Tiger Watch is the car insurance price monitor produced each month by one of the UK’s most highly regarded car insurance comparison sites, Tiger.co.uk. Tiger Watch looks at thousands of car insurance quotes
to produce an up to date snapshot of price trends, helping UK motorists to better understand what is happening to the pricing of their car insurance.
The March results provide interesting reading. Overall, Tiger Watch shows of 3% in prices compared to February 2013 and a 2.1% annual price increase – well below the current rate of inflation.
Superficially at least, these results appear to be good news for Britain’s hard-pressed motorists. However the overall results mask significant differences in the data by gender, with insurance providers still apparently getting to grips with the rating changes that were the result of the implementation of the EU Gender Directive in December last year.
The month-on-month change in policy prices appears to favour women motorists, with prices remaining fairly static for this group (+0.7%) but increasing substantially (+5.8%) for male drivers. This monthly summary in turn masks a longer term trend and shows how insurers are amending their rating structures following substantial increases in female prices over the last few months. Looking at the year-on-year numbers, Tiger Watch shows that women’s prices have increased by about 18%, whilst prices for men have dropped by just under 6%.
Younger female drivers appear to have suffered the most, with 20 year-old women seeing annual increases of over 40% in their car insurance quotes.
Andrew Goulborn, Tiger.co.uk’s Commercial Director, commented: “What we’re seeing here are the after effects of the EU Gender Directive. Insurers are trying to get their new rating structures in place and as a result we are now seeing a monthly swing in favour of female motorists, following huge price increases for young women drivers over the last few months, with Tiger Watch’s 20 and 25 year old female driver profiles seeing annual price hikes of 46% and 19% respectively. Tiger.co.uk is rapidly gaining a really good reputation with younger drivers of both genders who are looking for cheap car insurance quotes
. The site’s performance for these drivers is undoubtedly helped by our market-leading offering of 10 telematics insurance brands”.