Bradford & Bingley car insurance tells women to shop more

In a move that will have many men scratching their heads, Bradford & Bingley has said that women need to shop more.

The comment comes after the bank found that women are just half as likely to shop around when they are renewing their car insurance.

While many will resent taking advice abut shopping, Bradford & Bingley points out that the male members of the population not only shop around more, but also organise their shopping better.

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.

Men also spend longer looking and are ten per cent more likely to phone five or more providers when looking around than women are.

"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.

Previously motorists had a period of two weeks between their existing car insurance policy running out and when they had to have a new one. But in order to come in line with new European regulations this has been removed.