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Women save
on car insurance and splash out on cars, research shows
Motor insurance for women may be cheaper than men's but the extra change
could come in handy as research has shown women want to spend more on cars
than they did three months ago.
Findings by AA personal finance show that while men hope to spend £29 less
on car purchase than they did in June, women plan to spend an extra £404
on buying a car.
Lloyd East, a spokesperson for the finance service, said: "Women are driving
up car prices."
Among the findings from both sexes was "a clear age divide" – the over 50s
are more likely to finance a car in cash through their savings whereas under
30s are more likely to borrow, Mr East said.
He added that showroom finance is becoming more popular this year and is
now the top choice for 35 per cent of buyers looking for funding.
The news follows the discovery by price comparison web site moneysupermarket.com
that women's car insurance premiums have fallen by 8.2 per cent in the last
year.
According to moneysupermarket, the annual motor cover premium for a female
driver is now £654 on average, compared with £712 last year.
During the same period, the average car insurance quote for male drivers
fell from £974 to £958.
Norwich Union to launch telematics-based pay-as-you-drive motor
insurance after 3-year pilot
Norwich Union, Britain's second-biggest car insurer which earlier this month
announced average premium increases of 16%, will launch a pay-as-you-drive
motor policy before the end of this year, after a three-year pilot of the
system in which 5,000 drivers took part.
Rival insurer More Than launched a related type of scheme for young drivers
last month, which reduced premiums for those agreeing to drive only in daylight
hours.
The NU scheme relies on a GPS-equipped ‘smart’ black box, piloted in conjunction
with a US insurer, which relays data on how, where and when the insured
driver’s car is used. The Times (11 September) says NU has not yet decided
whether to charge users for the smart box. Telematics has also been piloted
in the US to allow a sub-prime finance supplier to immobilise a car whose
driver fails to maintain repayments on schedule – it is considered cheaper
than elaborate credit checks to assess the risk of non-payment.
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