Published on February 17th, 2011 | by Pete0
Women Drivers Beware, Price Hikes Imminent
On 1 March 2011, the European Court will make a decision about whether insurance companies are currently breaching discrimination legislation by pricing men and women differently. It is expected that they will find that this is the case, and then we may see very rapid price changes on new policies. Additionally, this doesn’t mean that prices are guaranteed to meet in the middle; costs for women could raise more than prices for men reduce.
Women tend to enjoy lower quotes for car insurance than men (insert own gender based driving joke here if you wish). Whatever you may think about male and female drivers, statistics suggest that women have fewer car accidents than men. Men aged between 17 and 30 pay on average £2,050, whereas women in the same age bracket can expect a discount of on average up to £800. These prices tend to get closer as people get to 40. Basically, if you are a younger woman, than you could face large price hikes in March 2011 for your car insurance. So, what should you do…?
1. Act Now
If you are due to renew your car insurance, do it now to avoid paying much more than you need to for your next year of car insurance.
2. See if you can save by renewing your policy even if it’s not imminently due
Check if you can get cheaper insurance by switching anyway. This may sound like an odd thing to do, but if you find that you can make a saving then ask if you can expect a pro-rata refund from your current insurer for cancelling the remainder of your policy. They may charge a fee for this, so remember to include this in your maths as this could be the difference to whether you actually end up better off in 2011.
So, ladies over to you…