Tiger Watch is the monthly car insurance price monitor from Tiger.co.uk, giving the UK's motorists the most up to date overview of policy pricing trends, based on the analysis of thousands of car insurance quotes.
The June 2013 data makes for interesting reading, with policy prices showing an increase of around 1.4% on the prices recorded last month, but a drop of approximately 3% compared to the rates of 12 months ago. When this is contrasted with the government's latest CPI estimate of 2.4% annual inflation, this appears to deliver good news for UK motorists.
The longer term view also shows stability in overall car insurance pricing, with the year to June 2013 yielding insurance policy prices just 0.8% higher than those of the preceding 12 month period. And the trend in pricing makes for even better news for motorists in general, with the second quarter of 2013 being 3.1% cheaper than the January to March period.
However a macro view of the data masks the very different fortunes of younger drivers of opposite genders. The Tiger Watch research looks at a number of different gender and age profiles and younger female drivers are continuing to feel the effects of the implementation of the EU Gender Directive last December. The Directive, which outlawed the use of gender as a standalone insurance rating factor, has caused UK insurance providers to re-price policies and this has had a particularly negative effect on the pricing of car insurance for young women
. Tiger Watch estimates that prices for its 20-year old female driver profile have rocketed by over 23% over the last 12 months, with inflation in prices for 25 year old women running at over 8%.
Conversely, younger male drivers appear to be the beneficiary of Brussels bureaucracy, with policy pricing for 20 and 25-year olds dropping by 13% and 25% respectively compared to a year ago.
Commenting on the latest Tiger Watch data, Andrew Goulborn, Tiger.co.uk's Commercial Director, highlighted this gender divide: "Whilst it's great to see car insurance rates
falling for many motorists, the EU Gender Directive is having a massive impact on pricing for younger drivers. Whilst young men are benefitting, the extraordinary rate of inflation that younger female motorists are experiencing is a real cause for concern".