When it comes to auto coverage, car insurance for women is generally cheaper than for men. This statistic assumes the car insurance rates for a man and woman of identical age, driving records and use of vehicles. A woman with decent driving history, good credit score receives low auto insurance premium. Try us below.
Table of Content
Car Insurance Cost for Women:
As with men, there are a number of statistics that determine the premiums of car insurance for ladies. While this starts with gender, there are a number of other statistics that go into the formula for determining the actual premium that will be paid;
- Driving record
- Type of vehicle
- Number of miles driven
All of these factors and more combine into creating a formula for calculating the premiums. Statistically speaking, women in general are safer drivers than men in most age groups. The exact reasons as to why this is true are varied, but the bottom line is that insurance companies consider women a safer risk to cover as compared to male drivers.
Why is Car Insurance Cheaper for Ladies?
There are a number of reasons why there is more affordable car insurance for women, but it does all come down to statistics. The main reason is that women are simply less likely than men of a similar age, vehicle and driving history to get into an accident as compared to a man.
The chances to get a car insurance with poor driving record is less, but not impossible.
You Know What? Women are Better Drivers – That’s True:
Women are less likely to speed, get caught for DUI or become involved in accidents. However, this is the type of statistic that does change depending on the individual once more information about their driving records are known.
This means that a woman with a past history of accident will pay a higher rate than a man with no such accidents on his record. So, the differences in gender are superseded by the driving record, age and habits of the individual drivers. Still, cheap car insurance for ladies is a more likely circumstance than for men.
How to Get A Lower Premium?
When it comes to getting a lower premium, there are several ways to reduce the cost of auto insurance for women.
Safety Course: One of the best ways is to take an approved safety course. Depending on the insurance company, you can take off 5% up to 15% or perhaps more. This driving safety course usually last a few hours and often applies to more than one insurance company which means that it will transfer if taken within a certain time frame.
Bundling: Another common way to lower the cost of premiums is to bundle it with other insurance purchased from the company such as home, motorcycle or perhaps life. Some companies offer up to 25% savings when you bundle your insurance together.
Higher Deductible: If you own your vehicle outright, you can choose to have a higher deductible which means lower premiums. A higher deductible does mean that you will need more in your savings to cover the initial costs. But in the long run will save you a considerable amount of money. You might choose the option of purchasing auto insurance without down payment as well.
Fewer Miles: If you drive under 25 miles a week, you may qualify for a discount as the fewer miles you drive the less likely you are to be in an accident.
Factors Affecting the Premium:
Arguably the single biggest factor in determining your rate is your driving record. A clean one means cheap car insurance for women while having several accidents and moving violations usually result in paying very high premiums.
Age of the Insured:
Generally speaking, drivers between the ages of 25 to 65 are considered the safest on the road and pay the lowest insurance rates. Drivers between the ages of 16 to 24 pay the highest while drivers above 65 may pay slightly higher rates.
If you are just 18 year old, this article discusses what you need to know in order to find an affordable policy at first place.
Read – What Age Auto Insurance Rate Starts Dropping for Female Drivers?
Type of Vehicles (This is Important):
Insurance companies take into account the type of vehicle you drive. Faster, sportier vehicles are generally more likely to be involved in accidents as compared to utility vehicles such as trucks or standard vehicles on the road. Insuring a red car is expensive, this is a nothing more than a myth.
Miles You Drive:
The more miles you put on the road, the more likely you are to be involved in an accident. Most insurance companies will assume that you drive over a certain mileage unless you indicate that on your application form.
Driving below 25 or 35 miles each week may qualify you for big discounts.
Your credit history is another important factor and insurance company usually takes the credit report of individuals into account while calculating a premium. If your report is poor, then go for no credit check car insurance which might save you some bucks, but could restrict other benefits.
Alternatively, you can work on improving the credit score which usually takes a bit of time.
Finding Affordable & Suitable Car Cover:
The good news about finding the best car insurance for ladies is that there are a number of affordable and suitable packages out there, one of which should fit your needs quite well. There are different indicators that will let you know which package is right for you.
Comprehensive: This is usually for new vehicles that require a car loan to obtain. In addition to protecting the lender in case the car is totaled, comprehensive insurance applies to repairing the vehicle regardless of whose fault it was in the accident.
However, it is also the most expensive type of car insurance for ladies available.
Liability and Uninsured Motorist: Generally speaking, this is the minimum requirement for most states and covers the other vehicle and driver in case the accident is your fault or covers you in case the other driver is at fault and uninsured. This type of insurance is best for older vehicles that are owned outright.
You can also get special riders for your insurance such as for theft, collision or other specific incidents that you believe are highly likely to occur.
Free Online Quotes:
If you are looking for cheaper car insurance for ladies, then you’ll need to start with online quotes from different companies. Each company will charge a different rate, so you’ll need to compare several of them to get a good idea of what you can expect to get. Also remember to check out each company so that you get one with a good reputation for customer service and claims in case the worst should occur.
Plus, a free online quote only takes a few minutes and you may be surprised at how low car insurance for women can be.