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Tuesday November 21st, 2017 

News Archive - October 2012

Equal rates for men and women

01/10/2012

From 21 December 2012 there will be a major change in legislation.

Due to an EU ruling, insurers will no longer be allowed to quote on differential terms for men and women. This is adjudged to be discriminatory, even though there are very good reasons why insurance premiums are different for men and women.

Women are statistically likely to live for longer than men, but to suffer more with ill health. They are also statistically less likely to have an accident in their cars. Due to the change in rules, the following changes should theoretically be observed once the unisex rates are adopted:

Men – worse annuity rates, cheaper car insurance, more expensive critical illness and income protection cover

Women – better annuity rates, more expensive car insurance, cheaper critical illness and income protection cover

In practice it might not work out like this, and the cynics amongst us might hazard a guess that everything will simply become more expensive! I feel that some insurance markets are lacking in competition at the moment, and a few new entrants to these markets would be a good thing for consumers. However, the cost of regulation and adopting new legislation like this is discouraging new entrants to these markets which is not good for those looking for the best deals.

Contact Mulberry Financial if you need some help to trawl the market for the best deals.     

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