- Women drivers could save up to £72 on an average policy by avoiding women only insurers
Women-only car insurers claim to have the fairer sex’s interests at heart but research* from MoneyExpert.com suggests that women can do better by sticking to general insurers to cover their cars. The independent personal finance comparison site found that the cost of the top four annual insurance quotes from women-only insurers was a hefty £72 more than those of the best general insurer based on a standard policy.
MoneyExpert.com searched the market for a number of cars, varying the factors that insurers use to determine the price of the policy and consistently found that general insurers came out on top.
The cheapest policy for a 2002 Citroen C5 for example was from Swiftcover at £198. The average price of the top five policies came in on a general search of insurers at £207.
Top four policies on 2002 Citroen C5
|Shelia’s Wheels||£225||Swift Cover||£198|
|Diamond||£261||Marks and Spencer Insurance||£205|
|Diva Car||£291||Express Insurance||£211|
|Girl Motor||£338||More th>n||£212|
Comparing the same details with women only insurers the cheapest cover available was £225 from Shelia’s Wheels. The average price of the top five women only policies was £278 – a difference of £72 extra compared to the general insurers.
On a 2002 Ford Focus the results were similar. The cheapest general policy was again from Swiftcover at £146 and the average cost of the top four policies came in at £161. To insure the same car with a women only insurer came in at an average of £217 with the cheapest deal coming from Shelia’s Wheels at £185. The average price of the four best women’s deals came in at £217 a full £56 higher than the general insurers.
Top four policies on 2002 Ford Focus
|Shelia’s Wheels||£185||Swift Cover||£146|
Sean Gardner, Chief Executive of MoneyExpert.com, said: "With a number of high profile advertising campaigns women only car insurers have begun to capture a significant share of the car insurance market, but by going straight to these providers female consumers are ruling out many of the biggest names in the insurance market and some of the best value policies on offer."
"Women looking to take out car insurance should focus on product details and pricing first rather than the insurer’s customer base. A large number of insurers will offer cheaper policies if you voluntarily accept a higher level of excess in the event of a claim. Buying online can also result in big savings which can range from 10% to 20% in some cases."
While the general policies may come out cheaper, customers will need to check their policy details in order to ensure that they are happy with the service they have signed up for. Swiftcover for example comes out cheapest on both of the policies compared but looking at the policy details reveals that the policy has exclusions or less favourable conditions placed on some of the provisions which come as standard on other policies. The excess paid by drivers under the age of 21 with Swiftcover is £400, which is £100 more than the market average for example. Swiftcover customers are also only entitled to a complementary car for fourteen days rather than for the duration of the period your car is being repaired which comes as standard on the majority of policies.
Compare motor insurance policies
*MoneyExpert.com compared the price of policies on the same moderately priced car using the same insurance parameters on September 24th 2007. On the Citeron C5 MoneyExpert searched for insurance for a 35 years old married lady, driving a manual, diesel 1997cc, LX HDI model of the car. The value was estimated at £4000 and the mileage was input as 4000-5000 miles a year. The car was states as being kept in a driveway. The driver was said to have five years without an insurance claim.
**The Ford Focus search was based on a 35 year old married lady driving a 1596cc model of the car. The car was again said to be driven 4000-5000 miles a year. The value was estimated at £4000 and the car was listed as being kept in a driveway. The driver was said to have five years without an insurance claim.