Tiger Watch provides the UK’s most up to the minute motor insurance price monitor, examining price information from thousands of car insurance quotes
in order to provide an overview of price trends in the UK motor insurance market.
The February Tiger Watch results show a significant increase in premiums, with prices up by 4.4% compared to those recorded 12 months ago, well ahead of the UK’s general rate of inflation and almost 6.5% higher than prices seen in January 2013.
These headline numbers, however, are being driven entirely by increased prices for young female drivers. Tiger Watch highlighted year-on-year price increases of an eye-watering 45% for its 20 year-old female driver profile, with 25 year olds recording a still shocking 16% increase. These huge increases in motor insurance prices are the result of the implementation of the EU Gender Directive in December last year, which prevented insurers from using gender as a standalone insurance rating factor.
Other driver profiles have benefitted from insurer’s revised pricing following what was dubbed “G Day”, with Tiger Watch’s 35 year-old and 45 year-old female driver profiles seeing their motor insurance quote pricing drop by 16% and 26% respectively.
Examining the results by gender, the study shows a clear difference in the fortunes of male and female drivers. Whilst women saw an average annual increase of over 14% (driven by the young driver increases), their male counterparts saw quotes drop by almost 5%.
Commenting on the Tiger Watch results, Andrew Goulborn, Tiger.co.uk’s Commercial Director, said: “The Tiger Watch results for February clearly show the mayhem in the insurance market that has been the result of the grossly unfair EU Gender Directive. As insurers grapple with new pricing strategies, young female drivers are seeing massive inflationary increases that threaten the affordability of motor insurance policies. We recommend that all drivers compare car insurance
prices to ensure that they are getting a good deal. Tiger.co.uk has a fantastic reputation for helping to find affordable young driver’s motor insurance – indeed the site features more telematics insurance providers than any other insurance comparison site”.