Gender
Your gender will affect your car insurance premiums. Women are able to obtain cheaper car insurance than men. Insurance is all about safeguarding against risk. Insurance companies make use of risk profiles and these are based on statistics drawn up by actuaries. When insurance companies set premiums they take into account all the factors influencing the risk they are expected to insure.
The statistics have revealed that women pose a lower risk to car insurance companies than men. Claims from female drivers have been fewer and also of a lower monetary value as women tend to be involved in less serious accidents.
The fact that women can obtain cheaper car insurance has sparked a heated debate as the assumption was made that women must be better drivers than men. This is not the reason why women can qualify for lower car insurance premiums; it’s all about the risks. Men—by their nature—are bigger risk takers, drive faster and therefore are involved in more serious car accidents than women. They pose a much higher risk than female drivers and pay for that in the form of higher premiums.
Women now have the choice of car insurance products specifically designed for them and with added benefits build around their needs.