However, prices up 1.8% compared with October
Motor insurance rates dropped 5.4% in the year to November, according to price comparison site Tiger.co.uk.
This is despite a 1.8% month-on-month rise compared with October, according to the firm’s Tiger Watch motor price index.
Tiger said that according to its data, the annual drop is helping older drivers in particular – many could be seeing prices drop by more than 10%.
However, the company added that younger drivers, for example 20-year olds, have fared less well: Tiger Watch reveals that female drivers of this age saw prices drop by only 0.3% in the year to November, whereas their male counterparts saw annual rates increase by 1.6%.
With the EU Gender Directive coming into effect in December, Tiger Watch has also been looking at the relative pricing of female and male policies.
Tiger.co.uk commercial director Andrew Goulborn said: “We’ve seen some distinct shifts in pricing by gender over the past nine months as insurance providers get ready for the EU Gender Directive’s implementation on 21 December. After this date, UK insurers can no longer use gender as a rating factor.”
Goulborn added that the traditional gender gap in motor pricing had been eroded. Since March this year, car insurance quotes for Tiger Watch’s male profiles have dropped by an average of 8%. Over the same period, prices have increased for women by an average of 1.1%.
Goulborn said: “What was an average ‘gender gap’ of 12.4% in March is now just 2.4%.
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