Tiger Watch - April Car Insurance Price Monitor

With motoring costs rising it is important for UK drivers to keep an eye on one of the biggest contributors to these, car insurance. Car insurance comparison site Tiger.co.uk produces Tiger Watch each month in order to do this. The monitor examines thousands of car insurance quotes in order to provide the UK’s most current overview of the pricing movements that impact on all vehicle owners. Tiger Watch April 2013 The results for April have been released and these show a similar pattern to those seen in the last three months: Apparent stability in overall premium prices, but large fluctuations in price movement by gender, with the UK’s younger women drivers in particular feeling the effects on the implementation of the EU Gender Directive at the end of 2012. In summary, the research shows that car insurance prices dropped when compared to last month’s figures, with rates falling about 2.7%. When looking at prices of a year ago, Tiger Watch shows that drivers renewing their car insurance renewal rates in April should, on average, see no annual inflation. There is, however, no such thing as an “average” driver and the April figures reflect this. Prices for the male driving profiles looked at by Tiger.co.uk show a year-on-year drop of around 14%, whilst prices for women drivers have increased by 10.5%. Further analysis shows that it is younger female drivers – 20 and 25 year olds – who have been hit by annual increases of 33% and 18% respectively. Slightly older women may actually see prices drop by up to 16%. Andrew Goulborn, Commercial Director of Tiger.co.uk, commented: “We are seeing what looks like a static car insurance market in terms of pricing. But under the bonnet there are big changes in policy pricing by gender and by age. Most of these are the result of the implementation of the EU Gender Directive in December 2012 – this banned the use of gender as an insurance rating factor. Insurers have had to amend their pricing policies and this has resulted in massive increases in the cost of young women’s car insurance, with our 20 year-old female driver profile seeing annual increases of 33%. Other driver profiles, including younger male drivers and our 35 and 45 year old female driver profiles, however, should be seeing substantial drops in their premiums.”
17/04/2013 14:12:16 Eren
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