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bogbrush

Insurance No Longer To Be Based On Risk

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So despite the fact that nobody in their right mind would hand a car to a 17 year old lad and expect it back in the same shape, insurers are to be instructed to charge the same to men & women. Same goes for pensions, where they'll have to ignore the reality of life expectancy.

http://www.bbc.co.uk/news/business-12606610

Of course, this will come as no bad news to the insurer, who will doubtless equalise somewhere higher than current average.

However the key point here is that once again the state intervenes to override the market (one which is largely created by it anyway) which will result in loads of unintended consequences none of which will benefit consumers.

What we will need, obviously, is tighter regulation to fix these consequences. :blink:

Edited by bogbrush

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Rather a misleading thread title.

Surely this means that insurance will have to be based more on actual risk, as determined by your lifestyle and history, rather than the potential effects of your genes. Perfectly fair, I'd say.

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The bigger impact is to pension annuities (and to men), but that's not such a sexy topic. In short women live 4.5 years longer on average but pension companies will have to provide the same figure for both.

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So despite the fact that nobody in their right mind would hand a car to a 17 year old lad and expect it back in the same shape, insurers are to be instructed to charge the same to men & women.

Have you seen how some young women drive nowadays?

Its just change. If it had always been that way we'd be used to that - and people would loudly object to the idea of charging young blokes more.

A flexible attitude to such changes is a good response to life.

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The bigger impact is to pension annuities (and to men), but that's not such a sexy topic. In short women live 4.5 years longer on average but pension companies will have to provide the same figure for both.

I think this one will end up being a can of worms the judges will with they never opened.

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Rather a misleading thread title.

Surely this means that insurance will have to be based more on actual risk, as determined by your lifestyle and history, rather than the potential effects of your genes. Perfectly fair, I'd say.

No, you're wrong.

Insurers charge lads more because they carry greater risk because of tendencies that correlate with gender. Sure, some girls crash too, but not as many.

Insurers don't charge differential rates for a laugh.

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Guest eight

No, you're wrong.

Insurers charge lads more because they carry greater risk because of tendencies that correlate with gender. Sure, some girls crash too, but not as many.

Insurers don't charge differential rates for a laugh.

Just out of interest, would you be happy to hand your car to an asian?

What about a black guy?

eight

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Just out of interest, would you be happy to hand your car to an asian?

What about a black guy?

eight

Depends on whether they are either a friend or else someone I know I can trust.

Why?

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Guest eight

Depends on whether they are either a friend or else someone I know I can trust.

Why?

Because the kind of sweeping generalisation that you made about 17 year old males would, I believe, be illegal to make about the groups I mentioned despite the fact that there is anecdotal evidence to suggest that both are more likely to be involved in accidents. I also found it quite offensive (Harriet Harman says I'm allowed to be offended on behalf of anybody else now), especially since I was once a safe 17 year old old who never had an accident and yet didn't have to pay the frankly ridiculous sums being demanded these days.

Tangentially, how are young British lads ever to have any hope of a career in driving if they cannot even afford private motoring?

eight

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after I passed my test at 17 in 2003 I drove around everywhere like a cautious old lady. I am a much more dangerous driver now I have aged to 24 and no longer really care as much.

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Because the kind of sweeping generalisation that you made about 17 year old males would, I believe, be illegal to make about the groups I mentioned despite the fact that there is anecdotal evidence to suggest that both are more likely to be involved in accidents. I also found it quite offensive (Harriet Harman says I'm allowed to be offended on behalf of anybody else now), especially since I was once a safe 17 year old old who never had an accident and yet didn't have to pay the frankly ridiculous sums being demanded these days.

Tangentially, how are young British lads ever to have any hope of a career in driving if they cannot even afford private motoring?

eight

Insurance is based on assessment of risk and until you can convince someone you're personally a good risk (usually involving evidence of accident-free driving) they'll go on what evidence they have. 17 year olds lads have more accidents than 35 year old women, or indeed 17 year old ones.

Whether the law bans some of the conclusions you mention for idealogical reasons doesn't make drawing fact based conclusions wrong.

Your sensitivity to offence isn't a factor in this.

Edited by bogbrush

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So despite the fact that nobody in their right mind would hand a car to a 17 year old lad and expect it back in the same shape, insurers are to be instructed to charge the same to men & women. Same goes for pensions, where they'll have to ignore the reality of life expectancy.

http://www.bbc.co.uk/news/business-12606610

Of course, this will come as no bad news to the insurer, who will doubtless equalise somewhere higher than current average.

However the key point here is that once again the state intervenes to override the market (one which is largely created by it anyway) which will result in loads of unintended consequences none of which will benefit consumers.

What we will need, obviously, is tighter regulation to fix these consequences. :blink:

Think i might buy some insurance company shares

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Guest eight

Insurance is based on assessment of risk and until you can convince someone you're personally a good risk (usually involving evidence of accident-free driving) they'll go on what evidence they have. 17 year olds lads have more accidents than 35 year old women, or indeed 17 year old ones.

Whether the law bans some of the conclusions you mention for idealogical reasons doesn't make that wrong.

Your sensitivity to offence isn't a factor in this.

Yes, I understand why it is.

I just think that to make assumptions about a person's character or behaviour or likely behaviour based on a demographic group that they have no choice but to belong to is pretty hideous, frankly.

eight

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Yes, I understand why it is.

I just think that to make assumptions about a person's character or behaviour or likely behaviour based on a demographic group that they have no choice but to belong to is pretty hideous, frankly.

eight

Yeah its a bit like thinking anyone from Darlo wants to smash your face in :D when in reality its only about half of them :lol:

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Because the kind of sweeping generalisation that you made about 17 year old males would, I believe, be illegal to make about the groups I mentioned despite the fact that there is anecdotal evidence to suggest that both are more likely to be involved in accidents. I also found it quite offensive (Harriet Harman says I'm allowed to be offended on behalf of anybody else now), especially since I was once a safe 17 year old old who never had an accident and yet didn't have to pay the frankly ridiculous sums being demanded these days.

Tangentially, how are young British lads ever to have any hope of a career in driving if they cannot even afford private motoring?

eight

The crack is, if your lucky enough to graduate, you might get a minimum wage job. With a wage of under £10k after tax, you might just be able to afford accommodation of the lowest quality which you can share with your peers up until the age of 35 whilst eating bread (and if your lucky, beans). Bus fares will eat up your remaining income. Gas central heating will be useless, it is too expensive to turn on. Insuring a car is out of the question. Marrying an having children impossible.

I wish I was back on the dole, when I could spend my time brewing beer an getting pissed inbetween signing on. Being sober enough to comprehend the future is soul destroying. How I long for the good old days on the dole!

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Guest eight

Yeah its a bit like thinking anyone from Darlo wants to smash your face in :D when in reality its only about half of them :lol:

Yes. But do you (incorrectly) assume it's only the male half that are into face smashing? It's not fair to tar people with the same brush on a gender basis you know!

eight

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Yes. But do you (incorrectly) assume it's only the male half that are into face smashing? It's not fair to tar people with the same brush on a gender basis you know!

eight

The problem isn't the insurance premium anyway, that's just a product.

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I just think that to make assumptions about a person's character or behaviour or likely behaviour based on a demographic group that they have no choice but to belong to is pretty hideous, frankly.

Drivers don't have a choice how old they are. Is it wrong to discriminate based on age too? All of us discriminate against others based on their demographic group all the time. I would feel less nervous about being followed down a dark alley by a group of old ladies, than I would of young men. Am I ageist and sexist?

Incidentally, what is the premium on average for a lad passing his test at 17?

Edit: £3500? You're joking.

Edited by tahoma

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Insurance premium for 17 year old male on a £1k car = £3500

Bloody hell, I paid £72 to insure my Hillman Super Minx and that was on L-plates!

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Insurance premium for 17 year old male on a £1k car = £3500

Fine for driving without insurance if caught = £100

I'm 23 and am being offered £4000+ quotes for a £250 1.1 fiesta.

I was 18.5 when I passed my test, I got a bicycle after looking into getting a car, it has become more expensive ever since. It goes down in price with age, but as you age one year, the amount it would have been, increases at such a rate, that it gets more and more expensive.

When I was 18 I was offered ~£2800 quotes for a £300 1.6 escort.

I might see about one of these mobility scooters and a numberplate along the lines of, 'RIP OFF CAR, INSURANCE' it will probably take me 6 years to save up enough, but at 29 I'll no longer need the bus. I will not be a failure in Thatcher's eyes!

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I'm 23 and am being offered £4000+ quotes for a £250 1.1 fiesta.

I was 18.5 when I passed my test, I got a bicycle after looking into getting a car, it has become more expensive ever since. It goes down in price with age, but as you age one year, the amount it would have been, increases at such a rate, that it gets more and more expensive.

When I was 18 I was offered ~£2800 quotes for a £300 1.6 escort.

I might see about one of these mobility scooters and a numberplate along the lines of, 'RIP OFF CAR, INSURANCE' it will probably take me 6 years to save up enough, but at 29 I'll no longer need the bus. I will not be a failure in Thatcher's eyes!

They're not really insuring your car though are they? They're covering the other one you smash into, and the personal injury claim.

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Insurance premium for 17 year old male on a £1k car = £3500

Fine for driving without insurance if caught = £100

Once again -you have to think thru "the problem"

Just like HPC readers now realise money given to Doleys/poor doesn't go to them just passes thru their fingers (it all goes to rich landlords or paying excessive wages of Housing Association gangsters)

Thus the rising costs of Insurance are 'played' by the few greedy top dogs then spread out over the general population

- the lawyers/legions of various 'consultants' charging minimum £200.00 + p.hr

Barristers £1500 per hr+

Private doctors/consultants used if injured £100's per hr

etc

The greed of the Insurance companies.

Loads of front-companies are owned by just a handful of 'mother' companies like Globalist Insurer Aviva

(It's to give the population an illusion of insurance competition)

Last time I read - just two City companies underwrite the insurance for all the other household name companies!

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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