Essex women to pay more car insurance
Insurance companies will not be able to vary premiums according to policyholder's sex from Friday
The change will hit women particularly hard as historically, they have paid considerably less for motor and life insurance than men.
The insurance industry predicts that car insurance prices for young women will rise by an average of 25% and that life insurance premiums for women could rise by as much as 20%.
What is this all about you may ask? Well, the EU has decided due to equality, that car insurance companies cannot gender discriminate when issuing policies and offer females better prices, even though they are involved in less collisions. Meaning, young innocent female drivers will be forced to pay similar prices as men and we're seeing price rises of up to £3,000
Shadow Transport Minister John Woodcock called the ruling 'crazy' and added: 'People are already finding it hard to make ends meet. With motoring costs rising, working, for some, will stop being financially worthwhile. The common-sense view would be to look at the statistics that show women have fewer crashes. I cannot understand why the EU has imposed such a mad, perverse ruling.'
Some insurers still have not announced how much they plan to charge consumers when the rules come into force although they freely admit to the car insurance market is in chaos at the moment.
Young drivers are already paying above the odd for their car insurance, and it is unfortunate that the new law is likely to push premiums up for young females even more across the board.
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Keywords: women, drivers, road traffic accidents, car, insurance, claims