CAPE TOWN - For South African women insurance has become necessary now that they are more graduating females, more women making strides in their work place and the breadwinners of their families. But how does the insurance industry treat women in SA?
There are insurance companies that cater directly to the the female demographic and provide car, life and home insurance at a lower rate in comparison to men. What are the reason for this?
CarInsuranceExplained, a car insurance website, explains that female drivers tend to be lower risk customers.
According to the site, women drive a lot less than men in a year and they make a fewer claims in a year that cost the insurance company very little money.
However, the lower insurance rates only apply to women that are 25 and younger because once they turn 26 men and women pay the same rates.