Motor insurance prices have fallen significantly in December according to figures released today by from Tiger.co.uk. The comparison site analyses thousands of motor insurance quotations each year to produce its Tiger Watch monthly price monitor and the December results are good news for drivers whose policies are up for renewal in the next few weeks.
The overall figures from Tiger Watch show a 6.6% fall in car insurance quote
prices compared to those seen in December last year. Although rates rose by 0.4% compared to those of a month ago, the rates across the last quarter of 2011 are the lowest seen for more than two years as heavy competition between insurance providers brings good news for UK motorists. This, coming after the cancellation of a planned fuel duty increase in last week’s budget, brings further relief to Britain’s hard pressed drivers.
However, the headline year-on-year price drop hides some major variations, most markedly by gender, as Andrew Goulborn, Tiger.co.uk’s Commercial Director, explains: “We’ve seen a big swing in pricing by gender over the last year. Traditionally many women, especially younger women drivers, have paid less for their motor insurance than their male counterparts. At the beginning of 2012 this “gender gap” was over 10%. With prices for men having dropped more than for women over the 12 months, this gender gap is now less than 1%.
This shift is primarily being caused by insurers readying themselves for the implementation of the EU Gender Directive on 21st December. This Directive outlaws the use of gender as an insurance rating factor and younger women drivers in particular need to be aware that their policy prices could leap by up to 25%. We would recommend that anyone looking to compare cheap car insurance
prices uses Tiger.co.uk to access over 90 brands including many more telematics insurance providers than featured on any other comparison site. These “pay how you drive” or “black box” insurance policies are predicted to appeal strongly to many women facing steep hikes in their premiums”.