Discrimination in insurance?
There is a lot of talk right now in Alberta about auto insurance rates. One of the topics has been, that women pay more then they should for auto insurance. The GRID system in Alberta looks at drivers by the number of years they have been licensed. If a person has had an accident, then they are rated on the GRID. Then the number of tickets or convictions is considered.
This appears to level young men and young women's rates. But this is not so! The insurance companies actuaries have proven that young men have more serious accidents then young women. The number of fatalities is higher and so are the severity of injuries.
How are rates determined?
Insurance is based on the perception of risk. So most of the insurance companies still offer lower rates for younger female drivers than the GRID rates.
The insurance answer
Insurance seems to be the summer's "hot topic" and we will likely hear more comments and speculation. Generally people are looking for ways to save money and nervous about what might happen in the future. Consider carefully the information you see in the newspaper or hear on the TV news.
Double check some of the "broad" statements that are made in regards to insurance. Ask your agent or broker about what information they have been given in regards to rate changes.
