Confused.com Reveals Young Male Drivers Pay Almost Double For Insurance Compared To Women
Released on: February 15, 2012, 9:22 am
Confused.com/Towers Watson have revealed that the cost of car
insurance for young men continues to go through the roof, with 17-20
year olds paying almost double what women drivers of the same age are
Male drivers in the 17-20 year old age group are suffering as female drivers pay£1,771 less than the men UK-wide: it currently costs an average of £1,959 for women
aged 17-20 to insure a car compared to £3,730 for men. These are the findings of the
Confused.com/Towers Watson Car Insurance Price Index (Q4 2011), which is based on
more than 4 million quotes.
Young people are feeling the impact most, with car insurance for young drivers
seeing huge rises from the previous year. Regionally the picture is even more
surprising: young men passing their driving tests in inner London can expect to be
quoted an average of £5,523 to insure their car if they are aged 20yrs or younger
which is more than 48% higher than the average for this group and 5.7% more than
they paid in Q4 of 2010 meaning taking the time hunting around for the cheapest car
insurance even more worthwhile. Their counterparts in
Manchester and Merseyside fare even worse, with average costs of £5,724 facing them
to insure their cars when they throw away the 'L' plates, a shocking rise of 10.6%
year-on-year (Q4 2011 compared to Q4 2010). A 17-20 year old female in inner London
can expect to pay £3,261 on average: a rise of 4.4% year-on-year, and they are
paying an average of £3,307 in Manchester/Merseyside - a 9.9% rise year-on year. A
high cost, but this is still more than £2,000 less than men of the same age.
When a driver adds another person to their comprehensive policy, average costs come
down, so a 17-20 year old man pays £3,907 (UK average) as the only driver, but when
they add on another driver the costs fall to an average of £3,345, a saving of more
than £500. For 17-20 year-old women the UK average is £2,046 if they are the only
driver and this falls to £1,819 for 17-20 year olds with another driver on their
Comprehensive car insurance for women
across all ages and regions fell marginally in quarter 4 of 2011 (-1.3%), but prices
continued to rise for men, although by just 1% in quarter 4. Year-on-year, it was
61-65 year old men who saw the biggest jump in costs, with a 7.4% increase, bringing
the average premium for men of that age group to £504. For women drivers it was the
26-30 year olds who saw the steepest jump in prices with 7.2% hikes, giving an
average of £789.
Gareth Kloet, Head of Car Insurance for Confused.com commented: "From December, EU
legislation will mean that insurers can't use gender as a factor in setting prices.
The differences highlighted in our report show that there is still a huge disparity
between what men and women are being charged for their car insurance. Insurers
clearly still have a long way to go to comply with the new legislation. It’s more
important than ever to shop around and we're committed to making it easier for
people to save money on their car insurance."
Confused.com was the UK's first price comparison site for car insurance.
Confused.com is one of the UK’s biggest and most popular price comparison services.
Launched in 2002, it generates over one million quotes per month. It has expanded
its range of comparison products over the last couple of years to include buildings
insurance, travel insurance,
specialist insurance such as landlord insurance and mortgage life insurance, as well as financial services
products including credit cards, loans, and mortgages.
Confused.com press office
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