Ladies – you have had plenty of warning in recent months that your car insurance premiums may increase so this is another gentle reminder with only 2 days left before the EU Gender directive comes into force.
Just to re-iterate, on 21st December 2012 insurance companies providing the likes of life insurance and car insurance will no longer be able to take gender into account when it comes to calculating the premium they will charge policy holders. That means that for a male and female born on the same day with the exact same other information about them recorded with the insurance company they would be charged the same premium whereas, at the moment, the lady would have had a lower premium to pay.
Insurers were unhappy with the decision because, statistically, a lady driver is less likely to make a claim on their car insurance policy. However, there is nothing that can be done about the ruling other than to try to find ways of mitigating any potential increase when your premiums come up for renewal.
In that respect there is a lot to be said for shopping around either by contacting a car insurance broker in your local high street or going on the Internet to check out the prices with either individual car insurance companies or even going onto one or more of the price comparison websites and get some competitive quotes.
When doing so it is important that you are comparing like with like to ensure you get a balanced picture. It is important that the cover you choose provides what you are looking for – it should not just be about trying to get as low a car insurance premium as possible.
With so much choice out there, hopefully you can get a very good deal when you do come to re-new your car insurance policy.