Car insurance premiums continue to change

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Latest figures have revealed that after years of increased car insurance premiums they have now fallen but still remain 61% higher than in 2006.

The figures released by Towers Watson Car /Confused.com Car Insurance Price Index has shown that for men comprehensive car insurance has dropped by 1.8% year on year resulting in an average policy costing around £870. Women were paying £750 for the same policy showing a 3% fall year on year.

However there are still hikes in car insurance premiums in some regions. Women aged 21-30 are seeing premiums rising by 9.7% compared to others. The areas that are experiencing this are Leeds/Sheffield, London, Manchester and the West Midlands.

The findings also showed that women have seen more of a significant rise than men in the past 12 months. Areas in Leeds/Sheffield saw women aged 21-25 experiencing an increase by 3.4% compared to a 2% rise for men with the same age and same postcode. Women in London in the same age group saw a rise by 3.9% whereas men saw a 3.4% hike in their premiums.

The results indicated that women have been paying more for their car insurance premiums compared to males depending on the region which they live. With the European Gender Equality Law coming into force at the end of the year women are being urged to expect higher car insurance premiums.

Gareth Kloet, Head of Car Insurance at Confused.com commented: “Overall we’ve seen insurance prices come down marginally but, some women are seeing significant increases in their premium.

“The European Union gender equality law bans the use of gender as a factor in calculating the cost of an insurance policy and comes into effect on 21 December 2012.

“As a result, we expect women everywhere to see hikes to their car insurance costs.”

© Copyright Autonet Insurance

By Amanda Bainbridge

 

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