"We have already witnessed a sharp rise in the cost of car insurance premiums to date, and recent moneysupermarket.com analysis has shown premiums are rising by 44 pence per day on average. Currently, men pay an average of 30 per cent more than women* however the figures show the cost of premiums for female drivers has already been rising at a faster rate than for men, especially among the younger generations. Over the last year, premiums for a woman aged between 17 and 25 have risen by 34 per cent on average to £1,002 or by 70 pence per day. This is in comparison to a 12 per cent increase for men of the same age.
"The ruling will no doubt hit female drivers the hardest. Although the ruling doesn’t come into force until December 2012 it is likely we will see a convergence in pricing over the next 18 months. If your car insurance is due for renewal in the next couple of months then you should shop around and buy your new cover as soon as possible. On average, using moneysupermarket.com can save you £280 on your car insurance policy, which is a significant saving at a time when the cost of motoring is becoming more expensive."
Notes to editors:
*Based on over 3 million car insurance quotes from January 1st 2011 - February 9th 2011
Male drivers (all) £1,231.57
Female driver (all) £864.37
Percentage difference = 29.8 (30%)