Why women pay less for car insurances?
Women tend to pay quite a bit less on their car insurance premiums than their male counterparts as they are regarded as better drivers and more cautious than men. A recent survey has found that male attention tends to wander when they’re in the proximity of attractive, in addition, more men are rich It turns out that salary also has an impact on car insurance. Robyn Farrell, Director at 1st for Women Insurance reported that higher earners are more distracted by women when behind the car
1st For Women Insurance says: It is a well-known fact that, statistically, women are lower insurance risks than their male counterparts. This trend is an international insurance phenomenon and is not limited to the local South African short-term insurance industry. Women take fewer risks, make more careful decisions, usually stick to the speed limit and frown upon road rage. In addition, the cost of repairs to vehicles crashed by women, is on average, lower than the cost of damage caused by men.
How insurers target women drivers now
Although insurers can no longer offer cheaper premiums to women just because of their gender, it’s understandable that many will still want safer female drivers on their books.
One way they have attempted to do this is by producing advertising intended to appeal to women and offering added extras which they believe females will find appealing, things such as priority breakdown cover and (however patronising some may consider this!) handbag cover.
Of course, there’s nothing to stop a man taking out a policy that’s been targeted at a female market if he finds that the deal’s right for him, or even if his priority is having adequate cover for a man-bag.
Golden rules of car insurance are:
- Know the promise you’re buying: When you buy car insurance cover you buy a promise. For years or even decades you may pay your insurer to say: “In certain circumstances that may never arrive, I will give you certain things.” You need to be sure of what these circumstances are and what you will gain from the cover.
- Keep the promise you are making: When you buy your insurance you give your insurer much personal information such as your habits and the ways you will use the items you are insuring. If the information is wrong, sometimes even a little bit wrong, the insurer’s promise won’t hold up.
- Remember this key truth: It is the car insurer’s job to pay you what you are due and not more.
It is important to understand why you are paying a specific premium to insure your car. When your car is stolen, damaged or written off in an accident, the insurance provider will pay out an amount based on a variety of values that are determined beforehand.