Tips for Women Facing Increased Car Insurance Costs
Low Cost Loans for Women Facing Increased Car Insurance Costs
9th March, 2011L In light of the European Court of Justice ruling, which found that car insurers cannot calculate premiums based on gender from 21st December 2012, leading loan provider www.flexcredit.co.uk
argues that cash-strapped female motorists could take out a low cost loan to cover the increased costs.
Commenting on the new ruling and increased costs of car insurance, Ohad Hessel from Flex Credit says;
“While in principle gender discrimination in terms of car insurance is a good thing, in practice it will only mean premium rate rises for drivers, particularly female drivers who have traditionally benefitted from lower premiums than male drivers.
“But if insurers can no longer use gender to determine the risks involved when insuring drivers, they may have to increase rates for everyone in order to cover costs.
“For many female drivers an increase in car insurance premiums could not come at a worse time, as many already feel financially strained. Women traditionally earn less money than men and often occupy lower paid professions, which when combined with the extra cost of living, could lead many to feel financial strained.”
Research from the AA British Insurance Premium index comparing January 2008 figures for the average fully comprehensive car insurance premium with the same figure from the January 2011 found that the average car insurance premium has risen by almost £650 to £1,332 - a 94 per cent increase in the last 3 years.
Over the last year, premiums for a woman aged between 17 and 25 have risen by 34 per cent on average to £1,002 or by 70 pence per day. This is in comparison to a 12 per cent increase for men of the same age.
Continues Mr. Hessel:
“Many of us rely on our cars to commute to work and these increases in insurance costs could be the tipping point for many female drivers who are already struggling to afford to keep their cars on the road. An affordable loan could be the best option for anyone looking to cover these additional motoring costs.
“At Flex Credit you can borrow between £400 - £2,000 for a period of up to 12 months and you can repay your loan in easy to manage monthly instalments. And if your financial situation improves it is easy to increase your repayments at any time to clear the loan earlier without incurring extra costs.”
To apply for a Flex Credit personal loan visit: http://www.flexcredit.co.uk/
Dale Lovell, Search News Media. Tel: 01753 859 588.
for more information.