Before you sign up for purchasing that lovely Dodge Ram SRT 10 or a brand-new vehicle, you might want to check with your insurance company – just because you can afford the vehicle itself doesn’t mean you can afford the insurance payments. What gives? Is it even legal for insurance companies to charge more or less per person, even though the vehicle itself is the same?
Sadly, the answer is yes! It might seem illegal that “Rob” pays $150 a month for insuring his Dodge Ram SRT 10 while “Lisa” only pays $75 for that same vehicle and insurance coverage, but currently there is little legal protection consumers have. A study recently found that on average, men pay about $15,000 more over their lifetime for car insurance than women do.
The US and Canada haven’t made any progress on this issue, but European courts are trying to take steps to prevent it – the European Court of Justice recently ruled that companies could not change rates based on gender. The result? Many women saw an increase in their rates.