Insurance Sexism / Insurance Safety

Insurance is something that is calculated on the likelihood of risk and error, and for decades, insurance has been in a word, sexist. We have all seen those adverts such as Sheila’s Wheels, encouraging girls to ‘get on down’ to purchase quality ‘women’s only’ car insurance. You may have seen some life insurances that favour women far more highly than those troublesome men, and even business insurance has seen its fair share of gender favoured premiums.

Whatever your thoughts on this however, you won’t need to have them for long, because on the 21st December of this year, all insurances will see sexism ousted, and gender will no longer be able to be treated as a relevant factor.

This may well be good news for you (depending on your sex that is)! Overall, the legislation change will see a 35-50% increase for females but a possible 0-10% decrease in premiums for males throughout a large number of insurance policies. This recent legislation decision certainly brings about a number of thoughts when it comes to gender and risk within different insurances. When examining contractor insurance, gender as a factor is barely visible, and with this throws up the question of, ‘Well, why not?’ If the fact of whether you are male or female is a large factor in car insurance for example, then why isn’t it a factor when looking at Professional Indemnity Insurance (PI Insurance)? PI Insurance is a policy that covers a contractor in the case of professional error that results in financial loss to another party, and when looking at the fact that it is an insurance based on making mistakes, how are the rules of car insurance any different?

Whether a good or bad thing, insurance ‘sexism’ will soon be something obsolete from the world of cover policies and protection, and whether purchasing car or PI Insurance, the question of whether you are female or male will not be an issue.

By:Steven Bailey

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