New EU rules, due to take effect on 21 December, are expected to lead to a substantial increase in the cost of car insurance for female drivers, but could benefit female pensioners.<\/p>\n
In 2011, the European Court of Justice in Luxembourg ruled that setting insurance premiums or pensions based on gender was discriminatory and breached EU rules on equality.<\/p>\n
This means that insurers will no longer be able to use statistics showing that women have fewer accidents when they set car insurance premiums.<\/p>\n
They will also be banned from taking into account the fact that women have a longer life expectancy than men when they set life insurance premiums.<\/p>\n
Figures from price comparison site Gocompare.com show that, on average, men pay 41% more for than car insurance than women.<\/p>\n
The current difference of around \u00a3315 between the cost of premiums for male and female drivers means that women face a big increase in their premiums when the EU ruling comes into effect, Gocompare.com said.<\/p>\n
Scott Kelly, head of motor insurance at Gocompare.com, said: \u201cFrom 21 December insurers will be prohibited from using gender in their pricing.<\/p>\n
\u201cBut, as our survey shows, there has been no equalisation of rates to date, so the introduction of unisex rates is likely to have a sudden and dramatic impact as insurers seem to be holding off until the last minute.\u201d<\/p>\n
Although they are likely to lose out when it comes to motor insurance, the EU decisions means that women will be able to withdraw a greater amount from their pension in retirement each year.<\/p>\n
As men tend to have a lower life expectancy than women, men are generally allowed to withdraw more from their pension annually than women.<\/p>\n
The new gender ruling means that women could receive around 8 per cent more money from their pension each year.<\/p>\n
Bright Grey and Scottish Provident are waiting until the deadline before they switch to gender neutral rates but LV= has revealed that it will introduce the new rates three weeks early, on 1 December.<\/p>\n
Other insurers have not yet revealed their plans. <\/p>\n
source: http:\/\/www.financemarkets.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"
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