Car Insurance for Women - Why Female Drivers Get Cheaper Insurance Rate?
Car insurance companies consider many factors while going through your driving history to decide if you are a responsible driver or not. These factors include the number of traffic violations, number and type of claims, involvement in accidents, and the seriousness of these offences.
To decide the rate of insurance premiums, an insurance company must determine the overall risk associated with you via their own custom metrics system of risk assessment. They consider not only the probability of an accident occurring, but also its severity because this is the factor that ultimately influences the cost of repairs.
Women enjoy a lot more benefits than men when it comes to car insurance. Insurance companies not only offer them lower premium rates, they also have policies dedicated for women only. Some insurance providers even specialize in insuring for female drivers only.
The reason behind this is that women are considered safer drivers than men. They are valued as low risk customers. Even young female drivers are considered more responsible when compared to their male counterparts.
Women tend to drive more safely and carefully. Thus, even when a claim is filed by a woman, it is generally for minor repairs rather than heavy-duty repairs or even a write-off required by vehicles owned by men when they are involved in an accident.
Women may not be better drivers than men, but they definitely make fewer insurance claims than them. This makes them low risk consumers in the eyes of car insurance companies. The claims filed by women cost significantly less as compared to claims filed by men. Male drivers accounts for the highest number of vehicle write-offs whereas women tend to report only minor scrapes and dents.
Women have exhibited safe driving habits for a long time. Statistics also support this. On average, women are responsible for only 18% of motoring convictions and 14% of cases of careless driving violations in a year.
Insurance is also cheaper for women because they drive shorter distances annually compared to male drivers. This further decreases the possibility of an accident. Also, women seem to prefer smaller cars with medium sized engines, which have lower maintenance costs compared to the bigger cars preferred by men.
In recent years, an increase in the number of traffic violations involving women has been noted. Also, women are now driving longer distances than before. As there is not enough data to support that female driver are of as of the same risk category as their male counterpart, the likelihood of any changes in insurance premium rates remains rather low.
Many car insurance companies have realized the advantages of offering insurance policies to women and are making the most of it by designing policies to attract female drivers.
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