Car insurance premiums are on the increase for women
Female drivers may have to make some cutbacks in the up-coming months as insurance premiums seem to be on the rise.
According to Confused.com’s price index, car insurance premiums have also increased by 14.3% since April 2009.
This amounts to a £66 increase in a year, and a £21 increase since January of this year.
In the past female drivers have enjoyed cheaper car insurance but with the recent changes they are now faced with some of the biggest increases ever.
For example, the increased cost of premiums for female drivers aged 21 to 35 currently exceeds the national average.
Peter Lee, EMB Partner, said, “The recent larger increases affecting women suggest that many insurers are narrowing this price differential between the sexes at younger ages.”
Simon Lamble, product director at Confused.com, said that as a result he expects customers to be more frugal when buying insurance.
It is thought that this will translate into more people visiting price comparison sites in an attempt to find the cheapest car insurance that is available.
He said, “We expect that the price rises taking place across all age groups will cause even more consumers to seek good value alternatives when their policies come up for renewal.”
Such changes are thought to have an effect on the car leasing market, with some drivers putting off getting a car because of the increasing insurance costs.
However any changes may be short-lived, as the rise in insurance prices may be offset once insurance companies start to lower prices to compete with rival insurance companies.