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Trenisha | A question about gender and insurance? |
I know guys pay more for car insurance, but on average how much more a year?
and according to this...
http://shine.yahoo.com/channel/health/did-you-know-women-pay-more-for-health-insurance-302611/
women pay more for health insurance?...but does anyone know why or how much more?
Additional Details
oh, and does anyone else think its a little sexist/dumb that insurance companies think JUST because youre a guy, you should pay more car insurance? or JUST because youre a girl means you should pay more health insurance? I mean, yeah its a statistic that guys get in more wrecks, but that doesnt mean ALL guys are bad drivers. and yeah women give birth in hospitals, but that doesnt mean ALL women will give birth in their lifetime. ugh. |
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Insurance Geek-ette
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Women pay more for health insurance, because men can't get pregnant.
Men pay more for car insurance and life insurance, because they have more accidents, and die sooner.
Not ALL states allow different rates based on gender. The ones that don't, well, the rates are the same for women and men. In other words, even though men can't get pregnant, they get to pay the higher women's rate.
There's a rule here, called, the Law of Large Numbers. The more people you have in a group, the more accurately you can predict the losses for the group. That's just numbers, it's just how it works out. Just like a poll - if you polled 20 people for the presidential election, is that going to be as accurate as if you polled 200,000? Of course not.
So all 16 year old boys are lumped into one group, the projected losses are calculated, and divided among all the 16 year old boys, to get a premium.
You're right, there ARE some of those 16 year old boys that do NOT have tickets or accidents - maybe 30% of them. The PROBLEM is, there's no way to tell, in advance, who's going to have the accident, and who won't. So the rate gets applied to EVERYONE in that group.
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JJ
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Unfortunately, the others have hit it on the head. Just because you have not had to file a claim yet does not automatically mean you won't. Insurance is a lot like gambling. Insurance companies figure out the odds of you (and others in your age/sex group) getting into an accident and charge you just a little bit more than they think they will have to pay out. That way they get a little profit. Insurance is highly regulated to make sure that they do not charge too much or too little (or they would go out of business).
There are ways to get a better rate. They are good student and drive course credits. Not all companies offer them, but the ones that do will give up to 5% credits for each. Shop around and talk to different agents to get their opinions on what company you should go with.
I know this doesn't really help you much, but keep you driving record clear and your rates will drop. Usually at 18, 21, or 25 depending on the company and state. |
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Chris C
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AS mentioned it has to do with the amount of claims and such. Statistically, women are more accident prone on top of the additional medical tests and such. Also, males tend to go to the doctor far less (most have the "I feel fine, so I am fine" way of thinking), where as women tend to go to the doctor more often. Regarding how much more they pay, it depends on the company. Everyone has their own different way of figuring things out.
It's is for those reasons (women go to the doctor more) that women tend to live longer *they take better care of themselves and catch diseases in their early stages) and thus their life insurance is cheaper than a males life insurance. It all works out in the end.
Insurance is all about statistics and risks and odds of something happening. There's nothing sexist about it. Odds are that most women have kids...there are stats that show that most women have kids, and there is no way an insurance company can determine at the time of application if a woman is going to have a kid or not. |
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bdhobbs1
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I have worked processing medical claims for insurance companies and we pay out more claims for women than men, so it's only fair that women pay a higher premium.
Some examples of claims that women would have that men don't:
Routine Mammograms
Pap Smears
Ultrasounds during Pregnancy
Delivery of a Baby
Newborn Charges (the baby charges go under the mom when born)
Keep in mind that several ancillary providers will also be billing their share, example, Anesthesia, Pathology, Radiology, etc. |
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