What Is Happening With Car Insurance Premiums?

It is now several months since the EU Gender Directive came into force back on 21 December 2012 so it would be useful to look at how this has impacted on car insurance premiums.

921217 crashed car What Is Happening With Car Insurance Premiums?

Young male drivers are the most likely to have a car accident

Recent research by Towers Watson and the price comparison website Confused.com makes interesting reading. A summary of this is provided below: -

The group that have suffered most has been women in the age bracket of 17 to 20 as their fully comprehensive car insurance is now costing an average of £2,256 – that is an increase of 20.7% since the 21 December 2012. This is despite the fact that, statistically, women are less likely to cause a car accident than their male counterparts.

Men in the younger age bracket are paying an average of £2,848 per annum during the first quarter of 2013 for fully comprehensive car insurance that is almost £600 more than females in the same age range. However, that figure has dropped by close to 22% during the past twelve months. Two years ago the difference in premiums was about £1,787.

Overall, women drivers have seen their car insurance premiums reduce by a mere 3.9% to an average of £721.

As for male drivers, they have seen their car insurance premiums reduce by 14% to £748 during the first quarter of 2013. So, as you can see, there is now little difference in premiums between men and women. At the same time last year there was a bigger difference of £117 between men and women’s car insurance premiums.

There is no doubt that, as premiums have now stabilized, it is well worth shopping around to see if you can save on your car insurance premiums with one of the best ways of doing this being to go onto one or more of the car insurance price comparison websites. It will only take a few minutes to compare prices and you may be pleasantly surprised at how much you may be able to save.

Related posts:

  1. Young Women’s Car Insurance Premiums Increase
  2. What is happening to the car insurance market?
  3. How To Reduce Your Car Insurance Premiums
  4. Types Of Car Accident People Have
  5. Car Insurance Premiums Drop