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In the insurance industry, women drivers tend to get cheaper insurance coverage for their cars in comparison to men. One justification for the cheaper car insurance for a women is that they are seen as more careful, reliable and safe when it comes to their cars and the driving thereof.
Therefore, insurance companies reward women by saving money on their car insurance for women. Women are also seen as posing less of a risk to the insurance companies, therefore making the car insurance for women that much more cost effective.
Many companies in South Africa provide specific car insurance option for women, providing coverage for their particular needs and requirements. The tailor-made policies concerning car insurance for women provide comprehensive coverage at good value, generally covering legal requirements, personal injury, third party coverage and repair and replacement coverage. More specialised options are also often provided.
In South Africa, one of the main companies that offer car insurance for women is 1st for Women. This insurance company offers insurance exclusively to women and sees the benefits and advantages thereof, making it viable to provide cheaper car insurance for women. It is able to offer lower premiums to their women clients, as are other insurance companies beginning to do, as the women are seen as being less of a perceived risk to the insurance company.
It is thus seen that car insurance for women can be offered at lower premiums, and thus prices, through statistical research done on the perceived risk of the women drivers.
