16:58 18 November 2012
Well it’s not a nice early Christmas present, but it’s a promise. The new rule which will see gender no longer be considered when it comes to buying insurance will officially take effect on Friday, 21st December, 2012.
Male or Female?
When it comes to car insurance, car insurance companies will not be able to calculate a car insurance premium based on whether a person is male or female anymore.
The European Court of Justice ordered the ruling in March, which means that women’s car insurance premiums could increase in time for Christmas.
The rule looks set to force the fairer sex into paying rates comparable to those that affect men, and this can relate to life insurance as well as car insurance.
Females and car insurance
Up to now women have enjoyed cheaper car insurance prices than men have, as many insurers understanding could be that they are less of a risk on the roads.
Whether it be that car insurance firms think women mostly do the children’s school-run in the car, and so are more prone to being cautious drivers, we will never know!
Young women are expected to be hit the hardest by the new rule, and they could potentially see an increase of at least 25per cent when it comes to their insurance premiums.
The next step
Most insurance companies are thought to be offering gender-neutral policies before December according to some reports.
Perhaps consider renewing your car insurance policy in the near future in order to save money, but be sure to check out any cancellation costs you may incur.
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