1st March Insurance Discrimination European Court
Discussion
The European Court will rule on the 1st march whether insurers break discrimination laws by pricing men and women differently.
You know whats going to happen if the court rule insurance comapnies discriminate the cost for male drivers is going to rocket.
Initailly they might meet in the middle but that will get hiked when nobody is reading about it anymore.
You know whats going to happen if the court rule insurance comapnies discriminate the cost for male drivers is going to rocket.
Initailly they might meet in the middle but that will get hiked when nobody is reading about it anymore.
If they rule that they cannot discriminate, the price for female drivers will go up.
Similar to the banks, they will make the same amount of money off you, one way or another. Whether insurance companies make any profit - and how much it may be - seems to something of an ongoing argument around here.
Similar to the banks, they will make the same amount of money off you, one way or another. Whether insurance companies make any profit - and how much it may be - seems to something of an ongoing argument around here.
Grodecki said:
If they rule it's discrimination it's absolute madness. Statistical fact is not discrimination.
So you'd be happy with men being paid more early in their careers because statistically any investment in them is likely to give better returns as they're less likely to take time off to have children? You've got the draw the line somewhere and where it is now is not particularly rational.
kambites said:
Why would it be the cost for males that rises, since they're already the higher ones?
And also why would it rise? Car insurance is a hugely competitive business, to the extent that most of the big insurers made a loss on their car insurance portfolios over the last two years.
You don't honestly expect prices to meet in the middle do you.And also why would it rise? Car insurance is a hugely competitive business, to the extent that most of the big insurers made a loss on their car insurance portfolios over the last two years.
This is insurance were talking about and this also includes insurance across the board, health, death, etc. This shake up will hit insurance companies hard, I can assure they will not be the ones picking up the tab.TheCoolerKing said:
You don't honestly expect prices to meet in the middle do you. This is insurance were talking about and this also includes insurance across the board, health, death, etc. This shake up will hit insurance companies hard, I can assure they will not be the ones picking up the tab.
Well of course they wont, the whole point of capitalism is that we pay whatever the free market values things at. Ultimately though, the cost should drop (or at least rise less fast than it otherwise would have done) because the amount of statistical data that needs to be gathered for a given degree of accuracy will drop. I don't understand why people are saying it will push average cost up? This is insurance were talking about and this also includes insurance across the board, health, death, etc. This shake up will hit insurance companies hard, I can assure they will not be the ones picking up the tab.TheCoolerKing said:
History
Go on then, educate me. 
Insurance has constantly gone up over the years because it has become more expensive to provide the service. Give me an example where something which will drive the cost of the service down has pushed prices up. You may be right, but I can't imagine how such a thing could happen in such a heavily competitive industry.
Edited by kambites on Wednesday 16th February 15:02
kambites said:
Go on then, educate me.
Insurance has constantly gone up over the years because it has become more expensive to provide the service. Give me an example where something which will drive the cost of the service down has pushed prices up.
I'm talking about when something impacts a business instead of benefiting the consumer as it should, it ends up costing them more.Insurance has constantly gone up over the years because it has become more expensive to provide the service. Give me an example where something which will drive the cost of the service down has pushed prices up.
I could give you so many insurance examples but lets be more creative how about these examples?
Mobile phone roaming charges, Bank charges, PPI, mortgage exit fees I really could go on. The consumer should have benefitted from each one of these, but did we? Insurance is just the same.
Martin Lewis doesn't seem to think consumers will benefit either.
Grodecki said:
If they rule it's discrimination it's absolute madness. Statistical fact is not discrimination.
Statistics can be manipulated. Being the victim of an accident does not make you more liable to have an accident and they do not and cannot take into account the thousands upon thousands of unreported accidents and "risks" as a result of ludicrously high excesses and punters doing exactly what insurance companies do every day - minimising their loss.I certainly have witnessed more accidents involving females which I dare say they cough up for or their husband coughs up for or nobody coughs up for.
I suppose all I'm saying is that in a random universe, everyone has the same risk and that can't be manipulated unless every single accident ever unreported is known.
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