JIIC Insurance company says their Premier Lady policy has been a pleasant success since it was introduced, targeting female drivers, just over a year ago.

According to JIIC marketing manager, Elizabeth Chung, the innovative, comprehensive motor insurance policy recognises the excellent driving habits and record of ladies.

“Since its launch in July 2009 it has been doing very well, the ladies love it and so the uptake has been good and it is growing,” Chung told Auto this week.

JIIC, a subsidiary of GraceKennedy Limited, introduced the special policy in a climate where female drivers are routinely given favourable rates and incentives for responsible driving habits.

Not wanting to reveal too much, Chung was however tightlipped about the number of Premier Lady policies written since the birth of the product.

In order to qualify for this special policy, a female driver has to own and drive a vehicle valued at $1 million or above.

Purchasers of the policy can then expect to receive a 25 per cent introductory discount on the premium, in addition to “all the other discounts the lady driver may have accumulated over time”.

According to Chung, benefits include increased limits on costs such as windscreen damage at $50,000 and wrecker fees at $30,000

“All the amounts are actually higher than the regular policy,” she said in reference to benefits under the policy.

Payments under the excess clause are also given special treatment in the JIIC policy.

Chung said that excess payments, in the case of a claim, are not calculated merely as a percentage of the sum insured.

“A percentage is what is normally done in the industry, instead we go by a capped amount depending on the vehicle,” she explained.

“The excess is capped at different bands”.

In a leaflet promoting the excess payments, JIIC states that owners of vehicles valued between $1million and $1.99 million would be charged a maximum $35,000 for excess payment.

Vehicles priced between $2 million and $3.49 million will have and excess maximum of $90,000.

Vehicles priced between $3.5 million and $5 million have a maximum excess of $150,000.

A minimum $15,000 payment is however applicable to all categories.

“The Premier Lady policy is among the most attractive products of its kind in the local general insurance market, Chung posited.

She said that there were may other incentives such as in the case of an accident or theft, where a free rental vehicle is made available to a client for up to seven days.

Chung added that the policy also offered a combined pack, which allowed a ten per cent discount on general insurance for house or content.