Newfoundland Bans Car Insurance Rates Based on Gender, Age
New legislation has been submitted for approval that will force car insurance providers to stop basing rates on gender and age. Currently car insurance rates are based on statistical evidence that supports younger drivers under the age of 25 being more likely to cause accidents and get tickets. Annual insurance rates can cost young drivers (or their parents) up to $4,000 annually.
Hopefully this gets support in Canada and comes down here to the States.
Read the article here.
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3 Comments:
That's terrible.
Yes, why let the facts get in the way of insurance rates. Raise the rates on everyone who has kept their record clean for years so that 20 year olds can have cheap insurance.
Maybe they should do the same for life insurance - same rates for all ages 15 years old to 115 years old?
Well, there are outliers on both ends of the spectrum. Is it fair for a new driver who doesn't have a whole lot of money to be subject to high rates simply because some people in their age bracket are poor drivers? I see the same thing on the roads with people who are early 20s and people in the mid 30s, 40s. Rather than having high rates for one age bracket who typically doesn't have a lot of money anyway, make it fair for all, and start raising rates based on infractions, not statistics.
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