The battle of the sexes has been raging for generations, and while many women wish for equality, some have said that with the EU laws banning discount car insurance for women, female drivers may need to be careful what they wish for.
Gender discrimination has reared its ugly head in our society for many years, as many women still earn less than their male counterparts when performing the same job. However, gender discrimination had actually been working in womens’ favour when it came to their car insurance rates, with statistical data bearing out that women were slower and less reckless behind the wheel.
Unfortunately, motor car insurance is soon to become more expensive for women in the name of gender equality. A ruling from the European Court of Justice on March 1 last year made it illegal to let gender influence the price of insurance premiums, leading car insurance companies to have no choice but to abandon the practice of offering women less expensive insurance simple because they were female.
The new directive, which goes into effect on December 21 of this year, has a high likelihood of causing a stir in both the insurance industry and with consumers as well. Other insurance industries will be affected as well, as annuities and life insurance also use gender as a basis in premium price calculations.
In addition to the statistical data supporting women being less likely to be involved in motor accidents, females tend to live longer on average than males, which led to their life insurance premiums being less expensive as well. This too will end once the new ruling goes into effect at the end of this year.