Car Insurance for Young Female Drivers
Due to these efforts by insurance companies to re-price and not give the store away, consumers, especially young women, need to get a few more competitive quotes for auto insurance to review before making a final decision.
The pricing of any insurance premium depends on a host of variables and a database of statistical information accumulated over years of experience. For women, statistics demonstrate quite convincingly that they are safer drivers and deserve better premium rates based on gender considerations alone particularly when you compare younger women to younger men. The facts are facts, not sexism.
INSWeb actually publishes a table of average car insurance premiums by state for both men and women on its website. If you live in Wyoming, women could expect a 20% reduction in premium rate, but even in a populace state like California where car accidents are much more prevalent, the benefit is over 10% and just a tad over the national median of 9%.
No matter what form of entertainment medium that you view or listen to these days, it is difficult to avoid the marketing barrage on how to get a cheaper car insurance deal. “Go here and spend fifteen minutes and see how much you can save”
As natural shoppers women are keen to these discounted auto insurance offers that could save them money. Auto insurance companies are always trying to get you to switch to their service offerings. Gimmicks and humor abound, but why the sudden influx of car insurance advertisements? It is not exactly a new service. Most states require some form of liability coverage, and if you owe money on your car.
The answer is that technology and the Internet have made significant inroads into the insurance industry, lowering costs in nearly every area of the business from application processing down to the actual handling of claims. These cost savings belong to the insurance companies, but since this is a very competitive industry, market pressure prevents each firm from keeping all of these benefits in house.
Competition is forcing a dramatic re-pricing of services to occur, and where there is price competition, you will surely see marketing campaigns soon follow to influence consumer decisions.
The point here is that prices are coming down. Even the most reputable and financially sound companies are offering cheap car insurance for women these days, but consumers need to be extra careful in shopping for a new policy because some marketers, not all, can cleverly disguise their quotes to provide less than what you expect.
As insurance companies attempt to differentiate themselves in the market, it is not uncommon for a few to resort to “tricks” in the fine print by adding a new list of exclusions. Others may re-package existing services but omit a few previous benefits to retain profits.
Why Women get Cheaper Insurance than Men
The reasons for these reductions are almost intuitively obvious. Women tend to be more cautious on the road, while men tend to race through caution lights, drive over the speed limit, and push the fringes of most vehicle driving code regulations.
Men, for ego reasons or to impress their buddies, will more than likely buy a more expensive car than will a woman, another cause for higher collision and comprehensive premiums. Lastly, statistics also reveal that, over 80% of the time, men will more likely be involved in a traffic accident than will a woman, resulting once again in more repairs overall, not to mention the potential for exorbitant liability claims that could also result.
The data supports a discount, but how do you ensure that you get it? It is one thing to get a quote that compares favorably, but has something else been taken away that would normally be there? The Internet works in your favor here.
Instead of spending hours on the phone trying to reach the right person for a quote, there are numerous websites that will shorten the time required for this task. Obtain separate quotes for both men and women to compare for differences.
When comparison-shopping on the Internet, be sure to get at least three separate quotes, but more are better. If any of the firms on closer inspection appear to be playing “marketing games”, eliminate those from your consideration.
Making Your Comparisons
Before making your final decision, check the exclusions and perils covered in the policy document for any “surprises”. At this stage, you should be down to two or three firms competing for your business. Compare the policy documents side-by-side to see where the differences are.
Verify that you have received your gender-based benefit and not given up something else in return. Ask the agent for suggestions about any other discount programs that may also be applicable.
You may also want “Accident Forgiveness” coverage if you are switching insurance carriers. It may cost a little more, but you can prevent a premium increase or policy termination in the event an accident does occur with your new carrier.
Women deserve cheap auto insurance rates. What do you think?