Insurance discrimination!
Insurance discrimination!
check this out! what you do for a living may affect your insurance rates!
http://moneycentral.msn.com/content/...ar/P147883.asp
http://moneycentral.msn.com/content/...ar/P147883.asp
They determine the rates based on statistics....if the less educated are more likely to crash according to stats then they will get charged more. I dont think its fair they charge me more based on the fact that im younger than 25 either even though i was never in an accident, but if i was in thier position I would probably do the same
Sounds to me like a law suit. I am all for it bro...
On the serious note, what a shame of insurance company, they can get into serious trouble if some bored lawyer decides to make a big deal about it.
I am kind of offended by that insurance company advertizing.
Just my .2c
Carlos
On the serious note, what a shame of insurance company, they can get into serious trouble if some bored lawyer decides to make a big deal about it.I am kind of offended by that insurance company advertizing.
Just my .2c
Carlos
Last edited by fromWRXtoEVO; Mar 25, 2006 at 11:30 PM.
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Originally Posted by blonde
don't you mean discrimination?
Originally Posted by akemi27
graveyard shift and surfing evom = sweeet
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Joined: Nov 2004
Posts: 14
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From: Chicago, IL
From the above article...
We're screwed...
Progressive is testing a discount to those who agree to have a transmitter record how often, how fast and when their vehicle is driven, along with information about acceleration and braking. Progressive and others are looking at pay-per-mile programs as well.
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Joined: Sep 2005
Posts: 51
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From: COLORADO
It is all based on actuarial science. Insurance companies hire math geeks to correalte statistics which can be implied to insurance costs/pricing. Insurance companies do not differ substantially from casinos, they utilize a large enough sample base to have a virtually concrete probability of you getting int an accident the pay-out cost for the accident and a loading factor which is the profit by which they stay in business. I assure you that much like a casino the "Loading" portion of your insurance payment is a low overall percentage of your whole bill.
There is an absolute correlation between what you do for a living and the rates which you will be charged. I took some classes during both my undergraduate degrees and MBA dealing with this type of mathematics,as well as numerous business law classes which dealt with te subject.
The prime factor is age, followed by gender. Teens have a virtual 100% accident rate between 16-18!!! Granted there are exceptions to the rule who never have an accident, but there are plenty of teen drivers who have 3,4,5+ accidents in there initial driving years. Females tend to have more accidents, however, they cause much less damage per accident, as opposed to males who cause appx 80% of all fatal accidents during the teen years. Therefore teen male drivers are the highest risk out of any category. Statistically speaking (If I remember correctly) a 30yo male with a blood alcohol limit of .16 (double the limit) has roughly the same probability of getting into an accident as a stone cold sober 16 year old!!!! I believe the insurance companies have a right to charge the increased amount.
As far as careers go, some of the highest insurance rates will be charged to Realtors, due to the fact that they drive a large amount, Carry numerous passengers and have multiple distractions (Cell phones, PDA' s, Map reading....) As a result they have a much higher statistical probability of getting in an accident. It does not necessairly mean all reators are bad drivers, however, on average they are the most prone to accidents and therefore, charged accordingly.
Firefighters, and paramedics, on the other hand, happen to have the lowest instance of accidents. Probably due to the fact that they see fatal T/A's on a regular basis. They have much lower rates.
If you put yourself in a category which causes you to be charged more then deal with it. As you get older, you will be charged less. If you get married, you will be charged less. Change your profession from being a Realtor to a Firefighter, you will be charged less. Sell your EVO and drive a Volvo, you will be charged less. It is not some big conspiracy it is just science, and business. We pay in so that if some catastrophy happens, we are taken care of. Math dictates the whole thing, not some corporate warmonger trying to take advantage of you.
Ok, I am done now.......
There is an absolute correlation between what you do for a living and the rates which you will be charged. I took some classes during both my undergraduate degrees and MBA dealing with this type of mathematics,as well as numerous business law classes which dealt with te subject.
The prime factor is age, followed by gender. Teens have a virtual 100% accident rate between 16-18!!! Granted there are exceptions to the rule who never have an accident, but there are plenty of teen drivers who have 3,4,5+ accidents in there initial driving years. Females tend to have more accidents, however, they cause much less damage per accident, as opposed to males who cause appx 80% of all fatal accidents during the teen years. Therefore teen male drivers are the highest risk out of any category. Statistically speaking (If I remember correctly) a 30yo male with a blood alcohol limit of .16 (double the limit) has roughly the same probability of getting into an accident as a stone cold sober 16 year old!!!! I believe the insurance companies have a right to charge the increased amount.
As far as careers go, some of the highest insurance rates will be charged to Realtors, due to the fact that they drive a large amount, Carry numerous passengers and have multiple distractions (Cell phones, PDA' s, Map reading....) As a result they have a much higher statistical probability of getting in an accident. It does not necessairly mean all reators are bad drivers, however, on average they are the most prone to accidents and therefore, charged accordingly.
Firefighters, and paramedics, on the other hand, happen to have the lowest instance of accidents. Probably due to the fact that they see fatal T/A's on a regular basis. They have much lower rates.
If you put yourself in a category which causes you to be charged more then deal with it. As you get older, you will be charged less. If you get married, you will be charged less. Change your profession from being a Realtor to a Firefighter, you will be charged less. Sell your EVO and drive a Volvo, you will be charged less. It is not some big conspiracy it is just science, and business. We pay in so that if some catastrophy happens, we are taken care of. Math dictates the whole thing, not some corporate warmonger trying to take advantage of you.
Ok, I am done now.......
Originally Posted by tinytiim
It is all based on actuarial science. Insurance companies hire math geeks to correalte statistics which can be implied to insurance costs/pricing. Insurance companies do not differ substantially from casinos, they utilize a large enough sample base to have a virtually concrete probability of you getting int an accident the pay-out cost for the accident and a loading factor which is the profit by which they stay in business. I assure you that much like a casino the "Loading" portion of your insurance payment is a low overall percentage of your whole bill.
There is an absolute correlation between what you do for a living and the rates which you will be charged. I took some classes during both my undergraduate degrees and MBA dealing with this type of mathematics,as well as numerous business law classes which dealt with te subject.
The prime factor is age, followed by gender. Teens have a virtual 100% accident rate between 16-18!!! Granted there are exceptions to the rule who never have an accident, but there are plenty of teen drivers who have 3,4,5+ accidents in there initial driving years. Females tend to have more accidents, however, they cause much less damage per accident, as opposed to males who cause appx 80% of all fatal accidents during the teen years. Therefore teen male drivers are the highest risk out of any category. Statistically speaking (If I remember correctly) a 30yo male with a blood alcohol limit of .16 (double the limit) has roughly the same probability of getting into an accident as a stone cold sober 16 year old!!!! I believe the insurance companies have a right to charge the increased amount.
As far as careers go, some of the highest insurance rates will be charged to Realtors, due to the fact that they drive a large amount, Carry numerous passengers and have multiple distractions (Cell phones, PDA' s, Map reading....) As a result they have a much higher statistical probability of getting in an accident. It does not necessairly mean all reators are bad drivers, however, on average they are the most prone to accidents and therefore, charged accordingly.
Firefighters, and paramedics, on the other hand, happen to have the lowest instance of accidents. Probably due to the fact that they see fatal T/A's on a regular basis. They have much lower rates.
If you put yourself in a category which causes you to be charged more then deal with it. As you get older, you will be charged less. If you get married, you will be charged less. Change your profession from being a Realtor to a Firefighter, you will be charged less. Sell your EVO and drive a Volvo, you will be charged less. It is not some big conspiracy it is just science, and business. We pay in so that if some catastrophy happens, we are taken care of. Math dictates the whole thing, not some corporate warmonger trying to take advantage of you.
Ok, I am done now.......
There is an absolute correlation between what you do for a living and the rates which you will be charged. I took some classes during both my undergraduate degrees and MBA dealing with this type of mathematics,as well as numerous business law classes which dealt with te subject.
The prime factor is age, followed by gender. Teens have a virtual 100% accident rate between 16-18!!! Granted there are exceptions to the rule who never have an accident, but there are plenty of teen drivers who have 3,4,5+ accidents in there initial driving years. Females tend to have more accidents, however, they cause much less damage per accident, as opposed to males who cause appx 80% of all fatal accidents during the teen years. Therefore teen male drivers are the highest risk out of any category. Statistically speaking (If I remember correctly) a 30yo male with a blood alcohol limit of .16 (double the limit) has roughly the same probability of getting into an accident as a stone cold sober 16 year old!!!! I believe the insurance companies have a right to charge the increased amount.
As far as careers go, some of the highest insurance rates will be charged to Realtors, due to the fact that they drive a large amount, Carry numerous passengers and have multiple distractions (Cell phones, PDA' s, Map reading....) As a result they have a much higher statistical probability of getting in an accident. It does not necessairly mean all reators are bad drivers, however, on average they are the most prone to accidents and therefore, charged accordingly.
Firefighters, and paramedics, on the other hand, happen to have the lowest instance of accidents. Probably due to the fact that they see fatal T/A's on a regular basis. They have much lower rates.
If you put yourself in a category which causes you to be charged more then deal with it. As you get older, you will be charged less. If you get married, you will be charged less. Change your profession from being a Realtor to a Firefighter, you will be charged less. Sell your EVO and drive a Volvo, you will be charged less. It is not some big conspiracy it is just science, and business. We pay in so that if some catastrophy happens, we are taken care of. Math dictates the whole thing, not some corporate warmonger trying to take advantage of you.
Ok, I am done now.......
well said!