While, on average, women are still paying less for their car insurance than men, the research from comparethemarket.com found that the gap between the cheapest premium and the average premium was wider for men than for women – suggesting that men stand to save more by shopping around for their policy.
Between June and August 2017, the difference between the cheapest and average policy for women was £101.21, while the difference between the cheapest and the average policy for men was £151.67.
Despite these disparities between the sexes, average premiums across the board are still at near record levels for both men and women.
The average motor insurance premium in Q3 2017 stood at £740; a £42 year on year increase for the quarter and a £9 increase quarter-on-quarter. The cheapest premiums in the market also increased in the past year to £612 in Q3, up £33 from £579 in the same period last year and £8 growth from £604 in Q2.
This substantial price growth highlights the impact of recent Government changes to the cost of motor insurance, including significant increases in the Insurance Premium Tax and also the personal accident discount rate, while the £128 average saving highlights the benefits of shopping around rather than automatically renewing your policy.