Young female drivers feeling the pinch of gender ruling on car insurance policies
Since then, MoneySupermarket has analysed 1.3 million car insurance quotes of women aged between 17 and 19 and have uncovered that young women are experiencing an inflation of 22.1% on their car insurance premiums – or a hike of £231 on average.
In an unusual turn of events, male drivers in the same age group have seen an 11.2% fall in premiums, or £184 on average – but still typically pay more than females of the same age.
Despite the tough times for young female drivers, analysis by MoneySupermarket reveals that insurance premiums continue to fall despite implementation of the new rules and regulations.
Female drivers overall are now paying 1.9 per cent less for car insurance than at the beginning of December, with average premiums now £416. Male premiums are also falling with the average overall premiums of £490, a decrease of 7.2 per cent since December 2012.
Peter Harrison, insurance expert at MoneySupermarket said, "The introduction of the gender rules was always going to cause concern as the impact on premiums, in particular, female premiums was always an unknown."
"However, the UK car insurance market is one of the most sophisticated in the world, with insurers using other factors other than gender to calculate premiums. In addition, it appears that the competitive nature of insurance is helping keep premiums down," said Harrison.
Are you a young, female driver on the receiving end of an insurance price hike? Remember, you have every right as a consumer to refuse the renewal quote price. It pays to shop around in order to find the best deal out there.