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MSE News: Young women and old men: buy now to beat insurance hikes?

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Former_MSE_Helen
Former_MSE_Helen Posts: 2,382 Forumite
in Insurance & life assurance
"The cost of young women's car insurance is likely to rise, while men could get less in retirement ..."
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Young women and old men: buy now to beat insurance hikes?

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  • VT82
    VT82 Posts: 1,085 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    My dad turns 65 in January. He has shown me two small pension pots where the providers have sent him the paperwork asking what he will want to do. Can he buy an annuity now and beat the gender neutral pricing?

    It looks like they both have some sort of 'bonus', and one of them has a 'Guaranteed Annuity Rate' option. But I don't know if the option will be worth anything, or if the bonuses are conditional. And I know very little about how to go about buying annuities.

    Any help appreciated.
  • dunstonh
    dunstonh Posts: 119,706 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Can he buy an annuity now and beat the gender neutral pricing?

    Yes. However, annuity rates may be lower due to him starting younger (many providers will price by quarterly or even monthly age increases). Annuity rates can change weekly in their natural movement. So, its possible they could be lower or higher in January as part of the normal pricing trend.
    It looks like they both have some sort of 'bonus', and one of them has a 'Guaranteed Annuity Rate' option.

    The risk of articles like this is that they are not right all the time. The guaranteed annuity rate negates the changes. Taking that early could see no guarantee rate at all or a lower rate used.
    And I know very little about how to go about buying annuities.

    Any local IFA. Its an area where IFAs dominate the distribution. There are some online sites but the pensions forum has seen people post time and again that their local IFA beats the internet sites.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    MSE_Helen wrote: »
    Young women and old men: buy now
    Sounds like an advert for a p0rn mag.
  • Pincher
    Pincher Posts: 6,552 Forumite
    1,000 Posts Combo Breaker
    PasturesNew wrote: »
    Sounds like an advert for a p0rn mag.

    It's always disappointing to find that lingerie ads are not selling beautiful women, but under wear.:D
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Pincher wrote: »
    It's always disappointing to find that lingerie ads are not selling beautiful women, but under wear.:D
    If you're looking to buy, then you need to seek out the adverts where they aren't wearing underwear.
  • working
    working Posts: 213 Forumite
    This is really confusing. I renewed my car insurance in July and I don't know if I should cancel and buy again in November.... or what?

    Is it really going to be as bad as they say?

    It's all so scary!
  • dunstonh
    dunstonh Posts: 119,706 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    his is really confusing. I renewed my car insurance in July and I don't know if I should cancel and buy again in November.... or what?

    No you shouldnt. That would be very expensive as you would pay a cancellation charge and not get a pro-rata refund.
    Is it really going to be as bad as they say?

    No.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • working
    working Posts: 213 Forumite
    dunstonh wrote: »
    No you shouldnt. That would be very expensive as you would pay a cancellation charge and not get a pro-rata refund.



    No.

    They scaremongering? I'm 32 year old woman with a 2l car. I pay about £500 now.
  • dunstonh
    dunstonh Posts: 119,706 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Some will increase, some will decrease. The risk pricing will be equalised and fall somewhere in-between. At 32 you will find there is probably very little difference.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • working
    working Posts: 213 Forumite
    dunstonh wrote: »
    Some will increase, some will decrease. The risk pricing will be equalised and fall somewhere in-between. At 32 you will find there is probably very little difference.

    I hope you are right! Insurance costs are frightening as it is. I've been lucky to pay what I do so far.

    :)
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