Young male drivers pay €2,400 for insurance
A survey by AA’s insurance division found that while women under 25 are paying an average of €1,357 for their car cover, men are paying €2,373.
The authors of the report said overall, men are paying between 20% and 25% more for insurance than a female of the same age.
The company looked at 200 quotes from 12 insurance providers and found that the overall average motor premium for a male aged 25 to 45 years old is now €589, up 3.5% since the start of the year. The average cost for a female driver is €487, up by just under 5% on the figure for January.
The differential between the sexes is, according to AA, not just because of accident rates but also reflects the fact that statistically males are higher mileage drivers than females and are therefore more exposed to risk.
“There is no doubt that the trend is for rising prices at the moment, and that is clear across all insurance companies.” said John Farrell of AA insurance services.
“For the consumer, the message is to shop around as there is considerable variation.
“Car insurance can be a complicated product and it is certainly expensive, so it is worth taking the time to do your research to save yourself some money if you can,” Mr Farrell said.
It offered a number of tips to those looking for insurance, including:
* Check your cover – it may be possible to reduce the insured value of your vehicle to reduce your premium.
* Be honest – do not tell fibs on the proposal form (for example about penalty points) or you may risk losing some or all of your cover if you have to claim.
* If married, deals to insure a spouse can often reduce the premium.
* Opting to take a higher excess can bring your premium down (but obviously increases your costs in the event of a claim).
* Best price isn’t necessarily best value, features like “protected no claims discount” are important and can stop your premium rising in future years.
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