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.
- - Article from insurance.com
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