According to recently released research, young male motorists pay much higher car insurance rates than their female counterparts.
On average, the motor car insurance quote given to a male driver between the ages of 17 and 20 is an eye-watering £3,730. However, women within the same age group are charged much less by car insurance companies, with an average rate of only £1,959.
This price disparity becomes even more pronounced for motorists living within the capital, as male Londoners under 20 years of age can see quotes as high as £5,523. Female insurance quotes are still decidedly less expensive at £3,261, but is still out of reach for many young drivers.
Not only are premiums currently high, research data indicates that all younger motorists have seen their premium prices increase from a year ago. The worst locations for price inflation were Merseyside and Manchester, as both saw an increase of 10.6 per cent to average premium prices, while London rates went up by 5.7 per cent on average.
Industry experts have been scratching their heads at the rising rates, especially in light of the reduction in accident figures for younger drivers. While nearly one out of every four fatal accidents in 2010 involved younger drivers, this figure was 23 per cent less than it was in 2009, according to the Department for Transport.
The price disparity between male and female drivers will be coming to an end this December, due to a recent EU ruling banning the use of gender in determining insurance rates. However, this will not spell relief for male motorists but instead disaster for female ones, as industry experts predict insurers will raise rates on female drivers to the level of their male counterparts to come into compliance with the new law.