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Gender will no longer be an insurance rating factor

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Today is not only supposed to be the end of the world, but more importantly, the start of the new gender directive. The European Union have been in talks since March 2011 to bring in a new rule that stipulates gender will no longer have a bearing on the overall  premium for annuities, vehicle and home insurance.

The new gender directive ruling will only be applicable to all new policies and renewals which are taken out today and will not affect policies prior to today’s date.

Before the new gender directive became official, women were able to get cheaper car insurance than men. This was mainly due to the fact that women are involved in a similar amount of accidents however their insurance claims are statistically cheaper. Men on the other hand have been able to get cheaper annuity and life insurance premiums as they statistically have shorter life expectancies.    

Due to the new ruling, both genders are likely to see a rise in premiums respectively.

Telematics, a new technology that has been developed to record how a person drives a vehicle is an option both sexes can use to combat premium increases. Certain insurance companies will base their insurance premiums on how well someone drives on factors such as speed, braking and vehicle handling. The better someone drives, the lower their insurance premium will be. 

Searching for cheap vehicle insurance can sometimes be a strenuous time and consuming activity. Now the new gender ruling has come into action it is even more important than before to make sure you find an insurer that will supply you with the exact type of insurance you need as well as a competitive premium. Call us today and see if we can save you some money.