On the 1st March this year, European judges ruled that it will be illegal to set the cost of car insurance premiums based on gender. This will have far reaching consequences for almost everybody when buying car insurance. Historically, insurance premiums differ between the sexes due to statistical data showing that female drivers pose less of a risk to the insurers than male drivers, particularly in the 17 to 21 years age bracket. In fact, the British Insurance Brokers Association (BIBA) estimates that male drivers under 21 are twice as likely to have an accident than women under 21 and that the average 18-year-old man's claim is for £4,400 compared to £2,700 for the average woman aged 18.
But as a result of this ruling it is now suggested that insurance premiums for female drivers under the age of 26 will probably rise by around 25%, but in some cases this could be as high as 50%. In contrast, it is estimated that quotes for male drivers in the same age bracket could fall by approximately 10%.
The best way to keep your premiums down in the future, whether you’re male or female is to ensure that you drive safely, have been well trained, and continue to look to improve your driving after you’ve passed your driving test and as you gain experience. This will help you to build up a ‘no claims discount’ and show insurers that you are a lower risk to them than others may be.
See online article.
