A car insurance company prefers female drivers to their male counterparts because they are perceived as a less risky driver. This does not mean that women’s accident rate is low. Women face many accidents like men. However, the damage caused by them is not as much in most cases. So, their claims after the accident are also relatively less. The reason is why the average female car insurance premiums tend to be 30% lower compared to male counterparts who have the same demographic profile.
Women are driving at a lower speed than men. Therefore, accidents caused by female drivers are not too serious. they may claim more from men, but they claim fewer amounts, thereby providing a lower insurance premium. Generally male drivers drive at higher speeds so that even if they hit their own, the losses are quite high. If the accident involved two vehicles in high damage, it would be an insurance company’s nightmare.
A woman is considered to have a better risk since the age of 17 years. There are many premium discounts available for young female drivers, such as graduating and certifying. This is a series of additional lessons that a young female driver must learn after the exam. It can give you a discount of about 30% for the first year.
Some car insurance companies specialize in car insurance for female drivers. In general, these companies are trying to insure female drivers only. They do not encourage an insured woman with her husband under a combined policy. Because they can not give too many discounts, because they have to think about her husband’s high risk factors as well. This gives a smaller total risk, which means lower total premiums and is really suitable for them.
Lower premiums may mean that they do not generate much profit. However, if they can get as many women as possible, then their business volume is high. This may help you to reclaim your surplus from a third party in case of no-false claims. You can lower your premiums further by parking your car overnight in the garage, by getting extra driving courses, and maintaining a better driving record.