Studies show that men tend to drive faster than women and are, therefore, more prone to road accidents. It is not surprising then that car insurance for women is cheaper in comparison to their male counterparts.
Whether you are a woman or a man, legally all drivers are required to have an insurance coverage for their vehicle. There are many auto insurance companies that provide insurance. Generally, the premium rates of vehicular insurance depend on factors such as age, driving record, and credit scores. Some companies may also check how often an individual uses his car. A full-time student with good grades is likely to get a car insurance at discounted rates.
Car Insurance is Cheaper for Women: Myth or Fact?
Yes, it is true that the monthly premium for vehicular insurance, for women, is less and above all they are likely to get a discount of at least ten percent on the entire auto insurance premium. Here are a few reasons why women get a better deal on auto insurances than men.
Auto insurance companies provide low premium rates to women. This is because studies have shown that women are safer drivers and are less prone to road accidents.
Statistics show men have a taste for expensive cars. The spare parts of these cars are expensive to replace in case of damage or theft. This could be another reason why women get a better vehicle insurance deal than men.
Women use their cars mostly to run errands, pick up their children from school, or to go out for work. Hence, on an average the mileage covered by women drivers is less. It is a general belief that it is men who drive on a long trip. Hence, they have to pay higher rate of premiums.
Car Insurance for Women: An Overview
There are many firms that specialize in insurance for women drivers. In recent times, insurance companies that have policies designed specifically for women have been a big hit. They seem to understand the thought process and spending habits of women. Hence, the policies are designed to secure the best rates by providing good discounts.
Most insurance companies also have online brokers to help potential women customers. A woman driver could check out the rates offered by various companies online, before making a final decision. The rates can also be calculated using online insurance applications.
Many companies offer incredible discounts when a vehicular insurance policy is purchased over the Internet. However, before purchasing a policy over the Internet, check out the authenticity of the concerned company. This could be done by inquiring with friends, consulting a car insurance broker, or even reading up reviews about the policy.
Women who are not comfortable with the idea of purchasing insurance over the Internet, can call up insurance agents. All doubts regarding the insurance policy can be clarified with the agent over the telephone.
Car Insurance Companies: Coverage Options
The policies offered by vehicle insurance companies cover a number of options such as breakdown cover, collision coverage, comprehensive coverage, property damage, and many more. Let us take a look.
In case the vehicle breaks down, the insurance company will provide assistance to complete the journey. It will also undertake the repair of the vehicle and see that the car is delivered home safely.
Damage to Property
Some policies have an option called “property damage”. If a car driven by a woman causes damage to someone’s property, this option will take care of the expenses incurred to repair the damages. It will also provide for the legal defense, in case, the other person files a lawsuit against the driver.
This coverage has dual function. This would not only pay for the expenses of the damages caused by a woman driver but also offer cover for unforeseen natural calamities such as storms, snow, wildfires, and so on.
Almost all car insurance companies provide this option. This option is a must to avail an auto loan. Collision coverage pays for all the expenses incurred if the car is badly damaged in an accident.
In case of an accident, if a third person is hurt fatally or seriously or if there is damage to property, then this option would protect the woman driver. However, this option does not cover the medical expense of the driver or the garage expenses of the car. In brief, this option would include the medical expense of everyone, other than the owner of the car.
The other coverage options offered by car insurance companies include uninsured motorists where the car owner gets the insurance if the accident is not her fault and also if the other motorist is not insured, and rental car coverage.
It is advisable to understand the benefits of the policy one is planning to purchase beforehand. Car insurances are cheaper for women as long as they possess a clean driving record. If the frequency of speeding tickets is high, then the insurance amount is likely to be high. In extreme cases, such as driving under the influence of alcohol or drugs, the premium rates will definitely be higher. In some cases, it would also be difficult to get an insurer.