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Female drivers feel the pinch after being hit by hike in insurance rates

Female drivers feel the pinch after being hit by hike in insurance rates

Recent research has revealed that young female drivers are really feeling the pinch after being the worst hit from the rise in insurance rates. According to the survey conducted by a car insurance price index company, over the last 12 months car hire insurance prices have soared by 14.3% with the average cost of car insurance now standing at £524, which is up £66 when compared to the same period in 2009. Traditionally female drivers have always benefited from lower insurance rates in comparison to men as statistically, they are involved in less accidents, meaning women are seen as a lower risk than men. However the recent figures showed that females aged between 21-35 were experiencing a rise in insurance cost above the market average. Some experts believe that insurance companies are trying to narrow the gap between young male and female drivers with the sudden surge in rates of insurance for women drivers in this age group. As claims costs are continuing to rise, industry experts warn that we haven’t seen an end to the increase in insurance premiums. Due to the increase in insurance prices across the board, more and more people are said to be turning to price comparison sites as they shop around in order to seek out the very best deal available.

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