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Insurance Rates

Insurance companies charge a person a different rate from someone else because of a difference in sex or age. Do you think this is ethically ok?

Hypothetically, if it was proven that black people cause more accidents and cost the insurance companies more than other races, would it be "ok" to charge them more insurance? If not, what is the difference between discriminating sex or age, and race?

/finish complaining from a young male

wtf 2 forums?

Thought it'd be interesting to see if there would be a difference of opinions

chinese women.. thats the worst catagory of drivers



wait.. old chinese woman hahhaah

Gimme one valid reason why I should pay at least 2x - 3x my rate to pay the same as yours?

Re: Insurance Rates

quote:

Originally posted by eROs.au Insurance companies charge a person a different rate from someone else because of a difference in sex or age. Do you think this is ethically ok? Hypothetically, if it was proven that black people cause more accidents and cost the insurance companies more than other races, would it be "ok" to charge them more insurance? If not, what is the difference between discriminating sex or age, and race? /finish complaining from a young male

Your rate is based on so many factors that just one factor such as age or sex has only a minor affect on the rate. Basically the insurance rate is going to be based on the probability that you will get into an accident and have to take funds out of the pool of money that is set aside for claims. If there was enough statistical evidence to show that a certain ethnic group has more accidents then I think the insurance companies should include that in determining your rate.

give me 1 reason why Michael Moore hasn't made a movie on this

and I shouldn't have to pay shit. If someone crashes into my car, we can settle it like men without poindexter pecil pushers.

and yes, I am a perfect driver.

Re: Insurance Rates

quote:

Originally posted by eROs.au /finish complaining from a young male

It's because the majority are crap drivers who think you're far better than they actually are, liable to show off and take a lot of risks. Statistically, not individually this is completely correct.
I'm not paying for anyone else's mistakes, I pay enough taxes for that...

they also charge you more depending on where you park your car at night [in the ghetto.. or where alot of cars get broken in to.]

The color fo ur car.. I believe red gets charged more money.

It's fuking bull shit. In the process of changing my insurance to new york and i think i can cry at how much more i'll be paying.

wack!

I think it mostly depends on the value and safety of the car itself. If its a BMW they will charge you a lot more than lets say a ford. Also if you have 6 airbags, abs, some extra fancy safety shit you will get charged less.

Insurance here is fucking crazy, especially for the leased cars.

quote:

Originally posted by leph555 I think it mostly depends on the value and safety of the car itself. If its a BMW they will charge you a lot more than lets say a ford. Also if you have 6 airbags, abs, some extra fancy safety shit you will get charged less.

it depends on a lot of things.

yes, it would absolutely be fair for them to charge more or less based on race, just as it is that they do so based on age & sex now.

insurance isnt necessarily more expensive for a BMW than it is for a Ford. if you think that your an idiot. my subaru costs more than a jeep grand cherokee. realize that every car is assigned a rating without the color choice factored in. then you factor the color choice in, the drivers history, the age, sex, race, number of years licesnsed, place the car is garaged and any accidents that were not reported to dmv. then they determine your rate.

Okay, since I'm the only one here with a degree in insurance (aside from Chemy but he hates going into detail) I suppose I'll step in with an answer....

Your insurance premium is essentially a function of your RISK RATING multipled by the total amount of insurance.

RISK RATING is a number assigned to you that represents the likelihood that you will suffer a loss or be liable for someone else's loss that will require the insurer to pay claims. The RISK RATING is an actuarial calculation based on a number of weighted factors both statistical and individual. In nearly all North American jurisdictions the following factors are considered:
- Age (statistical)
- Sex (statistical)
- Marital status (statistical)
- Territory/where you reside (statistical)
- Vehicle class, make, model (statistical)
- Annual mileage (statistical)
- Use - business/personal/leisure/etc (statistical)
- Claims history - last 4 years (individual)
- Driving record - last 5-10 years depending on jurisdiction (individual)
- Insurance history - last 6-10 years (individual)
- Claims/driving/insurance history of other listed drivers (individual)
The formula to used to arrive at the RISK RATING is perscribed by legislation in all North American jurisdictions and depends on the state/province.

This risk rating is then multiplied by the total amount of insurance requested in each area of coverage (collision, comprehensive, liability, accident benefits/personal injury protection, uninsured motorist, unidentified motorist). The total amount of coverage is the limit of coverage for each area of coverage less the deductible for same. Additional amounts are then charged for any endorsements (additional coverages) you request, usually at a flat rate per coverage, ie: $20 for loss of use, $50 for waiver of depreciation, etc.

The colour of your vehicle, lease vs. finance, or amount of airbags are not factors in determining premium. The make and model of your vehicle can be factors in determining your premium with regard to theft coverage as some vehicles are more frequently stolen. The price (list price new) affects your collision and comprehensive premium in as much as more expensive vehicles must be insured for a higher amount.

Finally, to answer the race question... to the best of my knowledge - all North American jurisdictions have legislation that prevents insurers from asking the race of applicants on their application for insurance. As such, the insurance industry can neither track statistics or charge premium based on race.

*** disclaimer - the above applies to North America only.

quote:

Originally posted by Moral Hazard Okay, since I'm the only one here with a degree in insurance (aside from Chemy but he hates going into detail) I suppose I'll step in with an answer.... Your insurance premium is essentially a function of your RISK RATING multipled by the total amount of insurance. RISK RATING is a number assigned to you that represents the likelihood that you will suffer a loss or be liable for someone else's loss that will require the insurer to pay claims. The RISK RATING is an actuarial calculation based on a number of weighted factors both statistical and individual. In nearly all North American jurisdictions the following factors are considered: - Age (statistical) - Sex (statistical) - Marital status (statistical) - Territory/where you reside (statistical) - Vehicle class, make, model (statistical) - Annual mileage (statistical) - Use - business/personal/leisure/etc (statistical) - Claims history - last 4 years (individual) - Driving record - last 5-10 years depending on jurisdiction (individual) - Insurance history - last 6-10 years (individual) - Claims/driving/insurance history of other listed drivers (individual) The formula to used to arrive at the RISK RATING is perscribed by legislation in all North American jurisdictions and depends on the state/province. This risk rating is then multiplied by the total amount of insurance requested in each area of coverage (collision, comprehensive, liability, accident benefits/personal injury protection, uninsured motorist, unidentified motorist). The total amount of coverage is the limit of coverage for each area of coverage less the deductible for same. Additional amounts are then charged for any endorsements (additional coverages) you request, usually at a flat rate per coverage, ie: $20 for loss of use, $50 for waiver of depreciation, etc. The colour of your vehicle, lease vs. finance, or amount of airbags are not factors in determining premium. The make and model of your vehicle can be factors in determining your premium with regard to theft coverage as some vehicles are more frequently stolen. The price (list price new) affects your collision and comprehensive premium in as much as more expensive vehicles must be insured for a higher amount. Finally, to answer the race question... to the best of my knowledge - all North American jurisdictions have legislation that prevents insurers from asking the race of applicants on their application for insurance. As such, the insurance industry can neither track statistics or charge premium based on race. *** disclaimer - the above applies to North America only.

you know way too much

quote:

Originally posted by Moral Hazard I'm the only one here with a degree in insurance

quote:

Originally posted by leph555 you know way too much

i'm pretty sure that's the point.

quote:

Originally posted by leph555 I think it mostly depends on the value and safety of the car itself. If its a BMW they will charge you a lot more than lets say a ford. Also if you have 6 airbags, abs, some extra fancy safety shit you will get charged less. Insurance here is fucking crazy, especially for the leased cars.

if you have all those airbags and fancy things you'll pay a lot more. airbags go off to save you even in reasonablyu low level crashes, and they cost a fair bit to replace.

I wonder if US pays less for insurance like they seem to for everything else, market size and all that crap. Anyone care to compare costs? I know UK is truly incredible for insurance rates.

quote:

Originally posted by tubby if you have all those airbags and fancy things you'll pay a lot more. airbags go off to save you even in reasonablyu low level crashes, and they cost a fair bit to replace. I wonder if US pays less for insurance like they seem to for everything else, market size and all that crap. Anyone care to compare costs? I know UK is truly incredible for insurance rates.

depends on the age. when i first got my license it was 3000USD/year for full coverage.

quote:

Originally posted by tubby I wonder if US pays less for insurance like they seem to for everything else, market size and all that crap. Anyone care to compare costs? I know UK is truly incredible for insurance rates.

It's pretty hard to accurately compare cost for insurance between jurisdictions, especially internationally. Too much changes by jurisdiction; liability limits, statutory AB/PIPP coverage, jury awards for injury, cost to repair, etc. Trying to compare insurance costs in one jurisdiction to another is like apples and oranges.

720 every 6 months for the minimum coverage possible

quote:

Originally posted by Sunsnail 720 every 6 months for the minimum coverage possible

stop posting on the internet and go practice FA you thieving little turd!

I've been playing with krypton a few games. I'm getting better

quote:

Originally posted by Sunsnail I've been playing with krypton a few games. I'm getting better

good lad!!

quote:

Originally posted by SuspicionVandit we can settle it like men without poindexter pecil pushers.

Seriously... did you just call me a nerd?

well after careful consideration, i have figured out that my penis costs me about 100 dollars a month extra. If i lopped it off with an ice pick would i get a discount on my insurance?

quote:

Originally posted by SuspicionVandit give me 1 reason why Michael Moore hasn't made a movie on this

because he is fat?

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