Women pay up to €1k less for insurance
The gap between the cost of insurance for 19-year-old men and women is most marked, the study shows. Those aged 35 also save on the cost, although the gap is much less, according to a survey carried out by Chill Insurance.
Jo Fernandez of Chill Insurance said that while Irish financial services companies will not be allowed to use gender as a criteria for insurance costs after December 21, there was still a gap between the prices quoted for men and women.
“Our fear is that the insurers will simply up the cost of insurance for women to match the costs for male drivers,” said Ms Fernandez.
“This should not happen and we believe that providing gender balance in costs should be done fairly in the interest of our customers.”
Chill Insurance surveyed costs for male and female drivers aged 19 and 35, from seven counties, who drove a 2001 Renault Clio.
All those surveyed had a similar motoring profile. Prices for insuring a 1998 Honda Civic for 19-year-olds and a 2005 Passat for 35-year-olds were also sought. The survey was carried out on the week beginning December 12.
The 1998 Honda Civic is popular among 19-year-old drivers and the quotes for fully comprehensive are the same in all seven counties at €2,508.
Fully comprehensive insurance for female drivers varied from €1,904 in Donegal to €1,453 in Dublin.
A similar pattern was found with third party costs for 19-year-olds. The best value for males in all counties was €1,588. Females were quoted exactly the same in the majority of the counties, with those living in Dublin quoted €1,362.
However, 19-year-olds with a 2001 Clio 1.1 experience a difference of €1,200 in quotes for men and women. Dublin males were quoted €2,304, compared to €1,093 for females. Third party costs for this car were €1,603 and Dublin females got the most cost-effective quote for a Clio at €940.
Men aged 35 in Limerick and Cork availed of the cheapest fully comprehensive insurance for their 2005 Volkswagon Passat 1.6 diesel at €433, while their female counterparts were quoted €370. The cheapest third party quote was also found in these counties at €370 for males and €353 for females.
Ms Fernandez said that while the prices vary from county to county, the difference between the prices quoted for men and women do not vary throughout the country.
“You will always see cost variation in different counties. This has to do with the road safety issues in the county, the quality of the roads, the number of claims in the area and the number of motor thefts in that county.
“However, in the absence of the implementation of the new directive, insurers can increase the female costs rather than reduce the male costs.
“We strongly advise all motorists to shop around for the most suitable and cost effective policy available. That’s why we check out the costs charged by 14 insurance providers for each and every one of our clients.”
