Most women don’t know this, but many insurance products on the market today are cheaper for them, compared to their male counterparts. This is especially true for women in the 20-40 age group. Is this reverse discrimination? It is, but based solidly on statistical findings. Now, women as favoured insurance policy holders can benefits from a range of cost-effective insurance policies tailored especially towards their needs.
Car insurance is a case in point. Statistics have shown that women drivers are more careful, more safety conscious, more conscientious when it comes to maintaining their cars and annually drive less total mileage than their male counterparts. Of course, women drivers have accidents too, but again, statistics have shown that accidents involving women drivers are on average less costly than those incurred by their male counterparts. All this put together, makes women insurance policy holders very attractive for insurance companies.
In some cases, in particular for younger drivers, the premiums for car insurance for women can be almost 50% cheaper than their male counterparts for the same insurance coverage in the same age group. Although the big differential in premium does decrease with age and driving experience, insurance policies generally for women still tend to be cheaper, when compared to insurance policies for males. In fact, the cheapest category for comprehensive motorcycle insurance is a single woman in her early 30s!
Women will find that insurance companies have policies and marketing campaigns especially geared towards them. Taking this into consideration, shopping around can be extremely beneficial for a woman looking to purchase insurance. In fact, some insurance companies have gone so far that they have special ‘women only’ insurance subsidiaries. So, next time you and your husband are looking to buy insurance for your car, it may be advantageous to add your husband to your policy instead of vice versa!