The gender divide is closing: as both men and women see car insurance price drops in Q1 2014
The car insurance gender divide is closing. Both men and women have seen year-on-year price drops of -17% and -22% respectively.The average male premium now stands at £621, with females paying slightly less at £565, reducing the gender price gap to just £56.
Young women fare well in car insurance price drops
Young women (aged 17-20) have fared particularly well, benefitting from a price drop of nearly a third (-31%) year-on-year. This brings their average car insurance premium down to £1,557. While this group initially suffered from the anticipation and introduction of gender-neutral pricing in December 2012, the effects have since balanced out.
In Q1 2014 young men (aged 17-20) paid £2,041 on average for their comprehensive car insurance premium. This is a reduction of £807 compared to the same time last year; and a staggering £1,594 less than they paid two years ago, before the EU Gender Directive came into effect.