How Have New Insurance Laws Actually Affected Prices?

In 2012 the proposed changes to insurance laws hit the headlines and everyone started scrambling around, making wild claims about how much insurance prices would increase by when the news laws came into effect.

The EU law stopped insurance companies taking gender into account when calculating insurance quotes for drivers; this meant that women receiving cheaper insurance policies than men as a result of their gender would be a thing of the past!

There was a lot of speculation about how insurance prices for females would be affected but there are finally some figures out that can give us a better idea and what the damage is.

–    In the last 3 months of 2012 the average price of insurance for a female aged between 17 and 20 rose by 16.4%.
–    During the same period, men aged between 17 and 20 saw the average price fall by 10.7%.
–    The latest figures show that the average price for comprehensive car insurance in the UK is at £737.

The change to these laws was well documented and should not have come as a surprise for many drivers. These figures, however, suggest that the EU law has encouraged a compromise in insurance prices despite many fearing female prices would simply be increased to match the males’.

Here at Insure 4 a Day we understand how unreasonable insurance prices can be which is why we do everything we can to keep our short term insurance prices as low as possible. In fact, we’re so confident in our prices that we have a ‘Price Guarantee’!

If you’d like more information about our insurance then please browse our site or click here to get a quote today.

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