Price differential between men and women narrowed to 9.8%
Car insurance premiums for women drivers climbed almost 1.1% during May on a month-by-month basis, according to the latest figures by price comparison website Tiger.co.uk
This is ahead of the EU gender directive implementation in December 2012 which will outlaw the use of gender as a specific rating factor in the calculation of insurance costs.
The premiums of their male counterparts rose 0.65% over the same period.
Policy prices for women motorists have historically been substantially lower than for men, particularly for younger car owners. Over the last three months, Tiger Watch has recorded a narrowing of this price differential, from 12.5% in March down to 9.8% in May.
Overall premiums for all drivers increased by just under 0.9%, equating to an annualised figure of more than 10% and almost three times the current rate of RPI.
On the flipside, the May 2012 prices were just over 5% lower than equivalent prices for the same month in 2011.
Tiger.co.uk’s commercial director Andrew Goulborn said: “Our Tiger Watch price monitor gives us a good snapshot as to what’s happening in the market. Broadly we’ve seen a pretty stable marketplace since July 2011 but we are tracking a relative increase when we compare car insurance prices for female drivers and this is leading to an above-RPI headline figure.
“For Britain’s women motorists in particular we’d recommend using a good car insurance comparison site like Tiger.co.uk rather than just accepting renewal prices from existing insurers.”
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