Young female drivers hit hard by new ECJ ruling
Look away now female drivers. Latest data shows the cost of insurance for 17 to 19-year old female drivers has increased by an average of £231 since December.
A young female driver will now pay nearly a quarter more than they previous had for women's car insurance in the UK after a European Court of Justice (ECJ) ruling that bans insurance companies charging men more than women for car insurance.
It will be an even bigger blow for female drivers because male drivers between the ages of 17 and 19 have actually seen their insurance premiums fall by 11.2 per cent.
This means males are likely to save, on average, £184 on their insurance premiums after the ECJ ruling.
Traditionally male drivers were charged significantly more for their insurance premiums because they are statistically more likely to be involved in an accident that requires an insurance payout.
Men are also more likely to have a speeding conviction with 9.2 per cent of men and just 6.8 per cent of women clocking up a speeding offence, according to data from MoneySupermarket.com.
Male drivers were also more likely to have a drink or drug conviction with 0.67 per cent committing the offence compared to 0.27 per cent of women.
It is not all bad news for female drivers, however. The average insurance premium for a woman of any age has actually dropped by 1.9 per cent since the ruling.
The average female insurance premium is now £416, less than the £490 average for male car insurance. However, car insurance for men has dropped by a significantly higher amount at 7.2 per cent.
Despite the drop in overall insurance prices women's insurance is expected to rise by as much as 30 per cent in the long term with younger drivers worst hit.
Younger drivers, particularly those between the ages of 17 and 19, are statistically more likely to be involved in an accident and as a result they are seen as more of a risk with insurance companies.
The increase in insurance premiums for younger drivers means they are increasingly turning to money-saving methods of car insurance for young drivers.
These include the use of telematics technology such as a black box recording device. Telematics technology monitors a driver's acceleration, braking and cornering to ascertain how safe the driver is on the roads.
The technology then feeds this information back to the insurance company which generates a report. This is used to both advise the driver on safer driving (and eco-driving) and to affect the driver's next insurance policy.
This means the safer somebody drives the more likely they are to get money off their next insurance policy - and it could mean money off for the legions of young females drivers hit by insurance hikes this year.