31st October 2012
EU Gender Equality Law
EU regulations on gender equality come into force on December 21st 2012, if you are a female driver and in particular a young driver then this could mean a price increase in your car insurance premium by up to 24%* which could turn out to be quite a substantial sum.
Car insurance companies have always factored in gender when calculating premiums on the basis that although the frequency of car accidents amongst men and women are roughly equal, it is often far more costly to repair vehicles that have been in an accident involving male drivers as accidents involving women tend to be more minor.
Whilst policies taken out by male drivers could stand to go down by up to 10% as a result of changes in the law, as a lady driver you could be facing a significant price hike in your policy premium. So what can you do?
Act fast to avoid car insurance price rises
There are a few things that you can do now prior to the regulations coming into force that will minimise the impact that these regulations have on your finances:-
Buy a new car insurance policy
By purchasing a fresh policy now you can take advantage of savings on offer from The Policy Shop ahead of the law changing. We can offer customised policies at a reduced rate ahead of the new law coming in to effect. Cancelling your policy and paying the relevant administration charge to your existing provider will most likely work out cheaper than having to pay up to a 24% increase in your premium after December 21st 2012.
Revise what and how often you drive
Sounds simple, but one of the easiest ways to reduce your car insurance premium is to drive a less powerful vehicle and reduce your annual mileage, add increased fuel efficiency and you could easily shave a couple of hundred pounds off your premium.
Call us to fix your premium for the next 12 monthsHere at The Policy Shop we’re keen to help you get the best deal on your car insurance therefore give us a call on 02476 237 198 to discuss the best options for you and to fix your car insurance premium at a
lower price for the next 12 months.
Share your thoughts on the EU Gender Equality Law
We are keen to hear your thoughts on what you think is the best way to tackle the implementation of these new laws:-
Do you think it is fair that women’s premiums should go up even though statistically the accidents they have cost insurers less to fix?
Is the new ruling likely to make you opt for public transport more often to reduce the amount of miles you drive in your car or is the cost of public transport equally as high with recent price rises?
Is this latest ruling from the EU yet another blow to UK drivers who are already struggling with record fuel prices or should we be proud to have equality across the board for men and women?
As always we are keen to hear from you so share your thoughts below or on your social channels.
*Source: HM Treasury