European Union - Sex Discrimination
As of this morning female drivers are going to be forced to pay higher insurance, whilst men could see their insurance fall by around 10%.
The European Union (EU) have branded the act of insurers charging female drivers a lower cost as against sex discrimination laws within the EU.
Although the law change has been concluded, it will not be in effect until 21st of December 2012.
This time span is to help insurance companies prepare for the hike in complaints, as millions of men may attempt to claim back the additional insurance they have been paying.
The EU members are still in discussion, and whether men are able to claim back this money is still in discussion. But it is likely that they will reduce their insurance over time to balance the changes.
From a graduate perspective, this law change should be taken into immediate consideration. Women under 26 are likely to pay an additional 25%. Which for graduates already in substantial levels of personal debt, and needing a car to get to and from work with a decreased amount of disposable income.
Male drivers, who for years have been considered to be more aggressive and faster drivers may now see their insurance decrease by around 10%, according to Association of British Insurers.
Campaigners at Think-Tank Open Europe believe that women aged between 17 and 25 are likely to see an average increase on their car insurance by around £4000 over the forthcoming years.
Remember, this is an average! Worst case scenarios could see around a £9000 increase in around 8 years, whilst men could see insurance fall by around £3000 over the same period.
What do you think of the change?
Related articles
- EU court bans insurance sex discrimination (theglobeandmail.com)
- Women could pay more car Insurance (confused.com)
- Male pensioners could lose out in EU sex discrimination ruling (telegraph.co.uk)
- Insurance premiums ‘may rise’ (lv.com)
- It’ll soon be illegal in Europe to differentiate insurance risk by gender… (theparliament.com)
