From 18th November 2012, Sheilas' Wheels will also progressively reduce its 30 day ‘quote guarantee period' through to 17th December. This will ensure that any gender-specific quotes issued prior to this date are not guaranteed beyond the point when it would be unlawful for a policy to come into force using such a quote.
In addition, on 18th November 2012, the brand will temporarily stop offering car insurance quotes to new customers for policies where cover is scheduled to commence after 18th December 2012. This interim measure will be in place until Sheilas' Wheels starts to offer gender-neutral pricing quotes for new customers on 18th December 2012.
In terms of marketing, the ‘look and feel' of brands is unaffected by the change to the EU Gender Directive. Sheilas' Wheels will continue to market the benefits that resonate particularly with female customers - such as enhanced bag cover limits - in its famous pink and female-focused style.
Although it is difficult to predict how the UK motor insurance market as a whole will approach the change to gender-neutral pricing from 21st December 2012, the generally accepted market impact of this requirement is that motor insurance policies in the UK will, on average, become more expensive for women than is currently the case, in particular for female drivers under the age of 30.
However, Sheilas' Wheels is confident that the current gender profile of its policyholders - with its huge predominance of female drivers - will help to minimise price disturbance for the vast majority of its existing customers. This is because the current predominance of female drivers - which Sheilas' Wheels believes will continue as its existing customers renew - will help to influence premiums quoted for some time beyond the gender-neutral pricing implementation date due to female drivers' historically lower claims costs.
Jacky Brown, Head of Projects at Sheilas' Wheels, said:
"Although we have always believed the effects of this ruling will create many unforeseen consequences - not all of them positive for women - Sheilas' Wheels expects that the impact for the hundreds of thousands of women we insure currently and those who join us both now and in future will be more favourable than what we expect to see in the market generally.
"Each company equalising prices ultimately needs to match premiums to claims and our claims costs should continue to be relatively lower due to the sheer number of good, safe drivers who comprise our mainly female policyholder base today.
"What's more our marketing and benefits will continue to appeal to women. We have always insured men from day one but our marketing has always appealed to women more - that won't change."
