Why are motor insurance policies often cheaper for women?
There are many influencing factors behind this. Often, women tend to drive vehicles that are more conservative than those used by their male counterparts. Their vehicles will usually have a lower engine capacity and any repair costs that arise as the result of an accident will inevitably be cheaper.
Are there any other factors that insurance companies consider?
Yes. Statistically, women aren’t necessarily involved in less accident than men, but they represent a lower risk group because their eventual repair costs in an accident will usually be lower. Much of this is down to the fact that women drive more carefully and if they are involved in accidents, they will usually be at lower speeds than those associated with male drivers.
What about driving convictions?
This is another area where women can often find themselves getting cheaper motor insurance than men. Male drivers have a tendency to pick up a significantly higher percentage of motoring convictions than women. Speeding, drink driving and careless driving are just three different aspects that are taken into account when an insurance company sets up a policy.
Where are the best places for women to purchase motor insurance?
Most policies with any insurance company will be cheaper just because the driver is female. However, there are a number of specialist insurers that focuses solely on the female market. In the UK, the largest of these is a company called ‘Sheila’s Wheels’ although price comparison websites also have a filter that offers preferential rates for women.