21st December 2012 Insurance Change
Discussion
So the EU gender equality law comes into effect on insurance companies on that date apparently. I'd like to see some discussion of this, now that it's happening SOON as opposed to a far-future thing.
How are insurance companies going to react to the change?
Will there be "pre-emptive" policy pricing changes?
Are there loopholes in the system that are going to be exploited to effectively nullify the change? "What is your shoe size" scenario.
This has an effect on all of us, and the more we know, the more we can prepare.
How are insurance companies going to react to the change?
Will there be "pre-emptive" policy pricing changes?
Are there loopholes in the system that are going to be exploited to effectively nullify the change? "What is your shoe size" scenario.
This has an effect on all of us, and the more we know, the more we can prepare.
The speculation I have seen tends to imply male insurance won't drop much, and it will just mean female insurance going up to meet it.
Some article I read mentioned figures around:
Male: -10%
Female: +25%-40%
What ever happens when it does come into effect I'm getting a quote and seeing if it's worth cancelling the current policy and getting a new one. Doubt that will happen like, insurance companies are not dumb.
Some article I read mentioned figures around:
Male: -10%
Female: +25%-40%
What ever happens when it does come into effect I'm getting a quote and seeing if it's worth cancelling the current policy and getting a new one. Doubt that will happen like, insurance companies are not dumb.
I'd imagine average insurance costs will continue to rise at the rate that they would have done anyway, just without gender being used as one of the parameters. Realistically that probably means prices for males will rise a bit and prices for women will rise a lot; rather than both rising something in between.
nosittap said:
The speculation I have seen tends to imply male insurance won't drop much, and it will just mean female insurance going up to meet it.
Some article I read mentioned figures around:
Male: -10%
Female: +25%-40%
I remember reading something that explained this, it is mathematically correct that mens will drop by a lower % than womens will rise.Some article I read mentioned figures around:
Male: -10%
Female: +25%-40%
StottyZr said:
nosittap said:
The speculation I have seen tends to imply male insurance won't drop much, and it will just mean female insurance going up to meet it.
Some article I read mentioned figures around:
Male: -10%
Female: +25%-40%
I remember reading something that explained this, it is mathematically correct that mens will drop by a lower % than womens will rise.Some article I read mentioned figures around:
Male: -10%
Female: +25%-40%
Replace my fake numbers with real numbers and voila. However, the level for equilibrium may not be the same, but I can not see any justification for increased overheads due to these changes so if the insurers are being reasonable, there will be no change.
Raize said:
How are insurance companies going to react to the change?
Will there be "pre-emptive" policy pricing changes?
Are there loopholes in the system that are going to be exploited to effectively nullify the change? "What is your shoe size" scenario.
Have already done so.Will there be "pre-emptive" policy pricing changes?
Are there loopholes in the system that are going to be exploited to effectively nullify the change? "What is your shoe size" scenario.
Yes, been slowly changing for a while. We don't like sudden changes.
No. The law precludes that.
I got curious a couple of weeks ago and did a compare thingy. Insurance has gone up by about £600 for me from the 1st April, even though I'm 6 months older, and now 20 as opposed to 19. However, if I fettle the numbers and get a claim for if I was 6 months older, but with the same history. I get a quote of £800-£900 for fully comp instead of £1800ish for TPF+T. No extra no claims, nothing's changed.
Do they pull these numbers from a crystal ball or something???
I don't expect the 21yo figure to change much once the 21st December has passed, and I do expect to have to juggle a policy for a couple of months next year. The bloody system needs a reboot!
Do they pull these numbers from a crystal ball or something???
I don't expect the 21yo figure to change much once the 21st December has passed, and I do expect to have to juggle a policy for a couple of months next year. The bloody system needs a reboot!
Noger said:
Raize said:
How are insurance companies going to react to the change?
Will there be "pre-emptive" policy pricing changes?
Are there loopholes in the system that are going to be exploited to effectively nullify the change? "What is your shoe size" scenario.
Have already done so.Will there be "pre-emptive" policy pricing changes?
Are there loopholes in the system that are going to be exploited to effectively nullify the change? "What is your shoe size" scenario.
Yes, been slowly changing for a while. We don't like sudden changes.
No. The law precludes that.
I think (and have heard) that the vehicle make and model with have a lot to do with how things are rated.
Insurers have a lot of data on who insures what, so they can use this to rate appropriately and get around the gender ruling.
Thankfully I am moving into Commercial insurance next week so won't have to deal with the fallout.
Insurers have a lot of data on who insures what, so they can use this to rate appropriately and get around the gender ruling.
Thankfully I am moving into Commercial insurance next week so won't have to deal with the fallout.
ZOLLAR said:
will_ said:
ZOLLAR said:
Pretty much this, changes and tests have been on going for quite some time.
And what has been the overall increases for women and decreases for men in % terms?will_ said:
ZOLLAR said:
will_ said:
ZOLLAR said:
Pretty much this, changes and tests have been on going for quite some time.
And what has been the overall increases for women and decreases for men in % terms?
%
ds 
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