Compare Diamond Car Insurance: great for women drivers

http://www.diamond.co.uk/

Forget the jokes about women drivers: they’re the ones who have the last laugh when it comes to insurance premiums. Statistically, women have (not fewer but) less serious accidents than men and are responsible for only a small fraction of dangerous and drink driving offences. Because of this, companies like Diamond consider it prudent to cater specifically for the fairer sex.

Diamond offer lower premiums for women drivers

That’s because of an interesting paradox at the heart of the concept of insurance. While from a consumer’s point of view insurance is about the elimination of risk, from the provider’s point of view it is a pure – if calculated – gamble. The trick is to balance the cost of premiums against the number of claims against the number of customers. And in terms of risk management it makes sense for companies to cater to particular niches. The ubiquity of car drivers means that there’s a huge and wide-ranging demand out there, so finding a good car insurance deal is all about finding an insurer who specializes in your sector of the market. Hence women-orientated companies like Diamond, which is part of the Admiral group. In theory, if as a – statistically lower-risk, remember – female driver you sign up to a company like this, you benefit premium-wise from the smaller number of claims against the company.

In practice, though, it’s not quite as simple as that. For one thing, the whole concept of cheaper insurance for women could be set to change. Diamond informs us (on its website www.diamond.co.uk) that a 2004 survey conducted by its sister company indicates that women are more prone to feeling angry while driving, and that women are driving further, faster. If changing trends are proven statistically, insurance companies will take note of them – they are, after all, running a business. But it hasn’t happened yet.

And there’s another thing about Diamond itself. It’s important, whenever you are considering taking out an insurance company, to compare quotes. Research has suggested that Diamond is not always the cheapest simply because it caters specifically for women. And other insurance providers such as Endsleigh also offer gender-tailored products. Check with several providers and ask detailed questions about the policies before you make any decisions about who to go with.

 

 

 

© AskFinancially.com 2008

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