Will Men's Car Insurance Get Cheaper?
Will Men's Car Insurance Get Cheaper?
Will Men's Car Insurance Get Cheaper?Traditionally, men have had to pay more than women when buying car insurance. This was as a consequence of insurance statistics, which show that male drivers are involved in more claims, which also happen to cost more. However, things are now changing.
In 2011, European legislation ruled that British insurers would have to treat men and women equally. In essence, this would mean that the statistical data would have to be overlooked and drivers would be charged equally, regardless of their data.
However, issues such as age, location, usage and history of convictions will still come into play. For male drivers though, this new ruling will be welcomed as it could see prices fall by up to 15% - which certainly shouldn't be sniffed at. Inevitably therefore, men's car insurance will fall in the coming months and years in the UK; although this may or may not be repeated elsewhere.
There will be some who see greater decreases than others. For instance younger drivers get a pretty raw deal when it comes to buying car insurance. Up until recently, this was particularly true for young male drivers. When cover costs many hundreds of pounds, even in excess of a thousand pounds, a 10% plus decrease is pretty significant. On the flip side, it is female drivers who are having to pay for this.
Women could see their premiums rise by anywhere up to 25%, which, once again, is hardly small change particularly when dealing with policies that cost hundreds of pounds. Again, this will mainly be felt by those who are already forking out more for their car insurance as a result of their age, where the vehicle is being kept at night, commuting schedule or previous convictions.
With experience prices will inevitably drop. The first major threshold is around the age of 25, when drivers creep into an older, safer bracket. It's important to remember that all insurance (car, home and life) is based on the relative risk. Just as you might have to pay more for your life cover if you have a job that is considered high-risk (despite never having had any incidents), your car insurance will also be dictated by external factors.
This risk is slowly eroded as you build a strong no claims bonus and gain age or experience. Equally, the difference between female and male drivers becomes less prominent. In turn any sweeping increase or decrease, such as the European legislation mentioned previously, will have a reduced impact the smaller the disparity between men and women becomes.
Of course there is no way of accurately predicting the potential increases and decreases that could occur within the insurance industry. Taxes can force an increase in costs, as can added inflation and other external factors. A major law change might appear out of the blue, but it is the kind of thing that can have a very real influence on the prices that all motorists must pay. Of course all of these elements are out of the hands of drivers, even if they do have a major knock on effect.
So in the short-term, men's insurance looks set to fall quite markedly in the coming months as legislation takes hold. But for individual drivers, this will still be subject to changes and fluctuations depending on the financial climate as well as their own individual circumstances. There will always be a general trend for increases, particularly noticed by newer drivers, however men are now likely to experience a far more even playing field and discounts right across the field.
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