Thread: Should race be a factor in car insurance prices?

Lol, I bet that thread title was a liberal magnet, anyway, Should race be a factor in car insurance prices?

Unlike most of liberal society, Insurance companies don't bow down to Political correctness and all this "everyone is absolutly perfectly equal" nonsense. When getting a quote for car insurance many things can affect the cost other than the car itself. Things like your neighbourhood, your age, your gender, even your job.

It's a fact that younger people are more likely to make a claim than older drivers, as are males over female drivers, it's just a fact of life. Actually a European commision case once tried to enforce equal insurance premiums for men and women but the insurance companies won.

Insurance companies note down every factor to asses your likelyhood of costing them money, so, should they be allowed to discriminate price based on the race of the insurance customer, if statistics were to show that one race was more likley to claim on their premium than another.

I just get annoyed when I see my premiums are higher then my sister's. She's 2 years younger, has points on her license, multiple accidents, and is working on trashing her credit. Would be interested to know though what you're paying where you are.

I'm paying roughly $530/year for liability only, living in NJ.

But yeah I'm studying to become an actuary, so become what you hate I suppose.

Originally Posted by TheUnknown

I just get annoyed when I see my premiums are higher then my sister's. She's 2 years younger, has points on her license, multiple accidents, and is working on trashing her credit.

Considering women make significantly less money than men for the same jobs, I'd say you don't really have anything to complain about in the long run.

Originally Posted by Aquanina

Considering women make significantly less money than men for the same jobs, I'd say you don't really have anything to complain about in the long run.

http://www.explosm.net/comics/2002/ << please go here to view my feeling on that matter.

Originally Posted by Aquanina

Considering women make significantly less money than men for the same jobs, I'd say you don't really have anything to complain about in the long run.

I understand overall they have a lower average wage because the jobs they take tend to be lower paid, but in the same jobs, does that really happen at all these days? All my female collegues earn exactly the same as me, not that it's really relvent to car insurance, especially race and car insurance at all.

No it doesn't really happen. If a woman and a man works the same job and works the same hours, then get paid the same. The reason men make more on average than woman, is because men on average work for longer hours than woman. You work more hours you get paid more, pretty simple.

There are other reasons as well but most of them are legitimate reasons, like men doing more dangerous work, woman taking more time off for family, woman having less experience and things like that.

Originally Posted by Alric

men on average work for longer hours than woman.

Source?

It is my opinion that Asian people are generally worse drivers than other people. I am not trying to be racist, I have nothing against Asian people, it's just how I see it. Example: I live in a small town, 2 hours away from a big city, and a LOT of people from that city come down to my town to take their driving tests here because they cannot pass it in the city.

Originally Posted by Saturos

It is my opinion that Asian people are generally worse drivers than other people. I am not trying to be racist, I have nothing against Asian people, it's just how I see it. Example: I live in a small town, 2 hours away from a big city, and a LOT of people from that city come down to my town to take their driving tests here because they cannot pass it in the city.

I have to agree with this. I think it has to do with them having different road laws where they come from.
However, I'm 50/50 on the OP's topic.

Christ. Although this thread is interesting, I have to say, ThatPerson; you have a very one-track mind. It's kind of ironic that you should spend so much time complaining about how these minutiae are a detriment to your life when actually your sole life experience has been complaining.

They have different road laws in the city..?

Hehe I was once walking through chinatown with my ex (who is asian) and we were about to cross a street (green light), and she grabbed me and said "wait!" and sure enough, some idiot made a big turn right into the intersection, running their red light. I asked how she knew he was gonna do that, and she just said "asian driver"

It's funny, most people who get into/cause accidents that I know are women. But anecdotal evidence is not statistics. All that being said, I think everyone should start with a clean slate, and the penalties can then accumulate. Getting profiled based on the statistical performance of one's race/genger/age group is just not okay. Sure, it'll save less money for the insurance companies (so the billionaire CEOs of the companies will have a tiny amount less money at the end of the year), but it's at least more ethical.

Bureau of labor statistics.

http://www.bls.gov/opub/ted/2008/jun/wk4/art04.htm

45 minutes a day, 3.75 hours a week, almost 200 extra hours a year. It might seem small on an hourly base but does add up, and of course there are other factors. One of the bigger ones being the type of jobs each gender takes. One can say that a man or woman can do anything the other can, and its true. However it normally doesn't happen that way.

Nice source!

Though I'd be shocked if the "women get paid less" isn't a "per hour (or lower salary)" argument.

I'm about to purcahse some insurance, the best I have so far is £1,800 for third party (liability only) the average for a 17 year old male in the UK is about £1500-£2000/year. even for females its about £800 - £1200