Women are being urged to renew their policies before the implementation of EU gender neutral legislation on December 21 to beat the gender neutral price rises.
A third of life insurers and around one-in-six motor insurance providers are now gender neutral, ahead of new European Court of Justice legislation coming into effect from December 21, according to market research company Consumer Intelligence.
But there is still time to fix at a preferential price. In order to beat the deadline, consumers should act now if they want to secure the most competitive deals, and they must also be aware of providers shortening quote validity periods.
There is currently up to a 28pc difference in the prices paid by women and men in the life insurance market. In terms of car insurance, 17pc of the market is gender neutral, with up to a 14pc difference between the prices paid by women and men.
In general, quotes are now only valid for 30 days instead of the previous average of around 90 days, while some insurers are even cutting their quote validity to just 14 days or holding the quote until December 21.
The research showed that male drivers are seeing small decreases compared with significant price rises for female drivers. Womens' rates have increased by 10pc while men's' rates have fallen by 2pc, but this is differing all the time as insurers test their pricing for a gender-neutral market.
Esure and Octagon currently offer the most competitive car insurance rates for both men and women. Sheila’s Wheels for women and First Direct for men complete the top three.
Life insurance’s top three is the same for men and women, with Direct Life, Budget and More Than offering the best deals for both sexes.
Ian Hughes, chief executive of Consumer Intelligence, said: “Insurers are split over how to react to G-Day but we are starting to see major brands changing and big differences in pricing across the market.
“This is creating opportunities for some consumers to secure more competitive deals now than will be possible after December 21 when all providers will have to be entirely gender neutral.
"Women should act now if they are intending to buy life insurance or car insurance in the next few months as everything will change by Christmas, whereas men would benefit from waiting and getting a better price.”