Women losing out despite cheap car insurance
The UK's female drivers are not doing enough to ensure they get the best value deals on their car insurance.
That is according to Sainsbury's Bank, which has issued a warning that women must not become complacent simply because they already have cheaper insurance than their male counterparts.
Sainsbury's points out that the overwhelming majority of car insurers offer women cheaper car insurance because they, statistically, make fewer claims.
Overall, this makes women's car insurance £61 cheaper a year than men's, but this does not mean they are getting a good deal - with further savings of more than £140 available by switching provider.
"Male drivers account for the majority of motoring convictions and young male motorists for example, cause considerably more accidents than similarly aged female drivers," explained Will Blackett, Sainsbury's Bank car insurance manager.
"It's a given that all insurers take this into account and generally provide cheaper quotes to women than men. Women motorists need to be aware that these savings can vary dramatically and should seek a range of quotes - not just from their existing insurer or women only policies.
"When purchasing car insurance, all motorists should shop around to not only find a competitive quote but also excellent cover. Competition in the car insurance industry is intense which means not all policies offer similar levels of cover. It is however possible to find quality cover at a competitive rate."
However, in a departure from stereotypes, women shop around less than men when it comes to renewing car insurance.
Bradford & Bingley found last year that women are half as likely to shop around when they are renewing their car insurance.
Most men start investigating their alternative options at least two weeks in advance of their existing insurance deal running out, while just one in two women do the same, the bank discovered.
Men also spend longer looking and are ten per cent more likely to phone five or more providers when looking around than women are.
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