Interesting article!
Car insurance and the gender directive
Here’s an article from ‘Which.co.uk’ (in case you haven’t seen this!) (Taken from
http://www.which.co.uk/money/insurance/guides/insurance-gender-discrimination-rules/car-insurance-and-the-gender-directive/)........
“Women drivers under the age of 25 will see their premiums rise from December 2012.
Car insurance is one of the main areas that is being affected by the European ruling on gender. Historically, gender has been used alongside the type of vehicle, the age of the driver, the postcode of the driver and the insured’s driving history, among other factors, to calculate the car insurance premium rate of the individual.
Likely impact on car insurance premiums
Insurance companies will no longer be able to charge different rates according to the gender of the applicant. Claims data highlighting that young male drivers have considerably higher accident rates and claims costs than young women will now not be allowed to be used when insurers set premiums. A male driver under 21 is twice as likely to have an accident as a woman of the same age.
This will mean that women drivers under the age of 25 will see their premiums rise, while their male counterparts should see their rates decline. There has been some speculation that insurers will maintain high premium levels for young men and raise rates for young women drivers to match these.
What car insurers are doing
Car insurers are adjusting their risk rating and pricing models to be able to offer gender-neutral quotations by 21 December 2012.”
And the article finished with –
“It's more important than ever to shop around when your renewal quote arrives, particularly if the gender ruling should lead to a fall in your premium. Renewal quotes rarely offer best value.”
Don’t forget to ring us at renewal therefore ;)
