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Follow on Google News | Insurance Gender Debate An Alternative ViewIn March the European Court of Justice may decide that it is no longer legal for insurance companies to charge different premiums based on gender.
By: Dan Somers The relative costs of car insurance for younger men and women are fairly well documented. But what about the longer-term view? Research from car insurance comparison site Tiger.co.uk provides further insight by looking at the price differential driven by gender over the lifetime of a male and female driver, based on identical cars, addresses and driving histories. At 19 years old a man could currently expect to pay over 70% more than a woman. By the age of 24 this differential drops to about 20%. But the gender premium is maintained through their 20's so that by the age of 29, the cost of insurance over a 10 year period has averaged 43% more for the male driver. Through their 30's it’s likely that the cost of car insurance will actually be around 4% cheaper for males. For women, the decade from their mid-50's sees car insurance for women becoming about 3% cheaper than for men. But after retirement the pendulum swings back the other way and assuming that both continue to drive for another 20 years, men will pay about 13% less than women across this period. So how does all this add up? Tiger.co.uk’ A spokesperson for Tiger.co.uk commented: In gender terms, car insurance is actually a game of two halves, with younger males paying substantially more than their female counterparts and then this situation being reversed albeit with less dramatic differences for older drivers. So we would expect changes in European legislation will have far greater impact on the relative pricing of policies for younger drivers than they will over the average lifetime of a driver. We would encourage all drivers, regardless of their gender, to shop around for the very best car insurance quotes. Given the possibility of changes in European legislation it is probably wise for any woman looking to renew their policy in the next few weeks to do so at the earliest opportunity. *Based on prices taken from Tiger.co.uk for a VW Polo 1.2, Renault Scenic 1.6, and a Ford Focus Studio, £250 voluntary excess, no claims/convictions, IP1 postcode. For more information visit http://www.tiger.co.uk # # # Tiger.co.uk is a trading name of Call Connection Ltd. Tiger.co.uk is a UK based, independent price comparison site, offering insurance quotes from over 130 motor insurance brands. End
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