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Women pay a lot less for car insurance in Singapore. Find out why.
Did you know that women in Singapore get cheaper car insurance and can pay up to nearly 14% less for their premium than men?
That’s because women are statistically considered to be safer drivers than men.
Simply put, men have more traffic accidents than women. A report by the World Health Organisation (WHO) found that young men make up 73% of all road traffic deaths and they are three times more likely than females to be killed in a traffic accident. Not only that but, research conducted by Aviva, showed that men in Singapore are also 1.4 times more likely to be involved in a car accident than women drivers. This shows that men are riskier not only globally, but in Singapore too.
Simon Birch, CEO of Budget Direct Insurance, said: “Yes, statistically it has been proven that women are less risky than men and have fewer accidents on the roads.
“Based on statistics, women generally tend to take less risks than men and meet with fewer accidents on the road. Everything else being equal, female drivers tend to have a better premium.”
Of course, there are many other factors besides gender that go into calculating a motorist’s insurance premium including age and driving history. For instance, a safe male driver may end up paying much lower premiums than a female with a couple of accidents under her belt
But all things considered, women tend to pay less for their insurance because they have a better safety record. Based on research by ValueChampion they found that younger men pay on average 10% higher premiums than younger women.
It’s interesting to note, however, that the difference in car insurance premiums between genders slowly decreases with age. The graph above from ValueChampion, shows that women between the ages of 55-65 may end up paying around the same as men. And the WHO statistics have shown, age matters significantly for insurers because younger drivers tend to be riskier than more mature motorists.
Safe drivers pay less for their car insurance
Of course, all this is good news for women motorists and even better if you buy your car insurance with an insurer that provides generous rewards for safe drivers.
For instance, in an independent study of Singapore’s leading insurance companies, Budget Direct Insurance lead the way when it came to rewarding safe drivers. The study showed that Budget Direct Insurance offers one of the biggest discounts on premiums to safe drivers – categorised in this study as those with a 50% No Claim Discount. In fact, for some drivers their premium price with Budget Direct Insurance more than halved if they had a 50% NCD. Find out more.
So, it makes sense that women drivers with a good safety record and a 50% NCD stand to get an even better deal on their car insurance.
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