Women's motor insurance is cheaper than what men pay - True or False? Well it has always been thought that women pay less for their car insurance as they are statistically shown to be safer drivers and make fewer accident claims than men do.
Insurers also take into account that woman drive fewer miles and make fewer claims per mile driven, mileage is a key factor insurance companies use in calculating the car insurance premium and on average women drive 22% per cent fewer miles.
Women are also less aggressive, more considerate and more cautious on the roads, they also choose safer cars whilst men are more attracted to high performance cars and are willing to take more risks.
It is not surprising that women's motor insurance is generally cheaper...
but not always! When you consider that over the past 5 years male drivers have been responsible for 94% per cent of all motor accidents, not to mention 83% per cent of speeding offenses and 85% per cent for careless driving, it's little wonder that male drivers pay more for insurance cover.
In an analysis of over twelve million quotes in the last year it was shown that insurance premiums for women drivers were cheaper than those for men.
Also, women in their twenties can expect to pay up to 16% per cent less than men of a similar age group, but older drivers did get much better value for money with average savings of £120 a year.
If women are less dangerous on the roads and are considered to be a good insurance risk, then why is it that some women are overpaying by as much as £300 a year? In most cases it comes down to the specialist female insurers who are not always as competitive as the better known big name insurers.
A lot of the extra costs charged by companies that specialize in women's motor insurance are for additional extras on top of the standard cover that a normal insurer would provide.
But do female drivers need these 'female extras' such as priority roadside assistance, £300 handbag cover and child car seat replacement as standard to name a few.
The insurance company 'MoreThan' have extensively researched the needs and requirements of women drivers and found that women's main concerns are their safety and that of their children in the event of a breakdown or an accident.
Getting priority assistance and knowing that 'female friendly' agents are fitted with mobile phone locators is something many women consider well worth paying that little bit extra for.
These specialist insurers focus much more on the relative safety of female drivers.
It's extremely comforting to know that if you were involved in an accident or unfortunate to suffer a breakdown somewhere on deserted back road that help will be quickly on its way, for many women this peace of mind is well worth the extra cost.