Nearly eight out of every 10 women are up in arms over the recent European Court of Justice ruling because it could result in an unfair hike to their car insurance rates, one recent survey has discovered.
78 per cent of the female respondents of the survey expressed unhappiness with the decision by the ECJ to ban car insurance companies from using gender differences to calculate insurance premiums.
Despite the fact that the court’s decision could lead to an end of discount car insurance for women, 22 per cent of respondents did admit that they thought the new move was a fair one. On the other hand, 74 per cent of male respondents felt the new arrangement was fair; men are highly likely to see the new ruling result in downward adjusted insurance rates.
Almost two out of every three female respondents stated that men should have to pay more for motor car insurance. This is due to statistical evidence demonstrating that male drivers are more accident-prone than their female counterparts.
Women 25 years of age and younger may see as much as 25 per cent higher insurance premiums once the ruling goes into effect in late 2012, according to the Association of British Insurers. The ABI stated that male drivers will most likely see a rate decrease of only 10 per cent.
In addition to its impact on the car insurance industries the ECJ decision is also predicted to have an effect on annuities, used by pensioners to convert retirement savings into yearly income. Annuity rates for men will most likely decrease as insurers will no longer be permitted to take into account the shorter life expectancy of men in comparison to women.
Men approaching retirement age could experience a reduction of 8 per cent in their annuity rates, stated the ABI.