Motor cover gets cheaper – but it won't last

With pieces of good financial news few and far between, young drivers in particular will be pleased to hear that average comprehensive car insurance prices for 17 to 20 year olds have dropped by £360, or about 14 per cent since the middle of 2010, to a typical £757 today.

According to data from price comparison website Confused .com and Towers Watson, those aged 36 to 40 haven't done badly either, with an average fall of 11 per cent over the same period. In fact, across the driving population as a whole, premiums have decreased by around £40 a year, with young women faring best of all, pocketing savings of more than 17 per cent.

Howver, all this good news isn't set to last. Changes to the law, a directive straight from Brussels, mean that it will soon be illegal to calculate rates for a range of financial products based on gender. Among other things, that means the cheaper insurance premiums enjoyed by women – statistically less likely to cause a claim – are to go.

The Treasury suggests that women drivers will see their motor insurance premiums increase by around 25 per cent in just a few weeks' time and experts are urging all drivers to shop around for the best deal now in order to avoid the eye-watering costs that are just around the corner.

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