The good news is that women generally don’t pay as much for their car insurance as men. And if you are a married woman, you save again – insurance companies consider people who are married to be more “stable” and less likely to be in an accident. If you insured your car while single and have since married, be sure to let your insurance company know.
Many women are in the dark when it comes to car insurance or other financial subjects as they tend to leave this kind of thing for a man to take care of. One of the ways you can save on car insurance if you are a woman is simply to do some basic research and shop around – the average difference between the lowest and highest premiums offered for a 6 month period, by different insurance companies, is $500.
Don’t take out more coverage than you really need. Collision coverage may not be worth taking out on an older car, one more than 4 years old, which has significantly dropped in value. In general, it isn’t cost-effective to take out collision coverage if your car is worth less than 10 times the amount of the premium.
Be sure to ask your insurance company for any applicable discounts, for example membership of professional organizations, being a non-drinker, owning your own home or having other insurance through that same company. Insurance companies don’t generally like to volunteer these discounts – you usually have to ask.
Consider taking out group insurance, to save money. If you are a working woman, ask your employer about a group insurance plan, or a group plan offered through other professional or charitable associations.
And if you are a young woman driver under age 25, more good news – once you reach the age of 25, the insurance companies consider you to be less of a risk, and you should be able to save approximately 10% on your premium.