In two days time the EU gender directive will come into action, forcing many female drivers to pay higher premiums on their car insurance. Despite the impending changes, a recent study has suggested that over a third of those affected are unaware of the policy shift.
The directive, which is set for Friday the 21st, is an attempt to remove sexual discrimination from the underwriting process of car insurers. However a recent study has revealed that one in three consumers are unaware how the changes will affect them.
For many female drivers the push for sexual equality will result in a 25% increase in premiums. Most insurers predict female drivers aged between 17 and 25 will be the worse affected, as some will see their premiums almost double.
Men however will most likely receive a reduction in their insurance payments and unsurprisingly see the directive as a positive. Around 66% of men feel that it is time that the genders were treated equally, one study by the price comparison site uSwitch has found. However, exactly where the change in price will fall is still uncertain.
Despite the inevitable change, what female drivers can do about the increase still remains unclear. Michael Ossei, personal finance expert at uSwitch.com, says:
“Very few women have taken action to lower their costs before the new rules are introduced - the majority are seeing their premiums out and risking the rise in the New Year. This is a sensible route to take, given the hefty exit penalties charged by most insurers”
Despite the attempt to ensure equality, many female drivers feel that the increase in price will have a damaging affect on their finances and ability to own a car with Ossei going on to say:
"The new rules could force almost a quarter of women drivers off the road - 13% have said that they will not be able to afford motor insurance and 11% may have to sell their cars. Over a third of female drivers would have to cut their living expenses to cope with higher premiums and 5% may have to borrow money."