Insurance
Young female drivers urged to turn to technology to lower premiums
Young female drivers are facing motor insurance premium hikes up to 38% what they are currently paying, according to a recent report.
Depending on their age, the average premium for a young female driver is expected to increase by between 15% and 38%, as estimated by the British Insurance Brokers’ Association (BIBA), from this Friday, 21st December.
For young male drivers, BIBA identified decreases on average of 8%.
The increase is expected following a European ruling that means insurers can no longer offer female drivers lower premiums than male drivers because of their gender.
Leighann Forsyth, BIBA’s Head of Communications, said: “BIBA is concerned about the impact on females under 25 and would suggest that they look at the other areas that make up their premium to see if savings can be made.
“Specialist brokers should be able to help and young female drivers should consider black box telematics technology which can still effectively give safer young drivers a significant discount.”
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Drivers are being urged to be cautious if seeking to cancel their insurance just before the implementation date of 21st December.
This is because some policies have cancellation charges and if there has been a claim there may not be a refund.