Tiger Watch is the monthly price monitor produced by Tiger.co.uk, one of the UK’s leading car insurance comparison
sites. Each month Tiger.co.uk looks at hundreds of quotes to produce the UK’s most up to date overview of policy price trends. The November 2012 Tiger Watch report shows that whilst prices have increased by 1.8% compared to those recorded in October, the year-on-year picture shows quotes dropping by an average of 5.4%.
The data shows that the annual drop in motor insurance costs is helping older drivers in particular - many could be seeing prices drop by over 10%. Younger drivers, for example 20 year olds, have fared less well: Tiger Watch reveals that female drivers of this age saw prices drop by only 0.3% in the year to November whereas their male counterparts actually saw annual rates increase by 1.6%.
With the EU Gender Directive coming into effect in December, Tiger Watch has also been looking at the relative pricing of female and male policies. Andrew Goulborn, Tiger.co.uk’s Commercial Director, said: “We’ve seen some distinct shifts in pricing by gender over the last nine months as insurance providers get ready for the EU Gender Directive’s implementation on December 21st. After this date UK insurers can no longer use gender as a rating factor.
What we’ve seen over the last nine months is an erosion of the traditional gender gap. Since March this year car insurance quotes
for our male profiles have dropped by an average of 8%. Over the same period we’ve seen prices increase for women by an average of 1.1%. What was an average “gender gap” of 12.4% in March is now just 2.4%.
We would encourage all drivers, especially women, to use a car insurance comparison
site like Tiger.co.uk rather than just accepting a renewal quote from their insurer”.