The Co-operative Insurance offers help to young drivers following the Gender Directive

New research from The Co-operative Insurance shows that nearly half of young drivers in the UK (48%) think they will struggle to afford their car insurance next year....

New research from The Co-operative Insurance shows that nearly half of young drivers in the UK (48%) think they will struggle to afford their car insurance next year.

The research, which polled UK motorists on their attitude to the recent Gender Directive, shows that it is a major concern for young female motorists, with 65% of 18 to 24 year old females in the UK saying they would find it difficult to cope with any significant increase to their car insurance premium.

Despite the fact that the majority of young drivers (60%) are aware that insurance rules have changed as a result of the Directive, the research has shown that nearly four in 10 (40%) of these drivers are still confused about how the new Gender Directive rules will affect them.

As a result, The Co-operative Insurance has launched a video to help young drivers understand what the Gender Directive means.

According to the research, nearly two thirds (61%) of young drivers plan to take action as a result of the Gender Directive, with 55% of 18 to 24 year old females and 36% of men of the same age agreeing they will now shop around for their insurance more. It also shows that one in 10 young drivers has cancelled their car insurance and taken out a new policy to try to avoid any price rises prior to the Gender Directive coming into force.

To help young female motorists combat price rises which they would otherwise see, The Co-operative Insurance is doubling the discount it offers for safe drivers who use its Young Driver (telematics) scheme also known as the “black box” scheme. The scheme was launched in 2011 and was reported on by ICMIF at that time (see ICMIF Voice Magazine – issue 71).

Whilst people of both genders will be entitled to the discount, The Co-operative expects that more women than men will qualify as data from its Young Driver scheme shows that young females in the UK tend to drive more safely. It shows that 60% of 17 and 18 year old females currently get the full discount, while just 31% of males of the same age do.

As well as reducing the cost of insurance, the Young Driver scheme is also helping to improve road safety, as The Co-operative has already seen car crashes drop by 20 per cent among users. An analysis of 10,000 young driver claims by The Co-operative Insurance in April 2012 showed that those with telematics or ‘black box’ insurance are 20 per cent less likely to have a car crash than those with standard insurance. Around 30,000 young motorists are already signed up to the Young Driver scheme from The Co-operative Insurance.

 

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