How men and women are covered by insurances?

    March 8, 2017

    There is a saying that “women are the best drivers and men are the best cooks.” The South African car insurance industry seems to be in agreement with the saying. What is the difference in coverage that men and women receive from insurance companies.

    Men pay more

    Men pay more premiums than their female counterparts because of several reasons. This is simply because the safe driving statistics favour women. Here we give some reasons why men pay more than women.

    Men under 25 vs. women under 25

    Men under the age of 25 are more likely to pay higher premiums for insuring the same model of car as a woman under the age of 25. This is because young male drivers:

    • Men and Women and Car InsuranceDrive faster than their female counterparts
    • Do not often wear seat belts
    • Frequently engage in reckless driving as compared to the cautious driving of women
    • Drive with too many passengers
    • Are more likely to engage in racing

     

     

    In this young age range, women tend to be more careful and cautious drivers than men.

    Traffic violations

    Men and women have different rates of traffic violations. Although women receive more parking tickets than men, they are usually less likely to have car accidents than men.

    In most cases, bad driving habits and traffic record translate to higher premiums.

    “Show off.”

    Men tend to “show off” their driving skills than women. This act is usually a high risk for accidents.

    Type of vehicle driven

    It should come as no surprise that a person driving an expensive or flashy car is more likely to pay higher premiums. The reason for this is because the vehicle has a higher chance of being stolen. Women are mostly known to favour small fuel efficient hatchbacks as compared to men who favour more fuel-thirsty and high-performance vehicles.

    Men mostly buy vehicles for speed and “status” and as a result, buy expensive vehicles. It will cost more for this type of car to get repairs. Therefore men pay higher premiums.

    Insurance companies that cater for women

    Women are known to be low-risk drivers. As a result, they tend to pay less. In South Africa, the insurance company, 1st for women has recognised this and has come up with several car insurance packages that are designed for female motorists.

    Men and Women: Premiums Change When You age

    As men age, they become more responsible drivers. The premiums that older men pay is almost identical to the premiums paid by women of the same age.

    Location

    The vehicle’s location and parking place also play a part in determining the premiums paid by a policyholder.

    Women park their cars in more secure places than men and as a result, pay lower premiums.

    Distance

    Men tend to put more kilometres on their cars in comparison to the women. The more the men drive their cars, the more they are exposing themselves to risks and the higher the premiums they pay.

    How can men lower their premiums?

    Although it is almost impossible for men to pay the same amount of premiums as women, men can reduce their premiums by:

    • If you drive slowly and cautiously, you can avoid accidents.
    • Driving more responsibly and avoiding traffic fines
    • Driving less expensive and flashy cars
    • Avoiding drinking and driving

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    All info was correct at time of publishing