A recent EU ruling has found that the differing insurance premiums for men and women that have been in effect until now constitute discrimination. By the end of 2012, however, this small but significant difference will finally be a thing of the past. And while women’s rights advocates are celebrating, others are groaning over the additional financial burden. Starting December 21, 2012, some auto insurance policies could see significant price increases. Cheaper rates are certainly not to be expected; on the contrary, women—who until now have paid less for their auto insurance due to fewer accidents—will have to pay more. Markus Rieß, CEO of Allianz Germany in Munich, calls this unfair. Women across Austria will have to pay an additional 340 million euros in the future for the same level of service, reports Wolfram Littich, head of Allianz Austria and president of the Austrian Insurance Association (VVO). This figure encompasses all insurance lines. Men and women—will they be more equal than equal in the future?
Auto Insurance Now and in the Future
As of the end of 2012, the amount of the monthly, semi-annual, or annual premium for one’s own car was—and still is—a matter of gender. This is because liability insurance is required by law and is intended to cover damages to third parties in the event of an accident. In this regard, it has always mattered—and still matters—whether you are a man or a woman. Statistically speaking, women are less likely to be involved in accidents and generally drive more safely. As a result, they can continue to enjoy lower auto insurance premiums through December of this year. Young men tend to press the gas pedal harder, and the nationwide accident statistics in Austria speak for themselves. However, the EU-wide regulation taking effect on December 21, 2012, applies only to newly issued policies; for existing policies, the old premiums remain in effect.
It's getting more expensive for women!
Equality between men and women—which many have repeatedly and vocally demanded—thus also has its downsides. After all, the lower insurance premiums had their justifications up until now, given the road accident statistics. And in other areas as well, differences in lifestyle play a financial role. But that’s now a thing of the past; the European Union is introducing uniform rates for everyone as of December 2012. To still be able to save money and find the most affordable insurance for yourself, women can use the online auto insurance comparison tool with gender-neutral rates. On the website Kfzversicherungsvergleich.net, you can get car insurance for free and anonymously within just a few minutes—tailored to your personal needs and always at the best price. Over 180 insurers and their coverage options are compared, and you can even conveniently purchase a policy online via the web. Nevertheless, women in particular must prepare for having less money at the end of the month—not only are gas prices at the pump rising to astronomical heights, but auto insurance is also becoming more expensive. Is the car soon to become a luxury item no longer affordable for everyone?
