Tiger.co.uk Car Insurance Price Alert
Leading motor insurance comparison site Tiger.co.uk today published its monthly Tiger Watch car insurance price monitor. The monitor looks at prices of hundreds of policies across a wide range of different driver profiles and provides the earliest indication of what’s happening to car insurance pricing. The April data shows that, after three months of successive monthly price decreases, inflation has returned to the market with an increase of almost 2.2% on prices for last month.
Price increases for female drivers are particularly steep: Tiger Watch for April shows that women motorists are experiencing increases of about 3.2% when shoppers compare insurance prices with those from a month ago. Male drivers saw average price increases of just over 1.2% - that is still almost four times the current RPI. The more pronounced increase in pricing for women could well be the result of insurers increasing rates before the EU Gender Directive comes into force in December 2012. This directive outlaws the use of gender as a discriminating factor in the setting of insurance prices and industry observers predict that this will lead to increased prices for women, who have historically paid less for their car insurance than male drivers.
Looking at the broader picture, Britain’s motorists are still benefitting from lower prices than a year ago. Tiger Watch estimates that prices in April 2012 are approximately 3.7% below those from the same month last year. Car insurance prices have generally dropped from their peak in June 2011.
Tiger.co.uk's Commercial Director, Andrew Goulborn, commented: “Tiger Watch provides the most current overview of what’s happening to car insurance prices and, following three months of declining prices we are seeing a considerable increase in rates for April, particularly for women drivers. Whilst of course it’s great to see that prices are down year-on-year, it’s worrying to see such big month-on-month increases returning to the market. A 2.2% monthly increase equates to an annual increase of over 26% – the kind of annual inflation we saw in 2010 and the first half of 2011.