Compare Insurance to Tackle EU Gender Directive
The EU Gender Directive comes into effect in just three weeks time and Tiger.co.uk, a leading independent car insurance comparison site, today reminded Britain’s women motorists to shop around when motor insurance renewals are due in order to get the best deal on policy prices.
The EU Gender Directive, described as “political correctness gone mad” by Tiger.co.uk’s Andrew Goulborn, will ban the use of gender as a standalone insurance rating factor, leading to massive changes in the pricing of motor insurance, life insurance and annuities.
Car insurance industry pundits are forecasting price hikes of over 20% for younger women motorists, coupled with less dramatic drops in pricing for men. Young drivers car insurance shows significant differences between male and female pricing, although research from Tiger.co.uk suggests that this “gender gap” has closed in recent months as insurance providers have started to change pricing in advance of the 21st December deadline. Insurers are now starting to announce their revised pricing, with Allianz revealing an increase of 13% in policy prices for 26 year old women and a 4% average increase for all women drivers.
Commenting on the impact of the Gender Directive, Tiger.co.uk’s Andrew Goulborn advised women motorists to shop around when renewal notices are received: “We will no doubt see significant increases in policy pricing, particularly for younger women. For some, it may be worth looking at the cancellation of an existing policy before the middle of December and the purchase of a new one. However, drivers should remember that policy cancellation fees need to be factored in to the price equation.
Our main advice – for all car owners – is to always shop around to get the best car insurance quotes rather than simply accepting a renewal price from an existing insurer. Using a site like Tiger.co.uk takes about 5 minutes, gets quotes from up to 95 brands and could save motorists hundreds of pounds. Our research suggests that Tiger is easier and quicker to use than other comparison sites.
Finally we would recommend that women consider one of the increasing number of telematics insurance (also known as black box motor insurance) products that are increasingly available on the market. These reward safer drivers and with females being, historically, better insurance risks than their male counterparts, telematics solutions could well become an attractive solution”.