The remorseless rise in the cost of motor insurance shows no sign of stopping, according to the Automobile Association (AA).
An analysis by AA Insurance shows that the average premium for a male motor insurance customer is now €589, up by 3.5% since January. The average cost for a female driver is €487, up by just under 5% on the same figure for January.
The AA Motor Premium Analysis is based on 200 quotes sourced from 12 Irish insurance providers both via online websites and via call centres and other customer contacts. All quotes were sourced in January and March 2010.
The ‘average’ figure shown looks only at drivers between 25 and 45 yrs of age, and it is this market-indicative mainstream premium which has risen so sharply in the first quarter of the year. Higher risk groups, and as usual this is dominated by young males, also saw price increases.
A typical male will usually pay between 20% and 25% more for insurance than a female of the same age. That is not just because of accident rates, it also reflects the fact that statistically males are higher mileage drivers than females and are therefore more exposed to risk. While this gender gap is something that we are used to, it continues to be particularly dramatic in the case of young males.
For 17-25 year olds, insurance is on average 48% more costly if you are male.
