Whenever you buy a valuable good, such as a house or a car, the need for insurance coverage arises. One needs to do research in order to find the policy that best fits your needs, and try to find the best price at the same time.
Similarly, companies must do their own research to determine each premium when providing their policies. Depending on what insurance companies or brokers find out about a possible beneficiary, clients are likely to get discounts, for instance, to be able to insure their vehicles or anything at a low rate.
When it comes to car policies, the information agents will consider if your car is brand new or second-hand, and they will also take into account your age and gender.
It’s already known in the insurance industry that women are more likely to get a lower premium, even more so if they are between the ages of 25 and 65 years old.
The combination of these two factors (age and gender) influence the amount of money each insured person will have to pay to secure their possessions.
However debatable this may be, it has been statistically proven that women are able to acquire much lower premiums than men. Many researchers have devoted their studies to prove that women are less likely to be in a car accident than male drivers the same age and with the same driving experience. It has been proved that both drive differently, and that the type of accidents they’re involved in are different.
Also, road safety experts state that female drivers cause less accidents, which means they’re less of a risk for car insurance companies. These ideas are not only taken into account by South African brokers, but also by brokers globally.
It is also worth mentioning that the age span for which people can negotiate for cheaper car insurance policies is between the ages of 25 and 65 years old. This applies to everyone.
When companies are assessing people’s profiles to provide them with coverage they assume that drivers under the age of 25 years old pose a higher risk.
Insuring people under this age is not always viable for companies and they might refuse to provide coverage. These young drivers are more likely to pay up to 30% more than more experienced car drivers. This is why car insurance for young people over the age of 25 is not as expensive as for younger drivers who may probably be driving their first car.
As it was mentioned before, no matter what kind of research car insurance companies may carry out to determine the rate they would charge in a car owner’s insurance, it is also of paramount importance that each person interested in getting coverage carries out their own research.
It should be taken into consideration that there are different types of car insurance to find the most comprehensive and suitable. In this way people can be informed, and would be able to benefit as much as possible.