Premium prices dip by 7.1%, gender parity still long way off

While motor car insurance prices actually declined by 7.1 per cent after years of seemingly inexorable rises, equality between the car insurance rates paid by male and female motorists has yet to be achieved, a new survey recently found.

A major car insurance comparison site found that the average cost of comprehensive cover in the second quarter of 2012 was found to be £797, a drop of 7.1 per cent when compared to the same period of time in 2011. However, male motorists are still paying an average of £110 more than their female counterparts when it comes to comprehensive cover, despite the impending legislative changes going into effect at the end of the year banning the practice.

Older drivers experienced even better results, with the older-70 crowd only having to pay a relatively paltry £426 for annual cover. The age group also saw their annual rates drop by the most at 8.8 per cent.

Young drivers also saw reductions in their premium prices, but even with price drops, motorists between the ages of 17 and 20 were still paying nearly £2,500 a year for comprehensive cover. This is more than any other age group, experts say, with gender differences and geographical location can account for wild cost fluctuations as well

Young males, for instance, have been quoted prices as high as nearly £5,400 if they live in the Manchester/Merseyside area. However, a driver of the same age living in Central Scotland would pay just a bit less than £3,000 in comparison.

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