- Jul 1, 2010
- Reaction score
http://www.moneysavingexpert.com/latesttip/Urgent! Poss. 50%+ women's car insurance hikes
New 'men and women pay same' rule could change insurance for everyone
The European Court will rule on 1 March whether insurers break discrimination laws by pricing men and women differently. If, as many expect, it decides both must pay the same, we may see immediate, huge price changes on new policies.
Don't always expect prices to meet in the middle. Costs for the currently cheaper gender could rise by more than the other drops by (see MSE news).
Car insurance warning to women
Women, especially if younger currently pay less than men, as they typically have fewer accidents. 17-30 year-old men pay an avg Â£2,050; women nearly Â£800 less (usually evens out at 40+).
So younger women could face massive hikes in March, while younger men may see prices drop slightly.
Act quickly. If your price may rise and you're due to renew, do it ASAP to beat the deadline (nowt's lost if nothing changes).
Not at renewal? Urgently check if you can get suitable, cheaper, insurance by switching anyway as prices are already up 41%. If you can save, ask if you'd get a pro-rata refund for cancelling your existing policy (some charge a fee, so factor that in) you could get a new cheaper policy starting now, then be on the lower price for longer if the Court does rule.