We’ve just released the latest Tiger Watch
figures. The boffins here at Tiger.co.uk pore over thousands of different quotes each year here at Tiger HQ in order to produce the UK’s most up to date car insurance price monitor. Every month, Tiger Watch gives UK drivers a snapshot as to what’s happening to premiums.
For most motorists, May has seen deflation in the marketplace, with rates overall dropping by some 4.9%. This corroborates recent Q1 estimates from AA and other insurance companies and is good news for most motorists.
Most? The problem in the insurance market is that young women drivers are getting clobbered with big price hikes as a result of the grossly unfair EU Gender Directive that was implemented at the end of 2012.
Readers of this blog will be aware that the Directive essentially outlawed the use of gender as a rating factor in the setting of car insurance
prices. Historically, prices for women, particularly younger women, have been lower than prices for their male counterparts as they present less of a risk to insurers. This is not necessarily because women have fewer accidents but because the accidents they do have are not as severe as those that men have (and therefore generate lower insurer payouts).
So the EU bureaucrats decided in their wisdom to wipe out years of actuarial learning at a single stroke! Genius!
Now that insurers are no longer allowed to apply a pricing bias in favour of female motorists, prices for younger women (the group most advantaged under the “old” pricing system) are rocketing. Tiger Watch estimates that a typical 20 year old female driver could be looking at an increase of around 37% if their annual renewal is due in May!
It must be no comfort at all to young women drivers that everyone else on the road is seeing their prices fall.
To read more about the May Tiger Watch results, follow this link: http://www.tiger.co.uk/news/tiger-watch-may-car-insurance-price-monitor/