Women urged to shop around for car insurance

Posted :07-01-2005

Women are being encouraged to shop around more for their car insurance with research by Bradford & Bingley revaling that men are twice as likely as women to explore the market when renewing their claims.

Men are also more organised when shopping for car insurance. Most men start investigating their alternative options at least two weeks in advance of their existing insurance deal running out, while just one in two women do the same, the bank discovered.

"Many women are missing out on substantial savings by not shopping around for motor insurance. Premiums do vary considerably between insurers so it's vital both female and male car owners do their research or visit a broker to do it for them, so as to ensure they're getting the best deal possible," said Nigel Asplin, group general insurance director for Bradford & Bingley.

The bank points out that the average potential saving which could be made by shopping around for a competitive quote is £130.

But despite this sizeable saving 39 per cent of women stay with their existing motor insurance provider when it is time to renew, Bradford & Bingley has found.

The importance of organisation in looking for a new quote is increasing as, at the turn of the year, motorists lost their traditional 14 days' grace to renew policies.
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