Owning a car is expensive, especially when unexpected costs pop up from accidents or car damage. Car insurance offers necessary financial protection by covering the expenses incurred from such incidents. Car insurance for women also provides added safety features for peace of mind. But because of expensive car insurance costs, around 70% of the car-owning population in South Africa is uninsured.
Although there might not be a penalty for driving without insurance, it is vital for your safety and financial wellbeing. As a lady, you might think the prices are a bit steep. Fortunately for women, car insurance is sometimes cheaper than it is for men.
There’s a lot to consider when taking out car insurance. We’ve compiled some essential things to note when looking for cheap car insurance for women.
Cheaper Car Insurance for Ladies
We’ve all heard the generalisations about women being bad drivers. However, despite stereotypes, studies have shown that women are better and safer drivers.
Women tend to drive cautiously and abide by the rules of the road. Driving carefully and responsibly is not only important for your safety, but it also reduces the likelihood of accidents. When women do get into accidents, the damages generally cost less than when men get into accidents.
Most importantly, women make fewer insurance claims than men do, so they can pay lower car insurance premiums. Women’s car insurance is ultimately cheaper because they are less of a risk to insurance companies.
What Determines the Cost of Car Insurance for Women?
It may seem unfair or discriminatory that women are afforded cheaper car insurance. However, there are many other factors affecting car insurance rates. These factors include:
1. Age
Age is an important factor for insurance. People younger than 25 pay more for car insurance, because they are less experienced drivers and are prone to reckless driving.
2. Car model
The car model, year and mileage also influence the cost of insurance.
3. Driving history
One of the most important factors in the cost of car insurance is your driving history. Someone with a history of car accidents or negligent driving is considered high risk, and their insurance premium will be higher.
What Is the Cost of Full Coverage Insurance for a Female?
There are three main types of car insurance:
- Third-party only insurance
- Third-party, fire and theft insurance
- Full coverage insurance
Full coverage insurance is also known as comprehensive car insurance. It insures you against unforeseen circumstances, and is the most extensive and expensive insurance available.
What Full Coverage Insurance for a Female Includes:
Full coverage insurance covers the costs of loss or damages due to accidents, theft, hijacking, and natural disasters. It differs from other types of car insurance because it covers your damages when you are the cause of an accident.
Full coverage insurance provides financial protection in the case of accidents. But it generally does not cover the costs of car maintenance, repairs or servicing unrelated to an accident.
Comprehensive car insurance does not come cheap. Luckily, ladies car insurance tends to be slightly more affordable.
The actual cost of full coverage insurance for a female depends on the factors that we have mentioned previously. Each insurance company weighs these factors differently, so the cost of full coverage insurance varies.
Cheapest Car Insurance for Women – 7 Ways to Lower Costs
Although car insurance for ladies is cheaper, it is still a costly investment. The cost of women’s car insurance depends on the insurer and your individual risk profile. But it is possible to get cheap car insurance for women.
1. Use Third-Party Insurance
Third-party insurance is the most basic and affordable car insurance option available. If you’ve caused an accident, it covers the cost of the third party’s damages on your behalf. However, you must pay for damages to your own car.
2. Combine Car and House Insurance
Many insurers offer discounts on premiums when you combine your house and car insurance under the same policy.
3. Adjust Coverage Options
Car insurance policies can be adjusted to suit your needs and budget. Extra coverage that you don’t need can be removed to reduce your monthly premium.
4. Change Excess Structure
It’s possible to reduce your monthly premium by increasing your excess payments. This is risky though, because you will have to pay a higher excess amount when you make a claim.
5. Install Car Safety Devices
Install anti-theft devices to protect your car in the event of a hijacking, such as a GPS tracker, anti smash and grab window film and an alarm system. This can reduce your car insurance premium.
6. Advanced Driving Course
Consider taking an advanced driving course, as this will lower your risk profile and likely reduce the cost of your car insurance.
7. Drive Less
Driving less means there’s a lower risk of being involved in a car accident. Insurers like Sanlam car insurance offer lower monthly premiums for people who drive under a certain amount of kilometres a year.
These 7 tips will help you find the most affordable car insurance for women.
Best Car Insurance for Single Females
Insurers consider unmarried people to be riskier, because they generally display less cautious behaviour. Single women may pay more for car insurance than married women of a similar profile.
Luckily, there are insurance packages and even entire companies dedicated to crafting policies that meet all women’s car insurance needs.
1st For Women
1st For Women is an insurance company with policies designed specifically for women. They claim that women can save up to R399 per month with their car insurance policies. They offer Guardian Angel Lifestyle Assistance with all of their car insurance plans. It gives women access to 24/7 roadside assistance, amongst other services and benefits.
Thoughts on Car Insurance for Women
The cost of car insurance for women in South Africa depends on more than just their gender. It’s important to find a balance between what you’re hoping to get out of your insurance and how much you’re willing to pay for it.
Every insurer is different, and so are their prices. It is best to compare different car insurance quotes before making a final decision. To save time and find the best value for your money, get your motor insurance quote online.
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