Womens Car Insurance Premiums Are Catching Up
20 April 2010 / by Rachael Stiles
Car insurance premiums have risen 4.3 per cent in the first three months of 2010, and female drivers are not enjoying the same discounts as they once did.
Since April 2009, the annual increase in car insurance premiums has been pushed up to 14.3 per cent, according to Confused.com’s 2010 Confused/EMB Car Insurance Price Index.
The increase has driven up the average price of car insurance to £524 – £66 more than the same time last year, and a £21 per cent for the first quarter of the year.
Whereas female drivers usually enjoy the cheaper end of the car insurance market, and still pay less for women’s car insurance premiums on average, they are now being hit by some of the biggest increases, with the increase in premiums for 21-35 year old female drivers exceeding the market average.
Commenting, Simon Lamble, product director at Confused.com, said he expects more consumers to shop around and compare car insurance quotes to counteract the rise in premiums. “We expect that the price rises taking place across all age groups will cause even more consumers to seek good value alternatives when their policies come up for renewal,” he said.
EMB Partner, Peter Lee, added: “In pure monetary terms, younger females still pay less and younger females cost insurers less overall in claims than younger men. But the recent larger increases affecting women suggest that many insurers are narrowing this price differential between the sexes at younger ages.”
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