Every month Tiger.co.uk compares car insurance quotes
from hundreds of companies in order to produce a monthly update on policy pricing, Tiger Watch. This monitor provides the earliest market indicator as to movements in motor insurance policy pricing
The May 2012 Tiger Watch results reveal month-on-month increase in car insurance
prices of just under 0.9%, equating to an annualised figure of over 10% - almost three times the current rate of RPI. Better news for Britain’s motorists however is that May prices actually fell by just over 5% when compared with equivalent prices for the same month last year.
Contained within the May results is a clear differential in female and male pricing trends, building upon the relative increases seen in women drivers’ pricing over the last few months as insurers plan ahead for the implementation of the EU Gender Directive in December 2012 that bans the use of gender as a specific rating factor in the calculation of insurance costs.
Female drivers in the UK saw a monthly increase in policy prices of almost 1.1%, compared to an increase of 0.65% for their male counterparts. Policy prices for women have historically been substantially lower than for men, particularly for younger motorists. 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.
Commenting on the latest data Andrew Goulborn, Tiger.co.uk’s Commercial Director, said: “The Tiger Watch price monitor gives us a good snapshot as to what’s happening in the market in terms of policy pricing. Overall we’ve seen a fairly stable marketplace since July last year 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 insurance comparison site like Tiger.co.uk rather than just accepting renewal prices from existing insurers”.