Some people may still think that car insurance is different based on gender. Car insurance is not priced by gender, but this was not always the case. Until 21st December 2012, car insurance was typically less expensive for women. Road safety statistics showed that women tended to be safer drivers and less likely to be involved in a car accident. Due to this, insurers charged women less. The European Court of Justice ruled that it was illegal for insurance companies to use gender as a factor when calculating insurance for either a man or a woman.
After this ruling, insurers equalised prices across both genders, which led to price rises for some women and price drops for some men.
Make Savings on Women’s Car Insurance
We may not be able to offer you a lower insurance quote based on your gender, but there are still ways that you can make savings on your insurance premium. We will give you tips on saving on your women’s car insurance.
Driver History
Your history on the road is one of the main factors that insurance providers look to. If you have a clean driving record with no accidents and a no-claims bonus of over five years, you will see the benefits of good driving by reducing your insurance premium.
Avoid getting penalty points, as your insurance premium may rise when you incur penalty points or speeding fines. The safer you drive, the less risk you’ll be involved in an accident. Your insurance premium will be less expensive with a clean driving record.
Ultimately the best way to save on your women’s car insurance is to be a safe driver. You can redeem yourself even if you have had penalty points or were involved in an accident. You can start by promising to be a better driver and proving that on the road. Reduce your speed limit, get rid of distractions and focus on the road.
Smaller Engine
The type of car you have will impact your insurance premium. There is no rule to follow when buying a car, but you should always consider additional costs you may incur outside of your initial payment. If your car is newer or top-of-the-range, it may be more expensive.
The bigger the engine, the more expensive it will be. For example, if you have a 2L BMW, you will pay a very high insurance premium due to the engine size. The car is very powerful, and the risk is more significant for you to be in an accident with a BMW than with a car with a smaller engine size. If you’re a woman taking out insurance in your own name for the first time, we recommend purchasing a car with a smaller engine size to save on your women’s car insurance.
Payment Method
Paying monthly by setting up a direct debit for your women’s car insurance may seem easier. Ultimately, you will pay more in the long run due to the interest charged. Paying up-front works out cheaper, but it may be more difficult for some drivers. You should check your budget and see which works best for you.
Voluntary Excess
Another tip for women to reduce insurance premiums is to take out a voluntary excess. You will most likely reduce your insurance premium by taking out a voluntary excess. To explain this easier, let’s say your excess is €350, and you make a claim for €2,500. Your insurance settlement would be €2,150. Raising your excess will decrease your cover costs, but you will have to pay more if you have an accident.
Keep Your Car Secure
A great way to reduce your insurance premium without the hassle is to secure your car in a safe location when parking. If you have a driveway or garage, then park your car in it overnight. Be sure to let your insurers know. It helps minimise the risk that your car will be damaged or stolen. An added bonus is to install extra security features such as alarms or trackers. It will cost you money upfront but may lead to savings in the long term.
Review Your Policy
You should review your insurance policy every year as your circumstance may change. You should do this to get the best quote available to you. Before you renew, you should ask if any discounts are available. You might have had another year’s no claims bonus, for example.
