Insurance for women to increase thanks to EU's fondness for equality
Hey ladies! Guess what equality is going to do? Cost you money, that's what.
The European Union has ordered that insurers should not be allowed to take gender into consideration when working out premiums. And of course, what that means is, rather than insurers dropping the price for chaps, they'll just increase yours.
The present system “works against the achievement of the objective of equal treatment” for men and women and will probably come into play at the close of 2012. In realistic terms, this means that car insurance premiums for women could go up by as much as 50%. Sheila's Wheels must be gutted at this news.
Michaela Koller, director general of the European insurance and reinsurance federation, CEA, said today’s ruling was “bad news.”
“Europe-wide, the effect on the price and benefits and on the choice of insurance products for consumers, could be significant,” she said.
Elsewhere, according to research by Oxera, women younger than 25 may well see their car insurance rise as well as their life insurance... however, they're predicting that insurance for men will actually drop by 10 percent.