The difference in car insurance premiums between men and women can be quite significant – especially in the case of younger customers.
Younger men are seen as more of a risk than women – and therefore women are usually charged less for car insurance.
In a recent car insurance price comparison by the National Consumer Agency – the quotes given for females were almost always lower than those for men.
Quotes were obtained for made up drivers – male and female. In each case the only difference in the customer details was their gender. Only 5 quotes out of 48 for comprehensive insurance were higher for the female. (The higher quotes were for older drivers, 2 aged 50 and 3 aged 72).
Some of the differences in premiums for men and women were quite substantial.
E.g. For a 25 year old woman – the quotes for car insurance were on average €222 a year lower than for men.
In the case of a 20 year old man and a 20 year old woman (just passed driving test) – the average difference in price was a massive €999 Euro. The smallest difference in price in the case of the 20 year olds was €311 a year – (from FBD). One insurer (Allianz) quoted €1856 for a 20 year old female and a massive €4016 for a male also aged 20 in the same car and circumstances. That is a difference of €2160 !
From December 21st 2012 the regulations are changing because of a European Court of Justice ruling. It will no longer be legal for insurance companies to adjust premiums because of gender. It will probably mean that car insurance premiums for many women will rise. It is less likely that the insurance companies will drop the prices for men !
If you are female and your car insurance is due for renewal in early 2013 – it could be worth your while to consider cancelling it before December 21st and taking out a new policy . You need to check what (if any) fee your current insurer will charge for cancellation . After December 21st premiums for women under 25 could rise by as much as 50% – so if the cancellation fee is fairly small it might be worth doing.
“From December 21st 2012 the regulations are changing because of a European Court of Justice ruling. It will no longer be legal for insurance companies to adjust premiums because of gender. ”
I swear to God if I could get my hands on the idiot who took that case to the European court of Justice I would give him a good hard slap,all this means is we have to find an additional €200 for my wife’s car insurance,doubt we will see mens insurance drop comparatively.