MSE News: EU ruling could throw insurance pricing into chaos

transgenic

If it is declared illegal to calculate premiums taking gender into consideration, the insurers will have to offset their losses and everyone's premiums will just increase. Thanks, EU(!)

mikey72

transgenic wrote: »

If it is declared illegal to calculate premiums taking gender into consideration, the insurers will have to offset their losses and everyone's premiums will just increase. Thanks, EU(!)

What extra losses are being offset, and to where?


But that is exactly the sort of justification we'll be hearing soon.

"All insurance premiums have to rise because of the eu ruling"
"It's the eu's fault we all have to pay more"

To be honest, as all the risks are still the same, just to be grouped differently, I'd have thought individually some would have gone up, and some would have gone done.

lisyloo

If insurance companies want to be free to do what they want with regards to premiums then the british public should be free not to choose insurance in the first place.

I disagree most strongly.
However it would be good if the government provided a basic affordable product that everyone could buy to provide the basic legal minimum for third parties.

Percy1983

Eco_Miser wrote: »

It's not the £900 for your car you're insuring against, it's the £2,000,000 damage you do when you you crash into a petrol tanker, or a bus queue.

Trust me if I hit somebody with that car the car would fall apart and the person would still be stood there. Anyway that was nearly 8 years ago and I still haven't hit anything, should I not get some of that money back?

Last time i was getting quotes I had a play around with different tick boxes and found a women with 4 years NCB with an accident gets a cheaper quote than a man with 7 years NCB in the exact same situation, you not think thats going a bit far?

It is an interesting point about about prices, I am fully aware that my premium probably won't drop, but knowing women in the same situation will now have to pay the same rip off price does make me feel a little better. Strange thought but I dont mind being ripped off as much if we all pay the same rip off (eg petrol prices).

Eco_Miser

Percy1983 wrote: »

Trust me if I hit somebody with that car the car would fall apart and the person would still be stood there.

Really? I find that hard to believe. It sounds un-roadworthy.

Percy1983 wrote: »

Anyway that was nearly 8 years ago and I still haven't hit anything, should I not get some of that money back?

Isn't that what no claims bonuses do?

Percy1983 wrote: »

Last time i was getting quotes I had a play around with different tick boxes and found a women with 4 years NCB with an accident gets a cheaper quote than a man with 7 years NCB in the exact same situation, you not think thats going a bit far?

How can someone have an NCB after an accident? Was the accident 4 years ago?

Percy1983

Eco_Miser wrote: »

Really? I find that hard to believe. It sounds un-roadworthy.

Yes ok it was partly a joke, my point is the car was old and not very fast, it was perfectly maintained and MOT'ed.

Eco_Miser wrote: »

Isn't that what no claims bonuses do?

No it seems all NCB has done for me is mean I get ripped off slightly less as the years go on, but I do still pay penis premium tax.

Eco_Miser wrote: »

How can someone have an NCB after an accident? Was the accident 4 years ago?

Protected no claims... or the accident was 4 years ago, either way 3 years more no claims and a clean sheet should be enough to counter penis premium tax surely?

olly300

Percy1983 wrote: »

Last time i was getting quotes I had a play around with different tick boxes and found a women with 4 years NCB with an accident gets a cheaper quote than a man with 7 years NCB in the exact same situation, you not think thats going a bit far?

When I've played around with tick boxes the difference between my premium and a man's premium has been £0-£20.

So while insurers discriminate on gender they also discriminate on other things. In my case I think it's my occupation that screws me...........

KevinG

olly300 wrote: »

When I've played around with tick boxes the difference between my premium and a man's premium has been £0-£20.

So while insurers discriminate on gender they also discriminate on other things. In my case I think it's my occupation that screws me...........

Don't forget to use the job picker:

http://www.moneysavingexpert.com/insurance/car-insurance-job-picker/

Arg

Eco_Miser wrote: »

It's not the £900 for your car you're insuring against, it's the £2,000,000 damage you do when you you crash into a petrol tanker, or a bus queue.

Happened to me three times last week it did.
Obivously a valid excuse to price someone out of the modern necessity that is driving.

dacouch

christinem wrote: »

If insurers have to abandon rating on gender for young drivers they will have to do something else to discourage boy racers so my guess would be they will introduce new rating factors that are approximately gender specific - height or shoe size perhaps!!

The majority are more likely to simply stop offering cover to young drivers of any sex, leaving a smaller market offering cover for young drivers and the market forces of supply and demand would push the prices up