Industry News from Yes Insurance

Women enjoy cheaper car and van insurance than men because they are "more mature at an earlier age", according to an industry expert.

A study by financial comparison website has shown that car and van insurance for men is nine per cent more expensive than for women.

The analysis also shows that the biggest difference in premiums came between teenage males and females.

An average 18-year-old woman pays £861 less for her car or van insurance than a male teenager of the same age.

Peter Gerrard, head of insurance at Moneysupermarket.com, said: "It's clear that insurers view women as far more mature motorists at an earlier age. Newly qualified drivers have long been perceived as high risk and find it hard to get competitive insurance."

Meanwhile, new research by comparison site uSwitch.com has shown that consumers are finding it increasingly difficult to meet the costs of car and van insurance.

The study also found that motorists are paying £624 million more on their insurance policies because they choose to pay in monthly instalments instead of in one lump sum.

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