Insurance premiums no longer varied according to gender
A European court of justice ruling, made in 2011, means insurance companies will no longer be able to vary premiums according to gender.
The change will come into force on the 21st December 2012. Some insurers have not yet declared how much they plan to charge in the future but in most cases this will mean that women will be paying higher premiums than they currently do.
Historically, females have paid considerably less for motor insurance and life cover than males have. It is estimated that car insurance for young women will rise by an average of 25% with life insurance rising up to 20%. Some insurers have set the bar extremely high with their premiums increasing up to 43%.
On a lighter note, women could better off in retirement. The rates paid out from annuities are expected to rise by 6% for women. For females considering taking out life insurance, prices are almost certainly set to rise so the likelihood of getting a better price now rather than after December 21st are much greater. While there are a number of factors (such as occupation) that insurance companies can tweak to keep prices neutral for women if they want to, the same cannot be said for life insurance.
Share this..
Related stories
Why shopping around for your car insurance is vital!
As we covered in one of our recent articles on motor insurance, the AA reported a 7.2% increase in average car insurance premiums in the final quarter of 2009. However, the annual increase in car insurance premiums is well into double digits and there is serious concern that motorists will be hit with higher and higher premiums in the short to medium term. Many of us will have been with the sam...
Read MoreInsurance industry 'can stay competitive'
Insurers can ride out the current difficulties facing the industry as costs rise, with the consumer set to benefit.That is the message from the Association of British Insurers (ABI), which says that soaring costs to the tune of 75 per cent in bodily injury claims since 2000 and 66 per cent in accidental damage claims can be negotiated.Speaking to BBC Radio 5 Live's Wake Up To Money,...
Read MoreTell your insurer before making home bio diesel, firm warns
Making bio diesel at home can be dangerous - and might invalidate home insurance claims if an accident occurs.Defaqto said today that mixing cooking oil with ethanol and caustic soda, a common method of making the fuel, was becoming increasingly common among householders as they battled to counteract price rises at the pump.The firm made the comments following the widely-reported case of a Northam...
Read MoreRBS still looking to sell insurance unit
Contrary to some reports in the press it has this evening been revealed that Royal Bank of Scotland is still looking to sell its insurance arm which has been up for sale for some months. There had been rumours that the sale had been pulled due to the government led bailout of industry but this would appear to be well wide of the mark. The insurance division had been expected to bring in around £7...
Read MoreSimple ways to save money : Insurance
While we have seen various reports over the last few weeks of people deciding against renewing their home insurance, car insurance and other insurance policies, there are obvious risks with this particular strategy - not to mention possible legal implications. However, there are many ways to reduce your insurance premiums which will only take a few moments of your time.
It is well-k...