Posts Tagged ‘women’
Saturday, April 23rd, 2011
Europe’s car insurance industry has been left spinning by the recent big ban by the European Court of Justice of the use of gender to assess risk and calculate premiums. As the full impact of the ruling is debated by the nation, motor insurance companies will be under close scrutiny as they try and attempt to deal fairly with the choas.
It is a commonly-known thing that women are apparently safer drivers than men. The Social Issues Resource Centre, for example, published a report summing up the facts in 2003, saying:
That is all set to change in December 2012, when the ECJ’s March 1st ruling on gender discrimination comes into effect, banning insurers from using gender as a factor in their calculations.
Early reaction from across the industry led to warnings that women’s premiums would shoot up as soon as the ruling took effect. But some commentators feel the issue is not quite as black and white as that.
A statement from the insurance group said: “It is completely disadvantageous to the very people it was intended to protect and prevents insurers from using a legitimate rating factor.”
The price of an insurance premium for a woman under the age of 24 is expected to rise by an average of 24 per cent, with the youngest female drivers facing a 60 per cent price hike.
Annuity Junction
Another area of society where gender has long been used as a discriminating factor is annuities. When people reach retirement, they often buy an annuity to guarantee them a fixed income for the rest of their life. Because women statistically live longer than men, their annuity rates have always been lower than those offered to men with the same sized pension fund.
But now, the ECJ ruling means women and men will be treated equally when they buy annuities, meaning men’s annuities will now be as much as eight per cent lower, according to the Association of British Insurers, while women’s could rise by as much as six per cent.
Car insurance is perhaps likely to be the industry most affected by the ruling. Companies like Sheila’s Wheels were established with the sole purpose of serving female customers’ insurance needs, based on the fact that they could assure them of a better deal.
Life Insurance
ECJ’s ruling extends to this area of insurance, too. From December 2011, women are highly likely to see an increase in the cost of their life insurance, because the statistics that favoured them over men in terms of life longevity are no longer a valid factor. Men are therefore expected to enjoy a 17 per cent saving on their cover, and women to suffer a 20 per cent increase.
The implications of the EJJ’s ruling do not end there. From December 2012, women are facing an increase in the cost of life insurance, as insurers will no longer be able to factor into their risk calculations the fact that, statistically, women live longer than men.
Maggie Burns, Director General of the Association of British Car Insurers, insisted it would be up to insurers to interpret the ruling in a way that does not alienate their customers.
Health insurance
Health insurance, unlike life insurance, costs women more, because statistics say that they’re more likely to suffer illness and claim on their insurance policy. As of December 2011, then, this will not be the case, and women’s health insurance rates are most certainly set to fall.
“Either way, the consumer loses out on both choice and value. Annuity rates are already low, and this could be the excuse providers need to pull them even lower.”
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Tags: car, car insurance, crashes, Europe, financial, insurance, law, premiums, women
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Friday, April 22nd, 2011
With cars having always been a generally expensive commodity anyway, the economic downturn has really seen drivers suffer. The last few years have also seen the price of pretty much everything grow, not only has car insurance risen over the last year, having increased at a rate of 40 pence per day, but we have seen a significant increase in the price of fuel as well, paying an average of 15.8p per litre more than we were only a year ago. But why?
It’s likely that you will by now have heard about the European Court of Justice’s new ruling that sex discrimination is no longer a valid means of calculating the cost of insurance, which is going to have a massive impact on insurance industry practice and our premiums across the board – especially, though, when it comes to car insurance.
With men seeing an average 10% decrease on their insurance and women set to pay an average of 25% more than they do now, it’s very important to make sure you find the most competitive insurance company in business.
When it comes to companies like car insurance comparison websites like moneysupermarket.com, they can provide help and info about any price hikes in the industry by using their car insurance comparison tool – the great thing about it is that you just have to enter your details once and they do all the searching and hard work for you by obtaining quotes from over 50 car insurance companies. This relieves you from having to obtain quotes from lots of different companies. When the time comes for you to renew your policy, and so there’s absolutely no excuse for just remaining with your current insurer and paying the hefty price.
The car insurance comparison website evaluates that 1.7bn a year is lost collectively by the 6.3 million drivers in the UK, simply because consumers don’t shop around for their car insurance. Peter Harrison, an insurance expert for the comparison site, believes that we’re an apathetic nation when it comes to shopping around for car insurance: “Insurers count on customer apathy to reap the profits, so it is alarming so many motorists are prepared to waste their hard-earned cash by not looking for a better deal.”
Another contributing factor to the rising cost of our car insurance is the problem of uninsured driver accidents. The British Insurance Brokers’ Association (BIBA), who has itself been lobbying for a regulatory system since 2004, calculates that it costs policyholders an average of 30 a year, and that 160 are killed and 22,000 injured every year, all at the hands of uninsured drivers.
According to the MID, the UK also has one of the worst records in Europe for uninsured driving. Costing the nation’s drivers a whopping 500m per year, an estimated one in twenty cars on the road is driven either completely without or incorrect (and therefore invalid) insurance.
Fortunately, a new Act called the Continuous Insurance Enforcement Act is aiming to deal with the problem. This will mean that cars can no longer be owned without either registering their vehicles with a Statutory Off Road Notice (SORN) or insuring them. This means that even those owners whose vehicle remains physically off the road on the drive or in the garage (even if it’s jacked up on bricks and without vital components), will be breaking the law if they haven’t applied for a SORN or insured it. The new act is due to come into effect in April 2011.
While the Act has been welcomed by many, concerns that it doesn’t quite go far enough have been voiced by some. Direct Line’s Andy Goldby, director of motor underwriting for example has commented: “We welcome this initiative, but with uninsured drivers costing British society around 500m each year, the severity of penalties must act as a deterrent to those considering driving without insurance.”
It remains to be seen whether or not this act will have a positive effect on the cost of our car insurance. After all, what’s the point of imposing a 300 fine on someone who would otherwise have had to pay over 2,000 for their insurance in the first place?
Another massive cost incurred by car insurance policyholders is that generated by accident claims and the expanding personal injury lawyer business.
Insurers claim they are paying out more than they are taking in, with a survey carried out by industry experts EMB and actuarial consultancy revealing that in 2009, for every 1 the retail motor industry received in premiums, it had to pay out 1.20 in costs and claims, making 2009 one of the industry’s most costly years on record.
Another report from EMB, presented to the Commons Transport Select Committee in 2010, said: “Over 40 per cent of personal injury lawyers pay referral fees to receive work from insurers or claims management firms. Fees range from 200 to 1,000 per referral.”
The report also stated: “In our view, the biggest single factor driving price increases is the burgeoning cost of bodily injury claims… We estimate that twenty years ago bodily injury claims accounted for around 20 per cent of UK motor insurance claims costs. In 2010 we now estimate that proportion to be 50 per cent.”
Figures show that 341,592 people were killed or injured on Britain’s roads in 1989, compared with 222,146 people in 2009, highlighting that the increase in costs just doesn’t add up.
Along very similar lines, the Jackson Report, published in January 2011, found that insurance premiums increased by 40 per cent in 2010, are set to see a further increase of 20 per cent in the year ahead, and that personal injury claims now account for an astonishing 50 per cent of the cost of our car insurance premiums.
So now, more than ever, it’s essential that you make sure your insurance provider is giving you the best value on the market.
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Tags: car, car insurance, crashes, insurance, law, men, premiums, women
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Sunday, April 17th, 2011
With the ECJ’s historic ban on gender discrimination in the insurance industry now looms the monumental task for Britain’s insurance industry to completely change the way it works. But what does it mean for men and women across the UK?
The case, brought by the Belgium Consumers Association, challenges Article 5 of the EU Gender Directive which allows insurers to charge men and women differently based on their sex if it is a “determining factor” in risk assessment, and where it is also based on “relevant and accurate actuarial and statistical data”.
This equalling of the playing field means that the cost of car insurance policies will significantly decrease for men & increase for women – a change to which a lot of media attention has been given. But what about the rest of Britain’s insurance industry?
With significant evidence having shown concretely over the years that women are safer drivers than men, the ruling has been met with a great deal of concern.
Insurers will no longer be allowed to evaluate risk based on a person’s gender at the end of 2012, and as a result, premiums for women are expected to rise noticeably, while premiums for men are set to decrease.
However, it’s not all good news when it comes to insurance for men. The ruling applies not only to car insurance but across the entire insurance industry, so the ruling will carry some negative implications for them, too.
Annuities
An annuity is usually bought with a pension fund when a person approaches retirement, and with this they are guaranteed an income for life.
Data such as gender, age and health are all used to decide the annual income they can buy with their retirement pot – estimating how long they are likely to live.
It is often believed that women usually live longer than men and have always generally been offered lower annuity payouts than a men with exactly the same pension fund.
However, the new ruling has changed all this, and will inevitably see men paying more. The Association of British Insurers (ABI) estimates that men approaching retirement will see an 8% decrease in annuity rates, while women will benefit from an increase of about 6%.
In addition, joint annuities, usually purchased by men, are also set to see a price increase, so women who rely on their husband’s pension fund will also suffer a lower retirement income.
Head of pensions at Fair Investment Company, George Ladds, has warned that if annuities are to stay appealing, the industry has to rethink how it prices annuities: “Either rates for men and women will be brought in line to create ‘unisex’ annuity rate, which will probably see men’s rates go down more than women’s go up – or annuity providers will have to start looking at each case individually, which is more expensive, and that cost will be passed onto the consumer.” He added: “Either way, the consumer loses out on both choice and value. Annuity rates are already low, and this could be the excuse providers need to pull them even lower.”
Life insurance
Men are more likely to die earlier than women according to statistics, paying higher premiums than women for their life insurance.
The ABI approximates that men will see a projected 10 per cent decrease on the cost of their cover whilst women will see their premiums go up by as much as a 20 per cent.
Acting director general, Maggie Craig of ABI, warned women not to reconsider buying cover that they need. “Not all customers will be equally affected as the use of gender can vary significantly between products and different companies. Each company will have to respond to the ban in the way they feel is in their customers’ interests.”
Health insurance
Unlike life insurance, health insurances such as payment critical illness cover and protection policies, cost women more, because statistics reveal that they are more likely to suffer from illness and claim. As of December 2012, this will not be the case.
Car insurance
The AA and the British Insurance Brokers’ Association both approximate that this will see women paying around one quarter more than they currently do for their car insurance, while younger female drivers will see an even bigger increase.
Describing the ruling as “flying in the face of common sense”, insurance group RSA argued: “It is completely disadvantageous to the very people it was intended to protect and prevents insurers from using a legitimate rating factor.”
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Tags: car, car insurance, crashes, financial, insurance, law, men, premiums, women
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Sunday, September 5th, 2010
With a car insurance protection plan in place you will not have to worry whenever there is a minor accident or mishap which is common with any vehicle.
However all said and done you will be left fretting in times of an accident not knowing what to do next. It is always better to know what process is required to be followed in such cases.
If the mishap is minor in nature more like a bumper-to-bumper hit, you may drive over to the side of the road and part. The traffic needs to move on and you can avoid blocking the road.
Always when in an accident on the road, switch on the hazard’s light so that the other vehicles approaching are able to stop well ahead and avoid further collision.
The next best thing would be to report to the police about the occurrence. If it is a minor mishap chances are that they may not come in immediately if they are not in the vicinity. But insurance process requires that you register and file the report with the police and hence this has to be complied with.
You will need to collect all the details of the other vehicle driver. The details should include his name, license number, address, insurance details along with vehicle details, number, registration, model etc.
There is no need for you to investigate or profess to your mistake of causing the mishap. It is for the police to investigate and give them report for insurance purpose.
Your job is over with informing the insurance company about the accident and giving them the details including the photos if possible. Then you can leave it to them to sort out the matters further.
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Tags: advice, autos, car insurance, family, happiness, investment, men's issues, parenting, Personal Finance, reference, self help, social issues, teens, travel, women
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Monday, July 12th, 2010
Women are no better at driving than men, though there’s no doubt that car insurance for women can work out more lucrative than general deals. Why? Because statistics seem to show that women are involved in fewer claims than men, which generally cost less. Women also tend to have a lower overall mileage, which knocks down insurance prices. The bottom line is that the car insurance companies are less likely to have to pay out for expensive claims made by female drivers, and as such can afford to offer lower premiums.
Understanding Cheap Car Insurance for Women
Insurance deals offered by different insurers are going to be different, and this is the same when it comes to women’s car insurance. For example, some policies may over third party only, third party with theft and fire, or fully comprehensive. Some insurers may only offer the female-friendly discounts if a comprehensive policy is chosen, but the very nature of this kind of policy makes it more expensive than others.
Women’s car insurance is also seeing a growing trend for certain add-ons. For example, many insurers now offer coverage for items such as purses (and their contents), should they be stolen from the vehicle.
Another important thing to bear in mind is that simply being a women doesn’t mean you’ll get a good deal. Your history is always going to be important, as in any car insurance deal. Younger women will also have a harder time getting the best prices due to a lack of driving experience. The best way around this is to drive a simpler vehicle.
Can Women’s Car Insurance Deals Help Men, Too?
Men don’t usually realize how much they could benefit from cheap car insurance for women, but it is possible. For example, adding a female as an additional driver to a current policy can help to bring costs down. And, if sharing a car with a female relative, getting them to take out a policy and adding you as a named driver could even work out cheaper than getting your own cover.
Whether you’re a woman, or a man who shares a vehicle with a women, car insurance for women is well worth looking into if you want the very best prices. Just remember, you’ll still have to do research and comparison as with any other kind of car insurance!
Want to save time and money when it comes to getting cheap car insurance for women? Comparison is the key when it comes to getting the best deal, so head on over to Car Insurance for Women and find out just how much money you could save.
Tags: automobiles, business, car insurance, driving, finance, frugal, insurance, men, money, saving, trucks, women
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Tuesday, July 6th, 2010
Given the current economy, individuals frequently discover themselves looking for the greatest deals in nearly everything. Really, the monetary crisis has changed the meaning of the word consumption.
This can be especially accurate when looking for automobile insurance policy plans. You can find numerous things which you need to consider. For instance, your monetary standing, car as well as the sort of protection you desire to have.
The main question is – can you even now get all of the rewards with low-cost automobile insurance policy business? You’ll need to shop around to find the answer to this question.
Buying an insurance coverage plan can be a costly endeavor. But there some actions that you just can take in order to obtain a cost-efficient insurance coverage.
Perhaps the most fundamental task would be to go company-hopping. There is not any need to have to go to the organization directly. Let your computers do the job for you. Do this via the Web and you’ll discover yourself lowering your personal gas intake. That’s a great beginning in searching for affordable vehicle insurance plan.
You might commence by creating exploration on several businesses and see how their items differ from each other. Don’t be blinded by providers of inexpensive premiums that don’t deliver when you need them to.
It’s important to look at the selection of positive aspects offered by each company. Then you’ll need to carefully look at your own requirements and try to match these requirements without going over budget.
If you haven’t yet purchased your new car, you may want to consider the cost of insurance. The type of car you drive can greatly impact the cost of insurance.
If you’ve purchased a luxury automobile, then you’ll likely discover yourself paying hefty insurance plan premiums. Alternatively, if you’ve purchased a rarely-used vehicle that is little in size and not very new, then the premium rates ought to not be considered a large deal.
See more pieces of work by this same author regarding topics such as ethernet cords and the custom built computer.
categories: insurance,autos,personal finance,finance,investment,family,parenting,women,men’s issues,teens,advice,reference,goal setting,motivational
Tags: advice, autos, car insurance, family, finance, goal setting, insurance, investment, men's issues, motivational, parenting, Personal Finance, reference, teens, women
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