It is a well documented fact that female car insurance is cheaper than the equivalent male driving insurance for similar age brackets and types of vehicles. Though some people see this as unfair, the fact of the matter is that female drivers claim on their car insurance less than males. Therefore insurance companies pay out less to females which results in lower premiums for that sex.
The majority of male claims are from under 25 year olds and it is this age group that is the highest risk for an insurer. As male drivers commit a higher number of road offenses it increases male car insurance over female. It is not only the volume of claims being made from female drivers being less; survey data has shown that actual claim payouts for females are lower due to damage that has occurred in a female accident being lower than that of damage occurring in a male accident. Of course this does not mean ladies car insurance is immune to increasing. As with any insurance policy the premium is directly related to the number of claims made on it. The more claims, the higher the premium and visa-versa.
With car insurance becoming increasingly less linear over the last few decades, more and more types of driver insurance have become available and insurance policies are more bespoke than in the past. The flexibility and target groups of insurance companies have expanded with options in all areas of underwriting and ladies car insurance is one example of this.
Many car insurance companies now offer particular policies for females only. In fact there are whole new insurance companies set up specifically for female drivers, in a similar fashion to dedicated over 30 year old insurers for example.
The lower statistical risk of female drivers can result financially in premiums costing up to 70% lower than the male counterparts. This is true for all age groups too, whether the licensee is a teenager, in their twenty’s or thirty’s and so on compared to the equivalent male or standard policy.
Ladies car insurance policy coverage is as per a standard car insurance policy, however they tend to appeal directly to females with benefits such as ‘handbag’ insurance, 24 hour helpline and breakdown cover in the event of a vehicle malfunction. In addition medical and legal support are other benefits which remain popular inclusions to ladies car insurance. However policies vary between companies so it is always best to research each insurer separately to ensure familiarisation with their terms and conditions.
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