There are many myths surrounding women and insurance. One that some people believe that is definitely untrue, is that women are worse drivers than men and submit more claims for accident damage to their vehicles.
Reviewing this and other facts about women, MiWay says it is appropriate during Women’s Month to record that:
• If a woman pays less for her car insurance than a man, it is for many reasons that take into consideration her entire risk profile, including that she may have a better driving record than a man of the same age and driving a similar car.
• When it comes to insurance, women are likely to insure their cars first and then movable and all-risk items and then other ‘non-motor’ items. Researched web item listed at the end of the story.
• As women mature, they tend to spend more on ensuring the home, buildings and other assets. Building insurance seems to be acquired after the age of 40.
• As they become more established, women acquire more for their homes. This trend is reflected in increased home contents insurance and reveals that women acquire more for their homes as their spending power grows.
• Women, because of their role as ‘caregivers’, are likely to influence the purchasing decisions of people in their households. This ‘multiplier’ effect is believed to include purchasing of financial products, including insurance.
What women want from insurance is:
• Value. Female insurance buyers will have ‘shopped around’ before making a final insurance buying decision.
• Service. This is a significant differentiator for women buyers, who have elevated expectations when it comes to service.
• Convenience. The overall message is that women know what they want when it comes to insurance. They are also using their professional status and independence to acquire assets and insure them.
If South African women earning power follows international trends (an E&Y report states that by 2018, global incomes of women would reach US$18 trillion) their role in purchasing and influencing buying decisions will continue to grow.