Car insurers steer a course for more women’s business

Women are getting more for their money on motor insurance this year, with premiums down by 8.2 per cent compared to a fall of just 1.7 per cent for men over the last 12 months.

Research from price comparison website moneysupermarket.com reveals the average annual car insurance premium for a female driver is £654, down from £712 last year. For men over the same period, the average premium fell £16, from £974 to £958.

Women in their forties found themselves in pole position, with average premium falls of 15 per cent, from £603.40 down to £513.69.

Peter Gerrard, senior researcher at moneysupermarket.com, said: “Overall, insurance premiums have dropped almost five per cent, but the cost for women has fallen much further than for men over the past year. This is due to the growing appeal of specialist competitors such as Sheilas’ Wheels and Diamond, as well as insurers increasingly reflecting women’s safer driving profile into their pricing.

“An increase in the number of aggregators, along with providers’ desire to be top of the best buys has also helped maintain the steady reduction in policy prices over the past few years. Another contributory factor in price reduction is consumers have become much more savvy when buying insurance, adding higher excesses and being more accurate with their mileage details.

“Given the expected rise in inflation, it will be interesting to see whether insurers can keep pricing this low going into next year. However, motorists who are prepared to shop around for the best deal each year will always come out on top, whatever their sex.”