Author Topic: Interesting Articles...  (Read 2348323 times)

Online ExGingi

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Re: Interesting Articles...
« Reply #8880 on: April 29, 2018, 10:21:14 PM »
https://www.reddit.com/r/alberta/comments/8fsqos/i_saved_15_or_more_on_car_insurance_by_switching/

Amazing!

Hate to spoil the teaser, but can't resist but quote:

Quote
After that she said they will send me another batch of forms which included a requirement being a physician must write a letter saying that I am a woman. I thought I was stopped right there. I don’t want surgery! I thought gender was a state of mind in Canada and Alberta now. I was let down, but thankfully I was mistaken. Gender is a state of mind in Canada and therefore Alberta. I approached this sub in a post telling you guys how my shortly lived endeavor came to an abrupt end. I thought having to see a physician implied I had to have surgery. Silly me /s. The folks over at r/Mensrights directed me to a video of Lauren Southern (also Canadian) doing the exact same thing. r/Mensrights sub further convinced me that doctors are obligated to write me the letter I want. It’s dumb: they are medical doctors, not psychologists. As the form stated, I was allowed to change my Sex if my gender didn’t match my body. Doesn’t make much sense.
« Last Edit: April 30, 2018, 12:17:01 AM by ExGingi »
I've been waiting over 5 years with bated breath for someone to say that!
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Offline gingyguy

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May you slide down the banister of happiness & get many splinters of success up your career.

Offline A3

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Re: Interesting Articles...
« Reply #8882 on: April 29, 2018, 11:16:36 PM »
NUTS!
He / she didn't even have to get rid of them

Offline as2

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Re: Interesting Articles...
« Reply #8883 on: April 29, 2018, 11:19:24 PM »
He / she didn't even have to get rid of them
That's the most lucrative part of the deal!
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Offline skyguy918

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Re: Interesting Articles...
« Reply #8884 on: April 30, 2018, 12:19:35 AM »
https://www.reddit.com/r/alberta/comments/8fsqos/i_saved_15_or_more_on_car_insurance_by_switching/
Quote
Moreover, as people have stated in this sub, the negative statistics are largely in-part due to men simply driving more.
This is almost certainly accounted for. I'm sure we have at least one casualty actuary on DDF, but I can't remember who.

Offline as2

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Re: Interesting Articles...
« Reply #8885 on: April 30, 2018, 01:21:19 AM »
This is almost certainly accounted for. I'm sure we have at least one casualty actuary on DDF, but I can't remember who.
Regardless, the point still stands. You insure the individual, not the gender. Your quote should be based on your record, not anything else.
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Offline ChaimMoskowitz

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Re: Interesting Articles...
« Reply #8886 on: April 30, 2018, 09:40:44 AM »
Regardless, the point still stands. You insure the individual, not the gender. Your quote should be based on your record, not anything else.
Isn't the base rate based on gender then adjusted for the individual?
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Offline as2

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Re: Interesting Articles...
« Reply #8887 on: April 30, 2018, 10:16:05 AM »
Isn't the base rate based on gender then adjusted for the individual?
Yes, so they hit you twice. You are automatically charged more for being a man based on the "fact" that you are accident prone. In that case, an accident shouldn't effect your rate, being that it was already incorporated into your base price. Obviously, if there are excessive incidents, that would be another story.
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Offline Toasted

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Re: Interesting Articles...
« Reply #8888 on: April 30, 2018, 10:24:55 AM »
Yes, so they hit you twice. You are automatically charged more for being a man based on the "fact" that you are accident prone. In that case, an accident shouldn't effect your rate, being that it was already incorporated into your base price. Obviously, if there are excessive incidents, that would be another story.
If you are riskier than the average man, you pay more than the average man. That isn't double counting.

Offline as2

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Re: Interesting Articles...
« Reply #8889 on: April 30, 2018, 10:46:25 AM »
If you are riskier than the average man, you pay more than the average man. That isn't double counting.
Correct, but if the average man is risky, he's expected to get into accidents more often, and his pricing is based on that. If that is the case, any accidents he gets into that still fall into the amount of "the average man" he should not be charged anything more, being that it was incorporated into the base "average man" pricing.
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Re: Interesting Articles...
« Reply #8890 on: April 30, 2018, 11:06:59 AM »
Correct, but if the average man is risky, he's expected to get into accidents more often, and his pricing is based on that. If that is the case, any accidents he gets into that still fall into the amount of "the average man" he should not be charged anything more, being that it was incorporated into the base "average man" pricing.
Disclosure: I do this for a living.

Say for every 100 women drivers there are 4 accidents and for every 100 men there are 5. Men will pay 25% more as a result. Your expected accidents per year are still only .05 though. So if your actual accidents is 1 (or more), that means you're potentially riskier than the average man.

It may be totally random, therefore your rate doesnt increase 20x. Additionally, the data shows that folks who've been in an accident have a much higher probability of having another one.

Offline ChaimMoskowitz

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Re: Interesting Articles...
« Reply #8891 on: April 30, 2018, 11:08:55 AM »
Correct, but if the average man is risky, he's expected to get into accidents more often, and his pricing is based on that.
Base rate is for no accidents.
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Re: Interesting Articles...
« Reply #8892 on: April 30, 2018, 11:14:30 AM »
Disclosure: I do this for a living.

Say for every 100 women drivers there are 4 accidents and for every 100 men there are 5. Men will pay 25% more as a result. Your expected accidents per year are still only .05 though. So if your actual accidents is 1 (or more), that means you're potentially riskier than the average man.

It may be totally random, therefore your rate doesnt increase 20x. Additionally, the data shows that folks who've been in an accident have a much higher probability of having another one.
I hear that, but that still doesn't explain why it's not based solely on individuals. He had a great point, certain ethnicities are way more accident prone, why not charge them a higher base rate?
Base rate is for no accidents.
Exactly. If you are taking that assumption, the base rate should be the same until said accident(s) happen. If none do, why should I have lived my life paying more when I was incident free? I may agree that if both a man and a woman were in an accident, his rates should increase more than hers, but from a clean slate, both should start at 0.
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Offline skyguy918

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Re: Interesting Articles...
« Reply #8893 on: April 30, 2018, 11:20:30 AM »
Disclosure: I do this for a living.

Say for every 100 women drivers there are 4 accidents and for every 100 men there are 5. Men will pay 25% more as a result. Your expected accidents per year are still only .05 though. So if your actual accidents is 1 (or more), that means you're potentially riskier than the average man.

It may be totally random, therefore your rate doesnt increase 20x. Additionally, the data shows that folks who've been in an accident have a much higher probability of having another one.
+1

If statistics showed that drivers with 1 accident already on their record get in fewer accidents than drivers with no accidents on their record, then your rates would go down after your first accident (if not for the fact that it would create incentive to get into an accident). The fact of the matter is that the reverse is true - the statistics show that drivers with 1 accident are more likely to get into another accident than drivers with no accidents. Hence they are charged more for insurance.

The bottom line is, insurers generally seek to assign the cost of the pooled risk back to the sources of that risk as proportionately as possible. If they could, they'd probably use a whole lot more criteria, including race. They're restricted by insurance law. I don't think it's discrimination to allow pricing by gender, but I also think it's hypocritical to allow it by gender but not some other potential factors.

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Re: Interesting Articles...
« Reply #8894 on: April 30, 2018, 11:25:01 AM »
Quote
I hear that, but that still doesn't explain why it's not based solely on individuals. He had a great point, certain ethnicities are way more accident prone, why not charge them a higher base rate?
Argument makes sense but it's illegal. Some states outlaw gender discrimination of rates too.

Quote
Exactly. If you are taking that assumption, the base rate should be the same until said accident(s) happen. If none do, why should I have lived my life paying more when I was incident free? I may agree that if both a man and a woman were in an accident, his rates should increase more than hers, but from a clean slate, both should start at 0.

For every 100 people who had 0 this year, 5 will have an accident next year. So you can quite pay 0. Now, for every 100 who had 1 accident this year, 10 will have an accident next year. Shouldn't group B pay more?

Offline 12HRS

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Re: Interesting Articles...
« Reply #8895 on: April 30, 2018, 12:00:02 PM »
First comment on that reddit thread...

Quote
tldr: switching from guy-co can save you 15% or more on car insurance?

Offline Freddie

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Re: Interesting Articles...
« Reply #8896 on: April 30, 2018, 04:35:05 PM »
First comment on that reddit thread...

Top comment on any given reddit thread is usually fairly clever and quotable. That's what the whole site is built for, propelling the best content (including comments) to the top.

Offline thaber

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