MILLIONS of women drivers could face a huge increase in the cost of their car insurance following an EU ruling.
The decision means women will no longer be able to benefit from cheaper car insurance, despite being less likely to have an accident than men.
The legislation – which comes into effect on December 21 and will affect all insurance products – has been slammed by critics who have described the ruling as ‘madness’.
Women of all ages could see their premiums increase by an average of 24 per cent, in contrast to a nine per cent drop for young men.
This is despite men under 22 being 10 times more likely to have a serious crash than women, 25 times more likely to commit a driving offence and twice as likely to make an insurance claim.
Until now, discrimination in setting insurance rates has been permitted under EU equal treatment rules, allowing the market to base the price of a financial product on the statistical likelihood of certain scenarios.