August is Women’s Month – and we’d like to wish all the incredible ladies reading this a heartfelt Happy Women’s Month!

In honour of the women in our community, we’re shining a spotlight on some encouraging trends for women in the insurance world.

Women Fare Better in Short-Term Insurance

Did you know? In short-term motor vehicle insurance, women are generally considered lower-risk customers compared to men. That means, in many cases, your premiums could be lower simply because you’re female.

If you drive a car, even if it’s not in your name, make sure your insurer knows you’re the regular driver. This is important because:

• If you’ve had no claims, your positive driving history can benefit you when you take out your own policy later.
• Not being listed correctly could affect your cover or future premiums.

Life Insurance: Longer Life, Lower Premiums

Actuarial tables show that women tend to live longer than men. This means that, all else being equal, women usually enjoy lower life insurance premiums for the same amount of cover.

You can also reduce your premiums further by providing proof of a healthy lifestyle – such as your exercise habits, dietary choices, or participation in wellness programmes. Progressive insurers reward this either upfront (through lower premiums) or over time (via cashback or rewards).

Why More Information Helps Your Rating

In insurance, details matter. The more accurate information you provide, the better your risk profile is assessed – which can often work in your favour.

For example:
Two women of the same age, living in the same suburb, and driving the same car might be rated differently.

• One drives to work daily.
• The other uses her car mainly to take her children to school and run errands.

Many insurers view the second scenario as lower risk. This is just one example – there are many others.

The Magis Advantage

At Magis, we tailor solutions to your unique circumstances and match you with insurers who can best meet your needs. We partner with all the major insurers on our platform, which is why we ask detailed questions – the more we know, the better we can serve you.

Interested in working with us? Visit www.magiscapital.com or email us at [email protected] for more details.