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re: Why does AUTO-INSURANCE discriminate?????
Posted on 5/13/19 at 10:32 pm to HarveyBanger
Posted on 5/13/19 at 10:32 pm to HarveyBanger
quote:
It’s not about what I’m okay with. This is business. You are paying the insurance company for their product. Supply and demand.
Insurance company sets their rates to what they feel is an acceptable dollar amount to take on the risk of a driver.
It’s all about RISK. Whether it’s fair or not doesn’t matter
We ALL buy insurance to protect us when we screw up and cause a crash. Why are we being judged BEFORE we have a crash that may never happen? Because of lawyers??
3
Posted on 5/13/19 at 10:32 pm to Charlie Arglist
quote:
Why penalize anyone BEFORE they do something wrong....just because "statistics" say so.
quote:
The law of large numbers is a principle of probability according to which the frequencies of events with the same likelihood of occurrence even out, given enough trials or instances. As the number of experiments increases, the actual ratio of outcomes will converge on the theoretical, or expected, ratio of outcomes.
This post was edited on 5/13/19 at 10:33 pm
Posted on 5/13/19 at 10:33 pm to Cymry Teigr
quote:
Did you read the other link? I hate to explain it to you, but most insurance companies are lucky to break even on any line of business: auto, commercial, personal lines, ocean marine, any of them. They make their profits out of investing the premiums and paying out claims over time. It’s a time / earnings game.
ALL auto insurance companies in Louisiana made a 7.5% profit last year.
Posted on 5/13/19 at 10:35 pm to Charlie Arglist
This is an old statistic but the quickest I can find. It still applies. The risk is higher in certain age groups. You get rated on the statistical group you fall in. Young drivers are just statistically more likely to have losses so as a group need to contribute more.
LINK
LINK
Posted on 5/13/19 at 10:35 pm to Charlie Arglist
quote:Yes. Where do you think insurance companies come up with their rates? They don’t pull them out of their arse. They’re using data and statistics from claims and accident histories. Its why your insurance will cost more if you move from Ferriday to New Orleans. Statistically more likely to be involved in an accident in an area with crappy roads and lots of traffic. Are you saying that the rate being different because of change of zip code is being unfair?
just because "statistics" say so.
Posted on 5/13/19 at 10:36 pm to Charlie Arglist
I give up, sorry you can’t afford the extra $50 your car insurance costs because your credit sucks,
Posted on 5/13/19 at 10:37 pm to Chuker
quote:
You wanna talk about discrimination lets talk about how boys are charged a higher rate than girls when they start driving
Well thats because girls are typically more mature than boys when they are at driving age. Also males are way more likely to engage in dangerous behavior behind the wheel. But when you really look at it the base rate of a teen girl vs boys is minimal at best.
quote:
We don't allow for discrimination based on sex for anything other than the military, why are we allowing young men to be charged a higher rate simply for having a penis?
Are you serious right now?? Literally other insurances ie: Health and Life use sex as a factor.
Posted on 5/13/19 at 10:37 pm to Charlie Arglist
quote:Link?
ALL auto insurance companies in Louisiana made a 7.5% profit last year.
ETA: I’m just going to take a guess about why you’re so mad about some of the criteria insurers use to base their rate. Are you a young, non-homeowner with below average credit but a clean driving record?
This post was edited on 5/13/19 at 10:40 pm
Posted on 5/13/19 at 10:40 pm to Tiger Prawn
quote:
Link?
There won't be one because its completely untrue.
Posted on 5/13/19 at 10:40 pm to Cymry Teigr
quote:
So insurance should never age discriminate? Ok, tell all those young folks to start paying the same health insurance premiums as old folks...
Apples and Oranges....we all know that younger people have fewer health problems than old people. That is just nature. Before you say..."well, you are using statistics", consider that a younger person can have a PERFECT driving record....just like and older person. Two different things.
Posted on 5/13/19 at 10:42 pm to Charlie Arglist
quote:Now you’re being a hypocrite. Young people get in more car accidents than older people. An older person CAN have perfect health. But statistically its not as likely as a young person
Apples and Oranges....we all know that younger people have fewer health problems than old people.
Posted on 5/13/19 at 10:43 pm to Charlie Arglist
They are literally exactly the same.
Posted on 5/13/19 at 10:45 pm to Tiger Prawn
quote:
Now you’re being a hypocrite. Young people get in more car accidents than older people. An older person CAN have perfect health. But statistically its not as likely as a young person
You didn't watch the video. I may not be the best advocate.....but Mr Heller is.
Posted on 5/13/19 at 10:51 pm to Charlie Arglist
quote:
You didn't watch the video. I may not be the best advocate.....but Mr Heller is.
I did last week and will say what I said in the thread prior.. He muddies the differentiation between whats a surcharge and whats a discount is.. While hes not wrong in some of the rate changes, he is seemingly sensationalizing some of the data.
I took the time last week to also run similar quotes and didnt see near the same differences as he did.. So my question would be what one rating company was he using?? B/c I quoted thru a very well known national brand and I just wasn't getting the same conflicted data he did.
Posted on 5/13/19 at 10:52 pm to Charlie Arglist
Mr. Heller has good points and carriers are definitely taking advantage of lower income people by charging them more for some of those factors....but that’s not the primary reason our rates are the 2nd highest in the country...nor is it the reason that every single billboard has a personal injury lawyer on it.
Posted on 5/13/19 at 10:56 pm to Charlie Arglist
you should start an insurance company that uses only negative marks on a persons driving record as the only data point to price a risk. You’ll make millions of dollars.......for about 6-9 months and then you’ll be insolvent.
This video was already posted in another thread....
LINK
This video was already posted in another thread....
LINK
Posted on 5/13/19 at 11:00 pm to Anonymous95
quote:
.nor is it the reason that every single billboard has a personal injury lawyer on it.
I don't agree that EVERY billboard is a personal injury lawyer....but WAY too many.
We agree that there are too many and would love to see that changed. Unfortunately, even if the Bar or Supreme Court challenges it, it will fall under the 1st Amendment.
How about just start a boycott of THOSE particular lawyers???? Even you won't disagree that there is a place for PI lawyers in this world. Just not ones that give the good ones a bad reputation.
Posted on 5/13/19 at 11:03 pm to sleepytime
quote:
This video was already posted in another thread....
Ironic how you knew what a "shill" was.....
ETA: Why is it that the lobbyist for the insurance industry ADMITS that NOTHING will lower insurance rates......NOTHING...?
This post was edited on 5/13/19 at 11:05 pm
Posted on 5/13/19 at 11:09 pm to Charlie Arglist
If you don't like insurance, don't buy it.
Bitching like an old woman won't change your actuarial. Your rates won't improve.
Bitching like an old woman won't change your actuarial. Your rates won't improve.
Posted on 5/13/19 at 11:12 pm to meansonny
quote:
Your rates won't improve.
And THAT is my WHOLE frickING POINT!!!!!!!
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