A new opportunity for males, and in particular young males, to avail of significantly reduced premiums for car insurance arose at the end of December 2012. The astute young male driver can cancel his insurance policy on or after December 21st 2012 and rearrange a NEW policy availing of the inevitable cheaper car insurance rates that will be on the market post EU Gender Directive.
Some companies have already adjusted their systems to take the new rules into account and you may see your insurance premium rates go up or down as a result. Younger women, for example, have historically paid cheaper car insurance premiums than young men to reflect their lower risk as a group, but this will no longer be the case.
The European Court of Justice was ruling on a challenge by a Belgian consumer group Test-Achats. It had argued that the exemption for insurers contradicted the wider European principle of gender equality.
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The two most likely scenarios where you are not entitled to a pro rata refund are as follows;
1. Most insurance companies will not give a pro rata refund if a car insurance policy is cancelled during the first year of insurance. If you are with an insurance broker such as QuoteMe.ie a quick call or email will clear this up for you.
2. The second instance where you may not be entitled to a pro-rata refund on cancellation is if you have had a claim on your existing car insurance policy.
The two most likely scenarios where you are not entitled to a pro rata refund are as follows;
1. Most insurance companies will not give a pro rata refund if a car insurance policy is cancelled during the first year of insurance. If you are with an insurance broker such as QuoteMe.ie a quick call or email will clear this up for you.
2. The second instance where you may not be entitled to a pro-rata refund on cancellation is if you have had a claim on your existing car insurance policy.