Car insurance rates have been proven to differ from men to women. We look into the reasons why as well as what you can do about it!
Published: Monday, March 27th 2017
Car insurance rates have been proven to differ from men to women. It seems women sometimes receive far cheaper premiums for the same stats – why?
The Statistics When It Comes to Men and Women's Car Insurance
According to numerous studies, the reason why women pay less for car insurance is often phrased incorrectly. Instead of saying women are better drivers we should say they are safer and more responsible.
What Causes a Man's Premium to be Higher?
The type of cars typically driven by men
The frequency of accidents
Risky driving behaviour
The fact that men, apparently, drive further on a daily basis, on average
What Causes Women’s Premiums to be Lower?
Less likely to get into accidents
Less likely to commit violations such as speeding and driving under the influence
On average, drive shorter distances – less time on the road means less risk
How Can Men Lower Their Car Insurance Premiums?
Gender is not the only factor brought into account when calculating your car insurance premium. There are other factors you can consider to lower your premium, many of which you actually have control over:
Age – as is known, younger, less experienced drivers have higher insurance premiums. This usually drops after you turn 25, but is dependent on your individual insurance provider.
Occupation – if you are on the road for most of the day, for your job, you are considered more of a risk. More time on the road means an increased likelihood of a car accident.
Where you live – is your car parked behind a locked gate? What is the crime rate and population in your neighbourhood? Insurance providers want to know the likelihood of your car getting stolen or into an accident.
Married – a second pair of eyes on the road never hurt anyone and insurance providers recognise this.
Credit score – your spending habits will be taken into account as well as your ability to pay your bills on time. The lower your credit score, the higher your car insurance premiums.
Get Your Insurance Policies Reviewed
If you feel you are being unfairly charged for a premium, you could apply for the service of an insurance broker who will show you where you could possibly eliminate costs.Risk Benefits Solution (RBS), an insurance broker, recently conducted a study on the fluctuations in price across insurance providers for the same person with the same car. According to the report, a 2015 Volkswagen Polo 1.4 Trendline belonging to a young male under the age of 24 in Cape Town had more than a 50% markup from the least to the most expensive quote.Can you imagine paying more to insure your car simply because you didn't shop around? Don't imagine, you could very well be doing this already. Be sure to CLICK BELOW and have our FSB-approved broker contact you to help you find a more affordable car insurance policy!