Women managers are facing a big shake up in their car premiums.
In just over three months’ time a new law comes into force which will prevent insurance companies from pricing premiums based on gender under the EU Gender Directive on 21 December.
This is likely to mean higher car insurance premiums for younger women in particular, but latest research suggests the majority of those who will be most affected by the change are completely unaware of it.
Diamond, a specialist in car insurance for women, surveyed 1,000 women motorists aged under 30 about the Directive, and found that many of them don’t realise how much it will affect them. More than half (51%) of those surveyed were unaware of the Directive at all.
When asked when they thought the Directive was coming into force only 16% correctly knew that it was later this year. More than a third (36%) thought it was already the law with 16% saying they thought it came in last year and 20% that it came in earlier this year.
Dave Halliday, Diamond managing director, said, “The EU announced it was changing the law regarding gender back in March 2011, which might explain why so many women think it is already in place. However insurance companies have been given until December this year to make the necessary changes to how they price premiums.
“Unfortunately the change is likely to result in higher insurance premiums for young women. This is because from a risk point of view women will have to be treated the same as men, and young men in particular have the worst driving record and are the highest risk.
“Young women, particularly those aged under 22 should be aware that their premiums will probably be higher when they come to get insurance from 21st December onwards.”