February 2013 results reveal a significant jump in premiums
(PRWEB UK) 15 February 2013
Tiger Watch is the UK’s most up to date car insurance price monitor, drawing data from thousands of car insurance quotes in order to provide a pricing snapshot for the UK market.
The February 2013 results reveal a significant jump in premiums, with prices up by some 4.4% compared to those recorded a year ago – significantly ahead of the UK’s general inflation rate – and almost 6.5% more than prices seen just a month ago.
These top line numbers, however, are being driven almost entirely by increased policy pricing for young women motorists. Tiger Watch picked up year-on-year price increases of an astonishing 45% for its 20 year-old female driver profile, with 25 year olds faring little better having recorded a 16% increase. These massive shifts in pricing can only be the result of the implementation of the EU Gender Directive in December 2012, which outlawed the use of gender as a standalone insurance rating factor.
Other driver profiles appear to have benefitted from insurance provider’s revised pricing strategies following what was dubbed “G Day”, with the 35 year-old and 45 year-old female driver profiles seeing their car insurance quotes drop by around 16% and 26% respectively.
Looking at the results by gender, Tiger Watch shows a distinct difference in the fortunes of male and female motorists. Whilst women saw an average annual increase of over 14% (driven by the young driver increases), their male counterparts saw policy prices drop by almost 5%.
Commenting on the Tiger Watch results, Andrew Goulborn, Tiger.co.uk’s Commercial Director, said: “These results clearly show the market mayhem that has been the result of the unfair EU Gender Directive. As insurers grapple with re-rating policies, young female drivers are the main losers, with massive inflationary increases threatening the affordability of staying on the road. In the short term we recommend all drivers receiving a renewal notice to compare car insurance prices to ensure that they are getting a good deal. Tiger.co.uk has a great reputation for helping to find affordable young driver’s car insurance – indeed the site features more telematics insurance providers than any other car insurance comparison site”.
Tiger.co.uk is a trading name of Call Connection Ltd. Tiger.co.uk is a UK based, independent car insurance comparison site, offering insurance quotes from over 150 motor insurance brands. Call Connection Ltd is authorised and regulated by the Financial Services Authority (number 308374).