New rules, which come into force today, mean that insurers are no longer able to take gender into account when calculating the price customers pay for insurance.
- Why are the changes being made?
Insurers fought for nearly a decade to be able to continue to use gender when making their calculations but the European Court of Justice ordered the changes in a ruling last year.
Having lost the battle, they say they have been focused on making the changes needed.
- What products will be affected?
The main products affected will be motor and life insurance and retirement products such as annuities.
The change will affect new insurance policies and renewals, but existing annuities should not be affected.
- How will I be affected?
Women, who tend to benefit from cheaper car insurance than men due to lower accident rates, may see their costs go up, while men could see a slight decrease.
However, women may benefit from higher payments when purchasing retirement income. They have traditionally been offered lower benefits due to their higher average life expectancies.
- What should I do if I am not happy with my new insurance quote?
Shopping around and using a combination of comparison websites are key to lower insurance quotes.
In terms of car insurance, experts believe insurers will rely more on telematics policies, where the driver's performance is monitored by black box technology installed in the car.
This can mean that careful drivers are rewarded with lower premiums.
- How will the changes be phased in?
The changes must come in by today, but insurers have already been adjusting their systems to make sure they are ready for the gender-neutral rules.
Price comparison website Gocompare recently said that the best price a woman can typically get for her car insurance has jumped by £114 or 15% since the start of November.