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Insurers pressure customers to take bargains while they can

Article by Simon Christopher
Posted: 9/12/2012 - Last updated: -
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Insurers have begun cutting the period during which a quote is valid. It's an attempt to win female customers at current prices before rates rise when new gender equality laws come into force.

Both life and motor insurance will be particularly effected by the European ruling which means insurers can't offer different prices to two otherwise identical customers solely on the grounds of gender.

The Daily Telegraph notes that around a third of life insurers and a sixth of motor insurers have already equalised prices, but other firms look set to wait until the last possible moment.

With the deadline looming, many firms are dropping the traditional policy of having a quote be valid for 90 days. Most are now reducing this to just 30 days while others are using a 14 day limit or even explicitly stating the quote is only valid until December 21 when the new law takes effect.

For the most part insurers are not splitting the difference but instead giving large price rises to women and only small price cuts to men. However, there's said to be a great variation from firm to firm, so now more than ever it is worth shopping around.



PLEASE NOTE: News items are intended for information only and should not be relied upon when making business insurance decisions. Due to their nature, some of the information in news stories including any references to taxation, legislation, regulation, or other issues may no longer be current.

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