While car insurance rates fell slightly in 2011, the average price of motor car insurance is still 61 per cent higher than it was in 2006, a quarterly price index recently discovered.
The newest price index, a joint venture between Towers Watson and a well-known car insurance comparison site, also discovered that men have seen less drastic insurance price increases than those faced by women over the past 12 months. The comparison site’s car insurance head, Gareth Kloet, commented on the findings, stating that while there has been a marginal decrease in overall insurance prices, there were substantial premium increases for some classes of female drivers.
Mr Kloet implied that this is just the tip of the iceberg for female drivers in regards to premium pricing. Cheap car insurance for women will become much more scares from 21 December of this year, thanks to an EU law banning insurers from using gender as a determinant for insurance pricing, which means that women of nearly all ages will experience rate hikes after this date in order to comply with the new rules.
Women between the ages of 21 and 30 are most likely to see substantial price increases, along with those living in the West Midlands, Merseyside, Manchester, Inner London, Sheffield, and Leeds, as the disparity between male and female premium pricing is wide in these instances. The price index discovered that in the Sheffield/Leeds area alone, women between the ages of 21 and 35 experienced a year-on-year insurance price increase of 3.4 per cent, to an average of £1,437 for the average policy.