A new ruling is more than likely to hit women drivers aged 25 or under. Is this fair? As statistically, they have fewest and the least expensive accident claims. Male drivers under 21 are twice as likely to have an accident than a female, under 21, according to the British Insurance Brokers Association.
"Unisex rates will have to apply for motor insurance with the likelihood of an increase in premiums for females which could typically be up to 25 per cent but in some cases more than 50 per cent," warns Steve Foulsham, BIBA technical services manager. "However it's unlikely that premiums for male drivers will reduce much as their risk is still considerable."
Over the past year, premiums for women aged between 17 and 25 have climbed 34 per cent on average to £1,002 or by 70 pence per day. At the same time, the cost of cover for men of the same age has risen just 12 per cent.
With the cost of cover on an upward trend, insurers that can find other ways to reduce prices will gain a competitive advantage. That will increase the importance of comparing different companies' quotes. Meanwhile young women, in particular, may need to look more closely at other ways of cutting the cost of cover, such as taking a higher excess, or shopping around for the most competitive car insurance quotes.
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Think this is really unfair, not sure what we can do. Thanks for the informative article eInsurance group
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