women are not saving on their car insurance.
The bank points out that the average potential saving could be £130. just by shopping around. But despite this sizeable savings, 39 per cent of women opt to remain with their existing car insurance company when it is time to renew.
The importance of organization in looking for a renewal quote is increasing because motorists have of course now lost their traditional 14 day grace period to renew policies. This has changed with the new European regulations.
