Women's Premiums to Rise
Are You Set for the EU Directive?
In just a few days time there is going to be big changes to how insurance premiums are calculated.
Up until now, young women (in particular) have typically been able to get cheaper insurance premiums than their male counterparts, but that will no longer be the case following the EU Directive on gender equalisation. The ruling is a game-changer and means insurance companies can no longer base their rates on gender, despite the fact men have more and higher value accidents than women.
There are lots of variables and it is not fully known or understood how the ruling is going to affect consumers, but I think it's safe to say that young women are definitely going to experience an increase in the price of car insurance.
But will premiums reduce for men? That's the question a lot of people are asking and it's a difficult one to answer. At this point in time insurance companies are keeping their cards very close to their chest. It's only over the next couple of months that we'll begin to see the full impact of the ruling on price.
If you're currently mid-policy the directive is unlikely to affect you until renewal time, unless you make a change to your policy. However, any new policies which are due on or after 21 December 2012 are likely to be changed.
So if you're a young woman searching for car insurance or life cover, my advice is to purchase it before the directive comes into force. This will give you the best possible chance of getting great value insurance. In some cases it may even be worthwhile cancelling policies and taking out a new one.
If you're thinking about getting insurance, why not give us a call before the ruling comes into play? We have a friendly team who are ready to get you a fantastic deal.