Since 1931, it has been compulsory for any individual driving a motor vehicle on the roads to take out an insurance policy to cover any costs for accidents and injury. Since then, it has been well documented that female drivers are a safer risk than men.
Although the future of cheaper car insurance for women was threatened recently when the European Union debated whether insurers could discriminate on the grounds of gender. The insurers claimed that women’s car insurance prices were based on statistics and not discrimination. The proposal is supposed to ensure that women and men are treated the same, however it would seriously penalise younger female drivers, since they are much less likely to commit an accident.
Statistically, women drivers are a better risk than men which is why insurers can offer cheaper insurance. Men tend to drive faster and more reckless, women drive slower and more carefully. Women do make a similar number of car insurance claims as men but these slower speeds and more careful approach result in less serious accidents. They are therefore considered to be safer drivers and pay much less than men for their insurance. Young women, in particular should expect to pay a much lower premium.
Motor insurance is a significant purchase for many households. 12% of all household expenditure is on motor related expenses and insurance is the third largest item alongside the purchase cost of the vehicle and fuel. So it is extremely important to ensure that you are not overpaying.
When it comes to insurance, it’s not all a bed of roses being female, women pay more for health insurance because of the risks linked to pregnancy and because women statistically live longer, they generally pay higher premiums for pensions.
