Studying the trends in claims department of insurance companies has led experts to conclude that in general, female drivers are a better risk than male drivers. Women may claim more often than men but their claims are for considerably lower settlement amounts whereas men who are excessively confident in their driving ability have larger claims that are more expensive to settle. Insurance companies bear this data in mind when creating innovative insurance products that will cater to the specific needs of female motorists. Some insurers extend their cover only to women but may make exceptions and offer insurance policies to men at a higher monthly premium.
Research also shows that women spend less time on the roads as they are the more domesticated species. However, this is changing as more women are taking over the role of breadwinner in the household. Insurance companies give women a further discount on premiums for using their vehicles less and decreasing the risk of accidental damage.
Women can collect so many valid discounts, compared to their male counterparts, that their premiums work out to be unbelievably low. Women are also more protective of their property and can suppress the urge to take unnecessary risks which makes them safer and better drivers. For example, a female driver may not be comfortable driving on a dark, stormy night and will choose to postpone the trip. Though they appreciate the peace of mind that insurance provides, women will still be cautious and avoid having to submit a claim.
Unfortunately, women are not very educated about how insurance works, industry jargon and the cover options on the market. Many of them settle for inadequate and expensive insurance because they lack information and understanding. The best way to get excellent yet cheap car insurance for women is to shop around. Women must use their bargaining power with the insurance consultant to ask for a package that is designed for women. Most car insurance companies have reward programs in place to encourage customer loyalty. Women must ask about these incentives and enquire if these can be redeemed for a further discount in future.