- 'Women-only' motor insurers are selective in who they choose to cover so will not always quote the best value premiums
- Scour the market when renewing to ensure you get the best value policy to suit your needs
Research from the UK's leading price comparison site, which analysed over half a million motor insurance quotes for women, has found specialist female-only brands are selective about the type of customer they insure and will not always give the best value premiums. The average premium for specialist female policies is £733 - more expensive than many traditional providers (see table below). Specialist insurers, such as Sheilas' Wheels and Diamond, will be competitive for some women drivers; however they are selective in the type of risk they will insure for. For example they may only return a quote for customers who have built up a certain no claims bonus, or have held a full driving license for a certain period of time.
Steve Sweeney, head of motor insurance at moneysupermarket.com, said: "The motor renewals season is at its peak meaning more people are looking to bag themselves the best deal on their motor insurance. As our research highlights, going down the specialist insurer route may not be the best option for some drivers. These brands market themselves to be the cheaper alternatives for the likes of older drivers and women, and while this is true for some drivers, for others this is not the case. This just goes to prove that shopping around for the best deal is crucial. While specialist insurers do offer added benefits, such as handbag cover and priority assistance in emergencies on women-only policies, I would advise Brits to weigh up whether these additions are actually worth the extra money.
"When looking for car insurance, I would advise against simply sticking with your existing insurer. Loyalty doesn't pay and our research shows motorists could save on average £157 by shopping around for the best deal. I would advise anyone unsure about whether to go down the specialist insurer route or stick to more traditional providers to weigh up all their options and find the right policy which suits their needs."
- Ends -
Notes to editors:
Average premiums for female only motor insurance providers
|
Provider Name |
Average Provider Premium |
Average Position in Results Table |
|
Sheilas' Wheels |
£337.58 |
24 |
|
Diamond |
£730.66 |
38 |
|
Diva |
£851.84 |
22 |
|
Women on Wheels |
£873.16 |
37 |
|
LadyBird(OpenGI) |
£873.46 |
38 |
|
Average |
£733.30 |
32 |
Based on 516,995 female motor insurance quotes from 24/07/2009 - 01/09/2009
Sourced by
www.moneysupermarket.com 02.09.2009
Women Only (Female Teacher aged 30)
|
Insurer |
Premium |
|
Swiftcover |
£373.91 |
|
Hastings Essential |
£425.60 |
|
LV= |
£428.89 |
|
Average |
£409.47 |
|
Specialist |
Premium |
|
Sheilas' Wheels |
£429.41 |
|
Women on Wheels |
£614.60 |
|
D!VA |
£626.73 |
|
More Th>n
(Womens Driver's Ins) |
£636.49 |
|
Ladybird |
£674.54 |
|
Diamond |
£727.85 |
|
Average |
£618.27 |
|
|
|
|
Difference |
£208.80 |
Sourced by www.moneysupermarket.com 07.09.2009
Women Only (Female Teacher aged 45)
|
Insurer |
Premium |
|
LV= |
£203.69 |
|
esure |
£209.58 |
|
Swinton |
£218.87 |
|
Average |
£210.71 |
|
Specialist |
Premium |
|
Sheilas' Wheels |
£205.13 |
|
D!VA |
£211.93 |
|
Ladybird |
£290.07 |
|
Women on Wheels |
£305.53 |
|
Diamond |
£559.85 |
|
Average |
£314.50 |
|
|
|
|
Difference |
£103.79 |
Sourced by
www.moneysupermarket.com 07.09.2009
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