Why is it that women can often get cheaper car insurance than their male counterparts?
A good question and one that Diamond.co.uk Insurance hear often. We all know there is a stereotype of women drivers but what is the truth behind that stereotype?
The answer is that, statistically speaking, women are better drivers. The facts come from the collection of claims data over decades by car insurance companies.
Women, generally speaking, have the same number of accidents as men, but it’s the seriousness of the accident that is very different between the sexes.
Typically, an insurance company has to pay out more to fix a car when a man has had an accident as the car has to be extensively repaired.
Women’s accidents tend to cost less to repair because their accidents are often the result of minor bumps around town, or knocks when parking.
Women have a different pattern of driving to men. They drive shorter distances, have lower mileages and tend to drive more slowly. Men are convicted for 92% of driving offences and 98% of all convictions for dangerous driving.
Given these ways in which the sexes drive differently and the actual claims experience of insurance companies, you can see why an insurance company will decide to generalise that women drivers are ‘safer’.
The difference between the sexes is at its height in the late teens and twenties. Over 30 and things tend to even out and men over 75 are often regarded as the safer risk. Things could well change though.
A survey by the AA last year showed that 54% of women admitted to aggressive driving compared to 64% of men. Also, many women are now driving longer distances and at higher speeds. But until the statistical evidence shows that there has been a swing insurance companies will still rate women differently from men.
Additional information can be found on the Diamond.co.uk Insurance website.
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