Many insurance companies now offer ‘women only’ insurance policies, as statistics have shown women to be much better risk when it comes to insurance claims. In car insurance, for example, premiums for women tend to have the biggest differential in young drivers. In this category, women drivers in the early 20s can be quoted premiums of up to 50% cheaper than their male counterparts, for the same coverage. Although the differential in premiums does decrease as women get older, premiums in general still tend to be lower than their male counterparts.
Insurance is all about statistics and as long as statistics show that women are more careful drivers and tend to submit lower claims than their male counterparts for accidents, women will have the upper hand when it comes to insurance premiums. Because of this, as a female consumer looking for insurance coverage, shopping around will be key in obtaining the best rates and coverage on the market. In fact, some insurance companies have even gone as far as to create a ‘women only’ insurance subsidiary that specialise in policies for women only.
Health insurance can also in some cases be less expensive for women, although the premium differentials are not quite as large as in the car insurance market. Statistics here have shown that women tend to be more proactive when it comes to their health and are likely to seek treatment early. This means that women are less prone to let an illness become serious, compared to their male counterparts, who may put off seeing a physician until the very last minute. Health insurance companies of course want to pay less and if one proactive visit can nip an illness in the bud by averting a lengthy hospital stay or costly surgery, which is what they strive for. Because of this, health insurance policies for women tend to be more affordable compared to their male counterparts.