MSE News: Insurance costs to soar as gender discrimination banned

adamc260

pinkteapot wrote: »

As I said earlier, all the young men happy with this ruling will be singing a different tune when they hit retirement and realise how it's affected their pension.

Why will young men be happy, they wont be paying any less... it just means women will end up paying more thats all. Seems the only ones with an issue here are the gender that have had cheap premiums for years. Welcome to our world ladies, welcome to our world

StevieJ

Mallotum_X wrote: »

Are you a bit hard of thinking?

Statistically women drivers cost the insurance companies less money (either though less accidents or less costly ones)

Hence why the insurance co's gave women lower insurance ....

I know it is all the ones around them that have the accidents, in my experience they window shop and talk to passengers (face to face) while driving, I shouldn't generalise though

mikey72

pinkteapot wrote: »

You're positively affected by the impact on car insurance. You're negatively affected by the impact this will have on pensions. Unless someone with some sense overturns this before you retire.

Info on the pension impact - http://www.thisismoney.co.uk/pensions/article.html?in_article_id=524067&in_page_id=6


"Even if rates take just a 5% hit, a 65-year-old man with a £100,000 pension pot would be £8,300 worse off by the time he is 90 under a unisex policy."


Men currently pay less than women for health insurance, so your costs there will rise.

Not a bad trade off, £8300 over 25 years, by which time the average man will have died, as against 2 or 3 years car insurance for a 17 year old lad over that paid by a 17 year old girl.
Assuming you're going to take an anuity.

ashleypride

Ihatecameron wrote: »

You made a statement in post #100 "anyone taking too much profit is driven out of the market", and I asked you to back it up by naming even one company that has been driven out for over charging, but you can't. Therefore you have proved you do not know what you are talking about which is good enough for me either way.

Do you think perhaps that instead of driving themselves out of the market they lower costs or reduce profits? If you want to see examples just walk down the high street, the smaller insurances compaines have gone, they simply cannot compete with the big guys.

When you say insurance compaines are greedy you are right - but not in the price they charge for insurance! They are greedy when it comes to claim, getting referal kick backs from Claims Management compaines and ambulance chasers. Insurance company A maximises the claim from company B, company B does the same to A, premiums go up. Everybody involved is trying to maximise the amount they can extract from the others insurance.

sharloid

Oh no.
What about age? Are they going to stop that being a factor too?

Graham29

adamc260 wrote: »

Why will young men be happy, they wont be paying any less... it just means women will end up paying more thats all. Seems the only ones with an issue here are the gender that have had cheap premiums for years. Welcome to our world ladies, welcome to our world

This is going to affect more than just women. My wife has our car insured in her name (we both do very similar amounts of driving) as its much cheaper this way. Under the new system, I'm betting my insurance won't go down, but my OH's will certainly go up so we will still be out of pocket!

starrystarry

adamc260 wrote: »

Welcome to our world ladies, welcome to our world

And when it comes to income protection, health insurance or an annuity...welcome to our world gentlemen.

Anyone who thinks they will benefit in the long term will be sorely disappointed. Let's check back in a few years time and see how many of you think this ruling is a good idea.

FATBALLZ

This is an excellent ruling, I now can commence my business plan to open "Small Penis Car Insurance Ltd" and offer good rates to all. Of course, no man would actually ever want insurance from me, so I can offer rates attractive to women without having to pay a cross subsidy to my male customers, because there won't be any.



By way of clarity I am not being serious. Although it would now make sense for car insurance companies to 'feminise' to put off male customers from using them since they are no longer profitable as a group. This ruling is moronic.

Trunk_z

Been following this story for a while now, one thing keeps bugging me =p

Gender refers to the social and psychological construct of male/female (what we refer to as masculine and feminine). Whereas sex is the biological differences.

I think the ruling is supposed to be targeting ones sex, rather than ones gender.


Chris

Ihatecameron

Why will young men be happy, they wont be paying any less... it just means women will end up paying more thats all.

Exactly, we will all end up paying more for insurance. The insurance companies will not reduce costs for men to cover the extra vast profits they will make from women to strike a balance. And people on here will continue to berate me for saying insurance companies are a rip off.

Anything that is a legal requirement should not be run by private companies only interested in making vast profits for individuals belonging to the funny handshake brigade.