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Should the youth pay higher car insurance premiums than older folk?
Should there be a variation in vehicle insurance premium rates based on age groups?
I think that most insurance providers already have this. Younger males typically pay more, as statistically they are higher risk drivers.
That should be left up to the providers. If Progressive, GEICO, or any other provider wants to charge X amount for Y service, it's your choice on whose service you purchase. They are looking out for their bottom line and will surely adjust their policies to attract new buyers but also protect against their losses of younger, inexperienced drivers. The free market will take care of any problems.
Insurance companies work on statistics and probabilities, unfortunately the figures show, increased accidents amongst the younger age group drivers and the premiums reflect those figures. Whether the premiums are too high is another case; however, we have to take in to consideration that insurance companies are commercial enterprises and have to make a profit, something they won't do if they charge the same premiums to high and low(er) risk customers.
Yes, I personally think that there should be a variation in car insurance rates according to age bracket. Young drivers are a little bit reckless compared to older folks so they belong to the high risk group. In statistics, most common car crashes and accidents in US are due to young drivers. It's important that you should know how to lower your insurance premium cost (ask for discounts) and get more deductibles when getting car insurance, it'll become the means of opting for lower rates.
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