After much speculation about the effect it will have on insurance prices the EU ruling on gender comes into force today, insurance comparison site Tiger.co.uk reports.
Today is the day that has become known as G-Day within the UK insurance industry. Insurance companies will no longer be able to price insurance based on a policyholder’s gender, following a European Court of Justice ruling which was agreed in 2011 and comes in to force today.
Women who take out insurance products such as car insurance
or life insurance could find themselves paying higher premiums as of today due to insurance providers no longer being able to take gender into account when calculating pricing.
There has been much speculation over what the EU Gender Directive will mean for drivers and in particular the impact it will have on the pricing of insurance policies. Car insurance comparison site Tiger.co.uk has been monitoring the costs of car insurance for women
as part of its monthly insurance price monitor Tiger Watch.
Andrew Goulborn, Commercial Director for Tiger.co.uk commented: “We have been keeping an eye on the cost of insurance for female drivers in the run up to the ruling. We still don't know exactly how the market is going to look post 21 December, but it is clear that prices have increased in the approach to it and the assumption is that they could continue to rise. We would encourage all drivers, particularly women, to use an independent motor insurance comparison site like Tiger.co.uk rather than just accepting a renewal quote from their insurer."