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SHEILAS’ WHEELS TWO PINK YEARS ON
- fashion and finance gap shrinks as women spend almost the same time buying car insurance as choosing their Christmas party outfit -
It is just two years since three sequin-clad ladies first stepped into a pink Cadillac and sang about car insurance for women but Sheilas' Wheels has already established itself as one of the fastest-growing - and the most recognised - women’s insurance products.
The brand is currently taking on new customers at a rate of over 11,000 a month and has built up close to a quarter of a million customers since launch – a growth rate that outstrips the majority of modern insurance brands that market to both sexes. It is also the most well known female car insurance brand among women aged 25-55*.
To mark its second birthday, Sheilas’ Wheels has examined how personal finances, and car insurance in particular, fit into women’s priorities and whether the tendency to shop around for a bargain – particularly when it comes to fashion – now rings true for money matters.
Women have more control than ever of the household purse-strings according to research by Sheilas’ Wheels**. Nowadays, just one in six (16%) women in a relationship leave the household finances to their partners – over two in five (41%) women take sole responsibility for managing the finances whilst over two fifths (43%) of households split the chore 50:50.
When it comes to shopping around for car insurance, the average woman spends two hours and seven minutes doing her research before choosing an insurer. That’s just 23 minutes less than the time spent on finding that perfect Christmas party outfit, so the gap is definitely closing fast fashion over finance in the eyes of the average British women.
According to the poll, over a third of women (37%) spent less than an hour choosing the right insurance cover but this is perhaps down to the speed that now comes with price comparison websites that are now used by a third of women. Unsurprisingly, word of mouth comes top of the table with women valuing, and being influenced by, other women’s personal experiences and recommendations.
Ways women research their car insurance |
Percentage of women |
Talking to friends about their car insurance policies and experiences |
41% |
Looking at different car insurance companies’ websites |
34% |
Researching different policies on line on price comparison sites such as moneysupermarket.com, confused.com or gocompare.com |
32% |
Reading the personal finance sections of newspapers and visiting online money sites |
24% |
However, a quarter of women remain less switched on and admit to never carrying out any research before they buy their car insurance policy and only one in every two (51%) women takes the time to read the small print to compare the quality of the product and its benefits, such as a free courtesy car as standard.
Jacky Brown, spokesperson for Sheilas’ Wheels, said: "Women are becoming more discerning customers – they want well-priced and good quality car insurance – both factors that have contributed to the rapid success of Sheilas’ Wheels. Women have appreciated our keen prices and our product features - such as built in handbag cover*** and female-friendly repairers.
“In terms of interest, we know that fashion will always win over finance, but it is interesting that women are now giving serious time and consideration to their insurance purchases and effectively ‘window shopping’ policies via company websites and, increasingly, price comparison sites. A friend’s recommendation is still a key factor and this has clearly contributed to the word of mouth that has boosted Sheilas’ Wheels sales.”
Sheilas’ Wheels Facts and Figures:
Building the brand
• Sheilas’ Wheels has become one of the most ‘talked about’ insurance brands of the last five years thanks to its highly memorable advertising and TV sponsorship – such as the ‘Leading Ladies’ series of programmes including UK TV Gold’s Vicar of Dibley, Catherine Tate and Prime Suspect.
• In February 2007, Sheilas’ Wheels launched its ‘Make Me A Sheila Star’ campaign - a national competition to find guest stars for the next TV adverts that first aired in May. Over 11,500 entries were received from fans of all shapes, sizes and ages – including over 50 men – and thirty won a place in the pink Sheilamobile.
• This year Sheilas’ Wheels has yet again led the way with a new driving initiative to aid women’s safety behind the wheel: The ‘Sheila Driving Heel’. It gives women the best of both worlds - a safe, flat driving shoe and a glamorous pair of heels in one - all interchangeable at a push of a button.
• The brand has also been to places that other insurers fail to reach. It has spawned over 50 YouTube emulations, there are over 10 active groups for Sheilas’ Wheels on Facebook, and the three Sheilas – all talented singers in their own right – teamed up with legendary producers Stock, Aitken and Waterman and released their debut single on Monday 24 September 2007: (I’m So) Happy Happy (You’re Mine).
Product facts
• Sheilas’ Wheels can offer attractive premiums to women as they are safer drivers than men. The industry statistics speak for themselves – men are responsible for 97% of all dangerous driving convictions****.
• Sheilas’ Wheels offers a 24-hour confidential counselling line for drivers suffering trauma on the road.
Fun Sheila facts
• There are 1174 Sheilas’ Wheels policyholders called Sheila.
• The oldest Sheilas’ Wheels policyholder is 81 years old.
• The average age of a Sheilas’ Wheels policyholder is 40.
• Sheilas’ Wheels insures one customer called Sheila Wheeler.
• Five Sheilas’ Wheels policyholders drive pink cars.
-ends-
Notes to editors:
*Unprompted awareness of motor insurance providers among ABC1C2 women aged 25-55 from the GfK FRS, June to August 2007
**ICM Research interviewed a random sample of 1006 adults aged 18 + by telephone between 24th - 27th August 2007.
***This is for comprehensive cover only
****http://www.homeoffice.gov.uk/rds/pdfs05/hosb0605.pdf
Sheilas’ Wheels: Sheilas’ Wheels was launched in October 2005 to offer women drivers cheaper car insurance and product enhancements including £300 handbag cover – for bags stolen from the car (comprehensive cover only) – competitive breakdown recovery rates, a dedicated counselling line run by trained professionals to help customers cope with driving issues such as road rage (comprehensive cover only), and a network of female-friendly repairers. http://www.sheilaswheels.com/
Sheilas’ Wheels case studies are available on request – including
Mrs Sheila Wheeler
