Why penalised for being under 25?

Ashabumbleb

One thing that irritates the life out of me when it comes to car insurance is being under 25. I'm 23 at the date of my renewal, and since I've been driving I've driven around 80,000 miles, that's in just under 5 years...more miles than some people drive in their whole life, I've got 5 years no claims, I've been driving for almost 5, and yet I'm still in the "young and inexperienced" high risk bracket.

What really peeves me is that someone who is 25 or over only needs to hold a full licence for a year and they are no longer in this category.

I know this post really is a bit pointless, it's just very frustrating!! So I am having a little bit of a vent!! x

olly300

Car insurance is done on statistical information.

So younger people regardless of how long they have been driving are always seen as statistically more likely to be involved in accidents.

Likewise women regardless of age (though the statistics are slowly changing) are seen as a lower risk then men in regards to the amount and kinds of accidents they have.

Also married people or people living with a partner are considered to be a lower risk of having accidents.

Oh and if you drive over the average amount of miles you are more at risk of having accidents so your insurance premiums go up, and if you drive under the average amount of miles you are also an increase risk.

nickmack

Ashabumbleb wrote: »

What really peeves me is that someone who is 25 or over only needs to hold a full licence for a year and they are no longer in this category.

True, but they may well still have their premium loaded because of inexperience.

Ashabumbleb

OMG.....the whole insurance thing is just crazy!!

What about lazy people that can't be bothered to indicate...or the over cautious that can cause just as much harm as the under cautious?!

Personally I think they should do a driving style questionnaire of some sort....might get more accurate results that way........

high risk indeed!

Crazy_Jamie

Whilst I agree that the system can produce unfair results, I think it may well be a tad unrealistic to expect insurance companies to do a full and exhaustive assessment of each individual prospective client. It would take a lot more time, and then you'd find your premium going up because of the extra man hours needed to calculate it!

Oscar_The_Grouch

When you look at statistics, you have to make a generalisation. In general, people under 25 will have more accidents that those over 25 and less than 70. It is also true that statistically, men over 45 are less likely to have an accident that women of the same age (but none of the female only insurance companies will tell you that).

At 23, having driven for over 80,000 miles, you are also driving statistically more miles than the average person and if you work on the statistic that Mr Average will have a claim every 100,000 miles, you are due for an accident soon. Statistically, you are more likely to have am accident where some fault is attributed to you (if you count all the 50/50 claims and "I hit a tree" accidents, more than 50% involve a cost to the insurer) so the loss will have an impact on the profits of your insurer.

Based on all these factors against you, regardless of how fortunate you have been in the past to avoid some nutter coming out of a side road, swerving to avoid him and hitting a tree, that accident could be just round the corner!! The insurers take that in to consideration and charge you accordingly.

DCFC79

You just are penalised, theres nothing you can do about it if oyu want to drive, i was under 25 and i didnt moan about being penalised for my age, its just something to have to put up with

dacouch

When you are about 40 you will be moaning at your Insurer that you don't want to be subsidising all "Those boy races" and as David Brent would say that is a fact