MONEY COMMENT
The Truth About Men And Women Drivers!

By Cliff D'Arcy
October 28, 2003

Countless media reports in recent years have suggested that women are safer drivers, despite the protests of testosterone-fuelled male drivers! This has led a few insurers to deal exclusively with women, arguing that they can keep premiums lower as a result.

Nevertheless, independent insurance intermediary Performance Direct disagrees! It analysed the underwriting information of a leading motor insurer to establish the facts. It looked at underwriting criteria and rates, which are created from data obtained from drivers, insurance claims and company statistics. Insurers constantly refine these risk assessments to ensure that they keep abreast of the market.

So, how much should men and women be penalised for their gender?

• First, without a doubt, the worst insurance risks are young men in their teens and early twenties, who are often inexperienced yet over-confident drivers. On the other hand, young women are considered far better risks, and their premiums are lower as a result - all other things being equal.

• However, from the age of seventeen onwards, this male: female weighting reduces until, at the age of thirty-seven, men gain the upper hand. From this age, gender weightings shift to favour men, and this continues into old age.

• The lowest-risk drivers are men in their early fifties, which may explain the success of Saga, a company that specialises in providing services to the over-fifties. The lowest-risk women drivers are aged between forty and fifty.

This doesn't mean that all men should pay less for motor insurance than women, because gender is just one of many factors used to determine risk. How much you pay for motor insurance depends on many factors, including where you live, which car you drive, how often you drive, how long you've been driving, and your claims history.

As Performance Direct comments,

"Driving experience is the key factor in this debate. Once men have enough experience and have rid themselves of their youthful bravura, they are - according to the statistics and all things being equal - better insurance risks."

So, this certainly justifies making my wife the main driver in our household, although it doesn't explain why her motor insurance premium actually went down when she added me to her policy!

More: Good And Bad News For Drivers | £104 A Week For A Car? Ouch! | Make The Most Of Motor Insurance | Reduce Your Motoring Costs.