Women’s Car Insurance Woe

Tiger.co.uk, one of the UK’s leading car insurance comparison sites, produces a monthly price monitor, Tiger Watch, based on an analysis of hundreds of car insurance quotes each month. The monitor has, since 2010, given motorists and the insurance industry a regular and up to date estimate of movements in policy pricing. The overall results for July 2012 continue to show stability in the market with prices dropping 0.6% compared with last month and by 1.8% when compared to prices from 12 months ago.

Tiger Watch July 2012

However, there is less good news for the UK’s women drivers. An analysis of prices by gender reveals another significant movement towards greater equality in policy pricing. The monitor estimates that women drivers have seen their policy prices increase by 0.1%, whilst their male counterparts saw premiums drop by 1.2% compared to June pricing. This continues a recent trend highlighted by previous Tiger Watch data, with the policy price advantage that has been historically enjoyed by women being eroded over the last four months. During this period women’s motor insurance prices have soared by 5.6% - an annualised inflation rate of around 17% - whilst male prices have dropped by 1.6%. In relative terms, men are paying around 5% more for their policies in July 2012 than women, whereas they just four months ago they were paying some 12.4% more. The gender gap is closing in anticipation of the introduction of the EU Gender Directive in December 2012 that prohibits the use of gender as a specific insurance rating factor.

Month

Male policy prices compared to women

March 2012

+12.4%

April 2012

+10.3%

May 2012

+9.8%

June 2012

+6.1%

July 2012

+4.8%

Commenting on the July Tiger Watch results, Andrew Goulborn, Commercial Director of Tiger.co.uk, said: “Overall, what we are seeing is continued stability in motor insurance prices – they’ve been pretty flat for the last 12 months. However since March we’ve seen female pricing increase by 5.6% - more than five times the current rate of inflation. Essentially women drivers are seeing the results of what we consider to be an unfair EU ruling that comes into effect at the end of 2012. We would encourage all female drivers who are seeing their renewal prices increasing to shop around for cover using a great car insurance comparison site like Tiger.co.uk”.
12/07/2012 10:14:17 Eren
comments powered by Disqus