The unending debate ever since it started with the launch of cars, way back almost 100 years, is still on and will continue … but the facts cannot be ignored. The controversy regarding “better drivers” behind the wheels, favor the women clan. As per the figures from the Home Office, men are liable for 83% of speeding convictions and 97% of dangerous-driving offenses.
Such factors have sprouted the concept of “women only” insurance cover amongst the leading insurers. With a women client base exceeding 200,000 customers, Diamond Insurance has been specializing in women’s insurance since 1997. Direct Line, leading motor insurance company stroke alliance with HBOS bank and kick started “First Alternative Woman”, last year.
But, will this concept survive? Will the target audience (women) not want value for money? Is the price vis-avis the benefits offered really justified?
Well, the answer is no and this is proved from known facts. Richard Mason, insurance specialist at price comparison service moneysupermarket.com, says: 'Many of these companies market themselves as offering the best insurance for women, but that is usually all it is – marketing. The products are more-or-less identical to those offered by mainstream lenders and are not always going to be the cheapest.'
Recent research conducted by Tesco Car Insurance revealed that that majority of female motorists do not save while opting for the “Women only “ insurance deals. Independent research of Direct Excellence further goes to prove that ‘three out of four women drivers will actually save money if they opted for mainstream motor insurance”. Besides, mainstream insurance can bring about substantial savings of approximately £85.
Consider the example of a London based woman with an absolute clean driving license, no convictions or points since the past 10 years is paying £220.50 (fully comprehensive cover) to Diamond for a standard Vauxhall Corsa that is parked on a private drive. Besides, in case of any mishap, she will liable for a voluntary excess of £250, (the initial amount that she will have to spend in case of an accident).
Insurance cover and cost varies with different vendors. Under such circumstances, the best option, especially for women drivers is to survey and research on benefits and costs. Shopping around seems to be the best solution. Women drivers should also be flexible about opting for mainstream cover, to avoid hidden costs.
“We would encourage all female motorists to put mainstream insurers on their shopping list. Don't be lulled into the belief that if a company only takes women drivers onto its books then it's going to offer the cheapest premiums," Mr Burns of Tesco Car recommends.
Posted
on : Sat, 21 May 2005 06:50 GMT | Insurance News
By : Anne Philips
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