• EU sex ruling to drive insurance costs higher
    34 replies, posted
[release]The European Court of Justice (ECJ) will shortly rule on whether using a person's sex to calculate their insurance premiums breaches equality legislation. Insurers are bracing themselves for the worst, having received legal opinion – from law firm Slaughter & May – that this outcome is a realistic possibility and could be implemented overnight as early as March. The move could reduce men's pensions. Men benefit from higher annuity rates as, statistically, they don't live as long as women. Perversely though, women will see only a marginal increase in their pension incomes. In addition, many women could pay up to 25pc more for motor insurance. If it becomes illegal for insurers to use sex to assess risk, younger women will pay the same rate as their male counterparts, who cause far more serious road accidents. Some insurers may simply refuse to cover people in this age group. This ruling would also affect the pricing of life and health insurance. The Association of British Insurers (ABI) said: "We are expecting a decision between February and May, but we don't know what it will be. It is sensible to make preparations and look at the potential ramifications of any ruling." The ABI maintains that using sex to calculate risk is beneficial for consumers, as it allows insurers to price premiums accurately. Removing it could have a negative impact for many policyholders, it said. Why will so few benefit? The biggest effects will be felt in the £14 billion-a-year annuity market. Currently men aged 65 get an income of £3,274 a year from a £50,000 pension fund, and women £2,993. In comparison, the unisex rate is £3,049 (certain types of pension already apply unisex rates)[/release] [url]http://www.telegraph.co.uk/finance/personalfinance/insurance/8289162/EU-sex-ruling-to-drive-insurance-costs-higher.html[/url]
How about we make intelligence a factor on your premiums so the rest of us don't have the pay for the council estate illiterate binge drinkers with a Fiesta with a bunch of carbon fiber bodywork?
Fuck sake its a rip off as it is now fucking greedy bastards!
This is stupid. Insurance companies have to take every factor into account when deciding on a price. That's why younger drivers have higher rates, but no-one calls it age-ist.
[QUOTE=Nerts;27896471]How about we make intelligence a factor on your premiums so the rest of us don't have the pay for the council estate illiterate binge drinkers with a Fiesta with a bunch of carbon fiber bodywork?[/QUOTE] because you cant determine someone's intelligence through an internet form
[QUOTE=rampageturke 2;27896682]because you cant determine someone's intelligence through an internet form[/QUOTE] Some companies make you take a physical exam for health insurance, why not an assessment of how you act on the road for some car insurance?
[QUOTE=The golden;27896382]Or how a about the just give both genders fair, reasonable, and equal rates and costs?[/QUOTE] Because they'll make less money. [QUOTE=Nerts;27896471]How about we make intelligence a factor on your premiums so the rest of us don't have the pay for the council estate illiterate binge drinkers with a Fiesta with a bunch of carbon fiber bodywork?[/QUOTE] I don't know about other places, but where I live they give insurance breaks depending on your grade. But intelligence isn't really a good indicator of how well you can drive.
[QUOTE=shatteredwindow;27896749]I don't know about other places, but where I live they give insurance breaks depending on your grade. But intelligence isn't really a good indicator of how well you can drive.[/QUOTE] True, but it's a good indicator of how likely you are to do something stupid.
This is fucking stupid...
So much for equality. Greedy cunts.
[QUOTE=Moby-;27896966]So much for equality. Greedy cunts.[/QUOTE] Equal but not the same.
[QUOTE=rampageturke 2;27896682]because you cant determine someone's intelligence through an internet form[/QUOTE] Oh yes you can. Let's take you for example. Based on that one post I have deduced that you are pretty dumb.
Those rates are based of statistical probabilities that are tied in part to gender. Enforcing equality in this manner isn't helping anyone.
Fucking sexism, now I know how women feel.
its about time. for the first year of insurance for my vauxhall corsa cost me £1500 and that was only third party fire and theft, i changed my gender to female and it went down to £900 if anything female drivers can be as worse as men. Its disgraceful.
[QUOTE=cathal6606;27897771]Fucking sexism, now I know how women feel.[/QUOTE] Why do women need drive insurance? There are no cars in the kitchen
[QUOTE=cathal6606;27897771]Fucking sexism, now I know how women feel.[/QUOTE] Yeah...must be tough having to pay lower insurance premiums and living longer.
haha silly EU
Yet again the EU putting it's foot in and instead of helping just making things worse. Way to go!
Sexism? In MY EU? Ahahahahah!
[QUOTE=Nerts;27896471]How about we make intelligence a factor on your premiums so the rest of us don't have the pay for the council estate illiterate binge drinkers with a Fiesta with a bunch of carbon fiber bodywork?[/QUOTE] This, jesus christ. You don't even have to do it by IQ, just by tertiary study. [editline]7th February 2011[/editline] Also, charging people different rates because of whatever reason is unequal - but then again, people [b]are not[/b] equal! Stupid application of legislature. You won't me let drive because I have 5/5 vision, that's discriminatory! You put up my premiums because I am an alcoholic, that's discriminatory!
[QUOTE=Lord_Skellig;27896644]This is stupid. Insurance companies have to take every factor into account when deciding on a price. That's why younger drivers have higher rates, but no-one calls it age-ist.[/QUOTE] They get around this by calling it "experience" instead of "age". And I actually feel that gender should NOT be a considerable factor because it opens doors for deciding insurance premiums based on race as well, which I don't think many people would agree with. [editline]6th February 2011[/editline] [QUOTE=johan_sm;27897797]Why do women need drive insurance? There are no cars in the kitchen[/QUOTE] In the future large industrial kitchens will use tramways to navigate them We are preparing for this
[QUOTE=johan_sm;27897797]Why do women need drive insurance? There are no cars in the kitchen[/QUOTE] Motorhomes :eng101: Or Recreational vehicles, depending on how anal you are about which dialect of English you're preferring.
[QUOTE=Mak123;27897795]its about time. for the first year of insurance for my vauxhall corsa cost me £1500 and that was only third party fire and theft, i [B]changed my gender to female[/B] and it went down to £900 if anything female drivers can be as worse as men. Its disgraceful.[/QUOTE] hold up what?
[QUOTE=Zeke129;27904433]They get around this by calling it "experience" instead of "age". And I actually feel that gender should NOT be a considerable factor because it opens doors for deciding insurance premiums based on race as well, which I don't think many people would agree with.[/QUOTE] "So yeah, you're black and statistics show you are more likely to be assaulted by the racists than a white person. We'll just increase the price, so just sign here, here and here." [editline]7th February 2011[/editline] [QUOTE=The golden;27896382]Or how a about the just give both genders fair, reasonable, and equal rates and costs?[/QUOTE] But then how are the poor insurance companies going to make money then? :ohdear:
To be honest this is why I don't want a car, you are forced to buy insurance which is a joke as it is.
WTF? Men paying more, because they live shorter? And I thought my country was bad! You guys in Europe have your heads backwards.
I'm sure that [b]insurance companies[/b] of all people need to the extra money. [i]Definitely[/i] not another attempt to screw over the working class.
[QUOTE=The golden;27896382]Or how a about the just give both genders fair, reasonable, and equal rates and costs?[/QUOTE] An insurance company can't really operate like that, if on average a specific group of people claim more than others then people who fall into that category are going to have to be charged more. Its a bullshit system but beyond age, location, gender and driving experience there is no way for an insurance company to actually work out how much of a risk someone is. Perhaps they should profile each customer before selling them insurance, they could for example increase the insurance premiums of anyone who sounds like a chav. I think that would solve the problem for everyone, in the UK at least. [editline]7th February 2011[/editline] [QUOTE=Biotoxsin;27909554]I'm sure that [b]insurance companies[/b] of all people need to the extra money. [i]Definitely[/i] not another attempt to screw over the working class.[/QUOTE] It's not entirely about trying to make money, its more about them trying to prevent losing their money. When a company insures something for someone they are risking money, they have to be able to cover that risk. If a certain group of people is proven to be more of a risk and cause the insurance company to lose money then that group of people will end up having to pay more to cover that risk. Same works in reverse as well, which is why 50 year old men who have been driving for 30 years can get insurance for £200 a year.
[QUOTE=Jsm;27910548]An insurance company can't really operate like that, if on average a specific group of people claim more than others then people who fall into that category are going to have to be charged more. Its a bullshit system but beyond age, location, gender and driving experience there is no way for an insurance company to actually work out how much of a risk someone is. Perhaps they should profile each customer before selling them insurance, they could for example increase the insurance premiums of anyone who sounds like a chav. I think that would solve the problem for everyone, in the UK at least. [editline]7th February 2011[/editline] It's not entirely about trying to make money, its more about them trying to prevent losing their money. When a company insures something for someone they are risking money, they have to be able to cover that risk. If a certain group of people is proven to be more of a risk and cause the insurance company to lose money then that group of people will end up having to pay more to cover that risk. Same works in reverse as well, which is why 50 year old men who have been driving for 30 years can get insurance for £200 a year.[/QUOTE] They should absolutely profile them beforehand. God, it'll sure save me on insurance premiums.
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