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Women’s car insurance premiums rise ahead of Gender Directive

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14/12/2012
Women's car insurance premiums have already started to rise ahead of the EU gender ruling change which comes into force on 21 December.

According to Gocompare.com’s ‘Gender Watch’, which has analysed over 10 million car insurance quotes since January 2011, the average best price for female car insurance has gone up from £748 on 1 November to £862 on 12 December, the most significant movement in premiums to date.

The number of insurers currently offering car quotes for 17 year olds on Gocompare.com’s panel has also reduced from 35 to 32 on average. It is anticipated that a number of insurers could exit the young driver market temporarily until prices equalise and the market stabilises.

Gocompare.com’s head of motor insurance, Scott Kelly, said: “We’ve tracked male and female premiums for the last 23 months and this is the first real sign of movement as a number of insurers begin implementing rate changes. However, with the majority of insurers saying they are leaving full equalisation until the last minute we are not going to see the real impact of the ruling on the best prices available until 21 December.

“One impact could be that the number of insurers offering cover for drivers of certain ages will fall as companies temporarily exit the market until prices settle down and they can then pick their price points. As a result, there may be less choice but the advice is still to compare all the prices available to be sure you are getting the best deal you can at that moment in time.

“We still don’t know exactly how the market is going to look post 21 December, but the assumption is that rates for female drivers will continue to rise.”

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