New insurance for women motorists

A new company has been launched aimed at insuring female motorists.

15:03 24 August 2004

A new company has been launched aimed at insuring female motorists.

First Alternative Woman claims that female drivers will be able to save an average of 130 a year by switching to its cover.

The venture is the brainchild of Peter Wood, the multi-millionaire who founded Direct Line, and is a joint venture between Mr Wood and bank HBoS. First Alternative Woman will be a sister firm to insurers esure and First Alternative.

The launch of First Alternative Woman was approved after EU proposals to ban insurers from charging men and women different premiums for car insurance were dropped.

Adrian Webb, spokesman for First Alternative Woman, said: "We're not trying to create some 'fluffy' product that is full of gimmicks to appeal to women. This is all about genuinely low prices. Statistics show that women are a significantly lower risk than men and we believe this should be reflected in lower premiums."

Male drivers are responsible for 97 per cent of dangerous driving offences and 83 per cent of speeding convictions, according to Home Office figures.

A number of UK insurance brands now target women drivers, including Diamond Insurance, part of Admiral, and intermediaries Ladybird Insurance and girlmotor.com.