Contrary to popular belief, women are paying higher insurance premiums, on average, than their male counterparts.

This is according to a recent survey (results based on online research amongst 700 respondents) conducted by ThinkMoney.co.za amongst South African consumers.

Men pay on average R778 per month while women shell out R794 in insurance premiums on average.

Men get cheaper premiums than women when insuring individually, however women get a better deal when insuring as a couple (See full details in Table 1).

Most popular insurers

By far the most popular car and home insurance company for online users is Outsurance, with 20 percent of respondents using them. Their premiums also don't appear to be gender biased.

However, Gareth Mountain, general manager at Thinkmoney.co.za says: "Those financially savvy women who insure with female specific insurers like 1st For Women are paying the lowest average monthly premiums of all. So the research does prove that products specifically designed for women do actually work out to be cheaper for individual females looking for insurance."

(Table 2 highlights the five most popular car and home insurance companies amongst respondents)

Switching insurers

According to the survey, only 61 percent of respondents believe they are getting the best possible insurance package. Most respondents indicated that they would switch their car and home insurance for a better deal.

This is what would persuade them to switch:

• 65 percent would switch for a saving of R100 to R200 per month.

• 89 percent would switch for a saving of more than R250 per month.

• 69 percent would switch if they were offered extra features like discounts on home security, cash back for no claims and free roadside assistance.

(Please scroll down for tables)

Table 1

Items covered	Single/Couple	Average female premium	Average male premium	Percentage of respondents
One car only	Single	R566	R555	46 percent
One car plus home/all risk	Single	R773	R757	35 percent
Two cars only & two cars plus home/all risk	Couple	R1355	R1380	19 percent
TOTAL		R794	R778

Which insurer	Average female premium	Average male premium	Percentage of respondents
Outsurance	R797	R790	20 percent
Santam	R901	R1088	Nine percent
Auto & General	R1001	R600	Eight percent
First for Women	R576	R844	Eight percent
Dial Direct	R756	R1098	Six percent

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