Car insurance costs for drivers over 30 have fallen by an average of 9.8% since July 2012, according to the latest AA British Insurance Premium Index, which tracks car and home insurance prices in the UK. The AA’ figures are backed up by new analysis from insurance comparison website Gocompare.com, which says that comprehensive premiums for drivers over 30 have fallen by 17% in the last year.
The falls are thought to be the result of the European Court of Justice ruling on gender equality which made it illegal to discriminate [price] insurance based on gender, even though there is clear statistical evidence that women drivers are safer than men. Gocompare’s figures seem to confirm the assumption that the falling cost of car insurance is due to the ECJ ruling, as it says that for under 30s, only male drivers have seen any falls — suggesting that male premiums are being brought into line with those for women.
A fall in fraudulent whiplash claims is also thought to have helped motor insurance companies cut premiums, according to Simon Douglas, who is director of AA Insurance:
“Insurers were facing a fast-widening gap between premium income and claims costs, largely driven by whiplash injury claims and fraud which saw very sharp premium increases between 2009 and 2011. That gap is closing and premiums are falling again thanks to competition, as well as improved fraud detection by the insurance industry and tightening of the law that is beginning to curb the number of spurious new whiplash injury claims.”
I’m not really in a position to judge, other than to say my wife, who is over 30, recently took out an insurance policy for the first time in many years, and we were both surprised at how cheap it was — her premium was less than I paid a few years ago for similar car insurance with a bigger no-claims discount.
If you’ve seen a saving — or an increase — then leave a comment below to share your experience, I’d love to learn more.