How about splitting the premium to equal it out, not just independently raise the premiums for women?. This is an Insurance Company finding a way to make more profit. I wonder if that committee has had any contact with the insurance industry.
I've been harping on this issue for decades now. Labeling all male drivers as bad IS discrimination. If it were any other business, they could never get away with such treatment.
I have a clean driving record, and I pay more for insurance than a new female driver that has had multiple accidents. It's INSANE how out of whack the numbers are between the sexes.
I think Iggy is right: it's about profit. Throughout history, men have usually done the bulk of the driving. The insurance companies target them with the highest rates for that reason alone. Now that things are changing, and many more women are driving - especially the expensive sports cars now, the insurance companies can't afford to miss out on those profits any longer.
This is a much needed leveling of the playing field. It has never been fair that a female driver - who is now earning the same amount of money as a male doing the same job (as required by law) - would pay 50% or less of what a male pays for insurance based solely on her sex. It has become almost a joke. Around these parts, most sports cars are driven by women because men can't afford to keep them on the road! When was the last time I saw an 18-year old male driving a Mustang? How about never. College chicks driving Mustangs however? Perfectly normal.
They need to balance out life insurance and the other ones too because this has been a farce.
Insurance is a wager. You're betting the company you'll be in an accident. They bet you will not. They hold the money. You don't want to be in an accident, and after a year you don't get in an accident, you lose the bet, they keep the money.
Life insurance is the same thing. You bet you're going to die. They bet you are not going to die. Now you know sooner or later you're going to die. They know it's more than likely later. So you're twenty years old and you take out a $10,000 life insurance policy at $25 a month. $300 a year. If you live to be 65 years old, you've paid $13,500 on a $10,000 policy. Prolly more since premiums have a tendency to go up.
But anyway, you raise a good point. But here's the thing: in a crash of equal severity, females are more likely to be injured or killed than males. So for the fatal crash stats available to translate inversely to at-fault gender stats to show that women are twice as likely to be at fault than men, I would think this would mean that all of these accidents caused by females must be them t-boning cars driven by males (i.e., a less severe crash for the female and a much more severe crash for the male) -- and only ~25% of all fatal accidents are side-impact t-bones. It's possible but I find it hard to believe that females are much more likely to get into accidents that are extremely favorable to them as far as severity goes, while at the same time extremely unfavorable to the male drivers in the other car as far as severity goes.
Also, I wonder: what payout obligations, if any, does a car insurance company have to those who die in a car accident or their surviving family members? If the person had collision does the estate get paid the car's worth? Same for car insurance medical coverage, etc.
Comments
I have a clean driving record, and I pay more for insurance than a new female driver that has had multiple accidents. It's INSANE how out of whack the numbers are between the sexes.
I think Iggy is right: it's about profit. Throughout history, men have usually done the bulk of the driving. The insurance companies target them with the highest rates for that reason alone. Now that things are changing, and many more women are driving - especially the expensive sports cars now, the insurance companies can't afford to miss out on those profits any longer.
This is a much needed leveling of the playing field. It has never been fair that a female driver - who is now earning the same amount of money as a male doing the same job (as required by law) - would pay 50% or less of what a male pays for insurance based solely on her sex. It has become almost a joke. Around these parts, most sports cars are driven by women because men can't afford to keep them on the road! When was the last time I saw an 18-year old male driving a Mustang? How about never. College chicks driving Mustangs however? Perfectly normal.
They need to balance out life insurance and the other ones too because this has been a farce.
Life insurance is the same thing. You bet you're going to die. They bet you are not going to die. Now you know sooner or later you're going to die. They know it's more than likely later. So you're twenty years old and you take out a $10,000 life insurance policy at $25 a month. $300 a year. If you live to be 65 years old, you've paid $13,500 on a $10,000 policy. Prolly more since premiums have a tendency to go up.
Also, I wonder: what payout obligations, if any, does a car insurance company have to those who die in a car accident or their surviving family members? If the person had collision does the estate get paid the car's worth? Same for car insurance medical coverage, etc.