Disparity between Female and Male Car Insurance Costs

Car Insurance CostsYoung drivers are the policy holders with the highest car insurance policies. However, in spite of this fact, the difference between insurance premiums for young male drivers and young female driver is rather significant. This is because of the fact that young male drivers pay twice as much for their insurance policies. As of a recent study, young male drivers aged 17-20 pay an average car insurance premium of £ 3,700. A young female driver of the same age, on the other hand, would be expected to pay a premium around £1,700 – £1,900.

Apart from gender, another factor that significantly affects your car insurance premium if your postcode. Now, the disparities of car insurance premiums for both male and female drivers located in London have been noticed to rise. This is because a young male driver from London will most likely receive an insurance quote of around £5,500 whist a female driver from the same location would just be expected to pay around £3,200.

According to a recent research based on more than 4 million car insurance policies collated for this very purpose, young drivers have been incurring annual increases on their policies for the past few years.

As revealed by the study, young male drivers in London have been incurring increases of up to 5.7% per year whilst drivers located in Manchester and Merseyside have incurred whopping increases of up to 10.6 %.

Last year, the average costs of car insurance policies have soared so high that the average car insurance policy cost was at £3,600. This was in spite of the fact showing that the accountability of young drivers as being the major reprobate players in car crashes has lowered. According to the figures revealed by the Department of Transport, young drivers stood accountable for 24 % in road deaths whilst figures in 2009 were 23% higher.

According to a car insurance expert who conducted the study, “As of December 2012, gender will no longer be a factor in assessing car insurance premiums., Hence, female drivers should brace themselves for the exorbitant increases that they will be receiving from then on. The study that we have here only highlights the disparity between the two genders.”

“Insurance companies and car insurance brokers still have some time to embrace the legislation. Yet with the current climate within the economy and expected increases in car insurance costs, this is the perfect time to make a move and try to save on your car insurance policy.”

 
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