Insurers have already begun adjusting prices in preparation for the EU ban on the use of gender as a discriminating factor when pricing motor insurance, according to Tiger.co.uk.
Rates for twenty year-old male and female drivers, which have dropped by around 7% this month, are now close to parity. New EU legislation is set to come into force on December 21, 2012.
Motor insurance increases of at least 50% over the next couple of years will hit young drivers, according to insurance accountants and advisors Mazars.
Mazars predicts that the typical motor premium for a young adult will soon be £3,600, and warned that this will make driving unaffordable for many.
Advertisement The firm added that this will have a huge impact on the young and...