Why Do Women Have Reduced Insurance Premiums?

Why Do Women Have Reduced Insurance Premiums?

Insurance Premium is a term used to denote the payment made for the enjoyment of insurance services. It may be paid in varying frequency that includes but is not limited to monthly, semi-annually or annually.

The major reason why women enjoy reduced car insurance premiums is because they are generally safer drivers than men. This is based on actual, relevant statistical data. Because women drivers pose a lower risk than men, at least in driving scenarios, insurance companies find it less expensive to insure women.

Women have an approximately fifty percent lower likelihood of having been arrested or cited for a driving while intoxicated (DWI) or driving under the influence (DUI) than men. For this reason, insurance companies find it a lot easier to charge women less, because they present a lesser risk of accidents caused by the abuse of substances. A fifty percent less likelihood is a very significant margin and warrants a lot less risk.

Women typically own cars that are cheaper than those that men own. A cheaper car is easier to repair or replace in the event of an accident. This rationally makes the insurance rates lower than those of men.

Women are also less likely to have a traffic violation on their driving records than men do. This only goes to further support that women are safer; more careful drivers than men are, further warranting a lower insurance premium.

Another interesting fact is that according to research, women who are listed as the primary driver in their insurance policies are much less likely than men to include other cars in their coverage. They are also less likely than men to list other drivers for the cars they already own for coverage under their insurance policies. This means that women are typically the only drivers listed in their insurance policies and that they usually register one car. This overall conduct tends to reduce the risk of accidents under any particular insurance policy, due to less number of cars and drivers covered. (Learn about Macquarie. Also make sure to visit AIA Life Cover.)

In terms of life insurance, it is a known fact that women usually outlive men. This means that the likelihood of life insurance claims for women is lower than that of men at each age. Generally speaking, men are more likely to involve themselves in more strenuous, risky activities such as sports or hobbies than women. This proves to make men a higher liability when it comes to health and life insurance covers. This does not apply to all women, but is a common representation of the facts at hand based on research.

Recently in the United Kingdom, it has been found unequal and discriminatory for women's insurance rates to be lower than those for men. It was previously a common practice to base insurance premiums on statistical data about life expectancy and car accident claims amongst others. This means that there is the likelihood that women's premiums will go up to match those of men, and statistical data will no longer be utilized as a determining factor for insurance rates.

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