CAVAN, IRELAND, May 26, 2011 (Press-News.org) The European Court of Justice has ruled that insurance companies can no longer set premium prices based on gender. The new rules could mean young drivers' car insurance could be significantly cheaper in the future for male drivers. The recently issued judgment will ensure that car insurance premiums in the UK and Ireland are based on a fair risk assessment which does not include gender.
The European Court has passed a new ruling which removes gender considerations from a wide range of commercial activities. The basic principle behind this was whether or not it is legitimate to offer something at a price that may vary depending upon the gender of the purchaser*.
Car insurance specialist Quinn Direct says that young drivers will still continue to receive cheap car insurance regardless of gender.
One factor that influences car insurance quotes in the UK is accident statistics. Such statistics have long shown that, overall, females tend to be a lower risk when driving compared to males.
For many years, insurers have set their car insurance prices based on the perceived risk associated with a given individual. Insurance companies and consumers alike have widely accepted this as the fairest way of determining car insurance premiums.
Following the Court's ruling in March, pricing based on gender is no longer permitted and some industry commentators feel that this may lead to significant premium increases in car insurance quotes for female drivers. Young, male motorists though, could start to enjoy cheap car insurance, with their premiums being significantly reduced.
A paper issued by the Association of British Insurers (ABI) last year* outlined that any Court ruling in favour of equality would increase the cost of women's car insurance - particularly ladies aged under 25 by 25%. Male drivers in the same age group could enjoy an average 10% reduction in the cost of their car insurance premium.
Quinn Direct say they will still continue to offer great value cover, irrespective of your age or gender.
*Sources:
http://www.u.tv/News/Insurance-and-pensions-Paying-the-price-of-equal ... 078eb07904
http://curia.europa.eu/jcms/upload/docs/application/pdf/2011-03/cp110012en.pdf
Quinn Direct: New Gender Equality Rule Will Affect Your Car Insurance
Young male motorists could start to enjoy cheap car insurance with their premiums being significantly reduced following a court ruling over insurance prices based on gender.
2011-05-26
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[Press-News.org] Quinn Direct: New Gender Equality Rule Will Affect Your Car InsuranceYoung male motorists could start to enjoy cheap car insurance with their premiums being significantly reduced following a court ruling over insurance prices based on gender.