The government could move to change the current legislation for women drivers and car insurance.
EU rules set in 2012 stipulate that insurers are not permitted to set prices based on the gender of their customers. This means that insurance companies cannot offer reduced prices for specific genders, or tailor products to reflect the different risks faced by men and women. Despite certain demographics being statistically more likely to be involved in road collisions, insurance premiums are not allowed to reflect this, meaning groups such as young women drivers have to pay the same prices as higher risk groups.
Following the result of the EU referendum, this piece of legislation may be changed. When Britain is no longer a part of the EU, the government may choose to change the rules, allowing insurers to charge men and women different prices. While insurers were left frustrated at the time, it could be that these rules do not actually change. The AA has said: “given that the industry has now adapted well to the new ruling and there would be a significant cost to insurers to do so”.
These rules are not just applicable to car insurance, and many different types of policies could be set for change in the coming years. If you would like help or advice on choosing the right insurance policy, please get in touch.