The AA which has conducted a review of motor insurance premiums which fall due for renewal on or after the December 21st deadline for gender neutral prices, reports that the new rates are currently in line with expectations.
As anticipated, premiums for young female drives are worst affected rising 24% on average across the eight different insurers that were featured in the AA’s review. The AA does however report a considerable variance in price increases among insurers for the age group ranging from 13% to 36% highlighting the importance of shopping around for the best value.
The AA also reports that female drivers will be more likely to switch provider when their insurance falls due for renewal this year than their male counterparts. In a recent AA survey on the contentious subject, 82% of women said they will put more effort into shopping around over the next year as a result of the ruling compared to 68% of males.
“This is new territory for insurance providers and they’re all anxious to retain your business so don’t be afraid to push them and see what they can do,” says Conor Faughnan, Director of Consumer Affairs, AA Ireland. “There are also deals that you can do with your insurer such as getting a discount when you buy multiple products. Professional group schemes could also be an option so make sure to explore all your options to get the best deal.”
Based on the new gender neutral rates currently in place for those whose policies fall due for renewal after December 21st, the AA reports that there have been premium increases for women across all age categories without exception. However for those aged 30 and over the increase is far less stark. Premiums for women aged 30 for example are up by an average of 9% while those for women aged 70 have risen just 2%.