Lower insurance fees for women ruled unfair

Limerick Bandit

pay up girls

Setting insurance premiums on the basis of differences between men and women has been ruled to be discriminatory by the European Court of Justice.

Setting insurance premiums on the basis of differences between men and women has been ruled to be discriminatory by the European Court of Justice.
The judgment means that women drivers could face a rise in car insurance rates, with a fall in rates for men.
The court ruled that using differences between men and women as a risk factor in setting premiums breaches European Union rules on equality.
It said: 'Taking the gender of the insured individual into account as a risk factor in insurance contracts constitutes discrimination.'
The verdict will apply from 21 December 2012.
It will force changes in the current standard practice across Europe of basing insurance rates on statistics about differing life expectancies or road accident records of the sexes.
Until now, discrimination in setting insurance rates has been explicitly permitted under EU equal treatment rules 'if sex is a determining risk factor ... substantiated by relevant and accurate actuarial and statistical data'.
But today the judges followed advice from the court's Advocate-General that 'higher-ranking' equality provisions set out in the Charter of Fundamental Rights of the Lisbon Treaty must now apply.
The December 2012 deadline will give insurance companies and risk assessors time to change the template for risk assessment.
Conor Faughnan of AA Roadwatch said the ruling was a triumph of equality over fairness
Mr Faughnan said it would result in the systematic overcharging of young women to subsidise male drivers.
Policy Director of the Irish Association of Pension Funds Jerry Moriarty said all pensions will cost more, but particularly for men, because of the court's ruling.

but you can be sure it will not bring down the price of insurance for men :mad:

http://www.rte.ie/news/2011/0301/insurance.html

Daegerty

The EU doing something good. Now that's a welcome change.

Nyum Nyum

Hopefully it'll mean the end of Sheila's Wheels.

coylemj

Read somewhere that it will result in 10% reduction for men and 25% increase for women.

X1R

On the 6 one news a Mike Claffy says that instead of mens insurance comming down, womens insurance will increase, as a result they are expecting that there will be fewer women being insured means...........
Yeah, Higher premiums for all.
Life assurance will increase right across the board also to make up the difference.
Heads, we loose, tails, the insurance companies win !!!
My wife works for an insurance brokers and all day she gets abuse because of this and is sick of the sh*t that "people" gives here everyday.
Luck it aint me in therem, a short fuse and a quick mouth are a bad combo :mad:.

Vertakill

Been posted at least twice in here already!

Antomus Prime

Its about bloody time if you ask me!!!! Why should I have to pay roughly double what my female friends of the same age pay for insuring a car with the same engine!!

Stercus Accidit

Surely higher premiums for women will mean more overall revenue for the companies.

Then, to compete with rivals, they can reduce their mens rates to gain customers.

I can see mens rates dropping, if only due to the free market system. I'm not saying it will be instant, but it will happen.

jamesr123

http://www.boards.ie/vbulletin/showthread.php?t=2056195383

Seth Brundle

see jamesr123's link people