The gender gap
As part of our latest report, we looked into how the difference in insurance costs for men and women has grown since the EU Gender Directive. Despite EU legislation banning the use of gender when calculating premiums, we found that between June and August this year, the average car insurance policy for a man was almost 27% higher than that for a woman, at £821 compared to £649.
And statistics show that the gap between the cost of the average insurance policy for men and women has widened since the EU’s legislation came into place in December 2012. In January 2013, there was a difference of almost 20%; looking at the graph, that gap has steadily increased over the past four years.
In spite of this imbalance between men’s and women’s premiums, both have increased significantly over the past year – average prices have risen by £41 for women and £46 for men ¬– so when your insurance is next due for renewal, make sure you compare insurance providers to get optimum value for money.