Not since 1928, when the vote for women was declared legal, has there been a more controversial story in the media. Feminists all over should really be jumping for joy at the thought of the new neutral gender legislation that has been passed in regards to insurance. But funnily enough, they’re not.
The European Court of Justice (ECJ), based in Luxembourg, is the power who have decided to rule against gender discrimination in car insurance policies and make everyone ‘equal.’ As you would imagine women are celebrating this fantastic news world-wide! Not.
For many years now us men have been penalised for one of our only past times that we are ‘allowed’ to have, without being moaned at or pitied; driving a car. Even if it is only a Kia.
So what is going to change?
From the 21st December 2012, gender cannot be used as a factor when pricing insurance. Car insurance companies will no longer be allowed to take gender into account and it’s about time too!
Why is this happening?
Why hasn’t it happened sooner would be my question! However, since 2004 gender equality has been debated and insurers will no longer be able to discriminate due to the new law. They will have to over-ride the discrimination around the sex of the prospective policy holder.
How does this affect me?
Basically if you are a male and in your younger years, don’t be surprised at a reduction in your insurance premium. The Association of British Insurers (ABI) believes that policies are set to get up to a minimum of 10% cheaper with the new change of law.
As well as motor insurance, this new neutral-gender law will have a domino effect on various financial service firms all over. The will also dictate the pension income that millions of people receive, as well as life insurance and private medical insurance. However, it is not all doom and gloom. The idea of treating the person as an individual rather than a gender type will mean the more cautious drivers, whether man or woman, will reap the rewards in the long term.
So what does this mean for men and women?
Young males and females will soon go head to head in the car insurance battle. Men will gain a reduction in their car insurance prices while unfortunately, for the young ladies out there,this may not be the greatest piece of news as their car insurance premiums will match the guys. The effect will be felt less for the more mature ladies and gentlemen, as car insurance tends to level itself out once the magical age of 30 hits, but it seems the generation that turn to the bank of mum and dad will have all the more reason to do so after this legislation kicks in.
If you’re a young man with at least a 10% premium reduction on your next renewal (although early statistics suggest that it could be a much larger reduction), you can look forward to some extra golf lessons, maybe a new set of wheels for the motor, you could even stretch to a boys weekend away, but deep down we all know what the 10% will really go towards. Her car insurance!