Auto insurance is also known as motor vehicle insurance (Mooney 1989). It is bought by an individual if he or she buys a car to act as a cover incase of destruction resulting from an accident or as the case may be. In almost every country, it a must thing to have an auto insurance before one starts driving. In most cases, it is anticipated that the insurance taken will cover both the vehicle and the driver (Mooney 1989). For instance, in the United States, auto insurance is compulsory for damages caused on others although it is not applicable in all states. Punishments for not taking auto insurance are different in depending on the state (Mooney 1989). They range from payment of exorbitant fines, jail sentence, suspension from driving and taking away of the driver’s license. A third party cover is the least you can expect from any of the states. This particular essay attempts to answer the question why young men pay more for auto insurance compared to other groups (Mooney 1989).
One contributing factor is that most young men drive vehicles with powerful engines. Putting that into consideration, one will realize that, insurance policies requires that, if a car is powerful which means it is equally expensive one tends to pay more as insurance cover. Unlike their female counterparts, young men will always drive flashy cars that require them to pay more in terms of insurance (Automobile Insurance Association 1970).
In the same breath, a study carried out indicates that young men are by far likely to be involved in fatal accidents than any other group. In addition, unlike their female counterparts or old drivers young men rarely observe traffic rules causing accidents. As a result, most insurance organizations have conclude that, given that young men are likely to be involved in tragic accidents quite often, then they have to pay more in terms of insurance premiums unlike their female counterparts (Automobile Insurance Association 1970).
In yet another study, away from guess works. It was found out that, 78% of men die if involved in an accident compared to female. In 2007 alone, the number of men drivers who died in accident was 15,123 compared to 6,767 women tin the same year. This clearly indicates why young men pay more as auto insurance (Mooney 1989).
In yet another study on young men aged between 17 and 24 years of age, it was deduced that, this age bracket is likely to be involved in a serious accident compared to ordinary drivers. The most contributing factors are incompetency on the road and being immature compared with others on the road putting their records into consideration (Mooney 1989). This answers the question why these categories of people pay more than their female counterparts. Going by statistics, drivers over fifty years of age have bagged the best driving documents. However, the rate of premiums reduce when one reaches 27 years and above. It is also worth noting that, the death rates of young men have drastically gone down in the last few years. This may have been triggered by tough measure s being taken against the reckless young drivers in different states.
Another contributing factor why young men pay more as auto insurance is because it is depicted that they do drive faster than female counterparts. In the same breath it is said that, their driving rate is higher than women or any other group. That is to say they are ever on the road. Statistics collected indicate that, there are 65% young men on the road in average compared to 40% of the young ladies (Automobile Insurance Association 1970). As a result, they are likely to get more accidents than any other group and therefore that explains why they pay more to the insurance companies. It has also been discovered that many young men drive at a speed of over 100km/hr compared to their female counterparts who do 80km/hr on the public roads (Automobile Insurance Association 1970).
In yet another study in 2009, Colorado, a study seeking to know just how many drivers wear safety belts while driving was carried out. Shockingly, almost 60% of young men drive without safety belts on (Automobile Insurance Association 1970). This is also the same case with their passengers who are equally young men. Due to this, the insurance industry has taken it upon itself to charge high premiums on this category of people. It is also worthy noting that, although young men spend more time driving, female drivers of the same age are equally spending time on the road although at lower rate. This results to them paying more to insurance companies (Automobile Insurance Association 1970).
It is also depicted that, this category of drivers are very arrogant on the roads and will show it openly compared to girls who will tend to hide it. In the sane breath, young men are always in hurry which results to impatience which eventually see them being involved in accidents. In order to tame this, insurance companies are asking for something slightly high as insurance premiums from young men drivers compared with other groups (California. Dept. of Insurance 2004). However, it has been noted that, if not careful, young women will soon find themselves with the young men in terms of being aggressive on the road. They are advised to be on the look out otherwise they are headed for the worst (California. Dept. of Insurance 2004).
In some insurance companies, smokers are required to pay more in terms of premiums. The reason behind this differs with insurance companies. Many people who normally smoke are young men (California. Dept. of Insurance 2004). They are linked with smoking anytime they are on the road driving. Whenever a driver is on the road, he cannot serve two masters. Some accidents have been triggered by such behaviors and this has led to insurance companies being too hard on young drivers (California. Dept. of Insurance 2004).
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Another reason why young men are targeted is because they are associated with driving professions such as driving cabs which means they are ever on the roads. Statistically, it is evident that most public vehicles are driven by young men (California. Dept. of Insurance 2004). Compared to their female counterparts they eventually spend much of their time on the road. As a result, insurance companies deem it right to charge high premiums on auto insurance when it comes to young men.
Another study in California indicated that car theft is on the rise. Comparing the number of old men and young men who are falling victims it was found out than young men are the most targeted. In the same breath, most young girls are not many compared to the young men. The young men were regarded as very careless thus being mugged. Going by these statistics, the insurance companies are charging the young men something slightly higher than other categories of drivers (California. Dept. of Insurance 2004).
Some people still believe that young men should not pay more given that this is only an excuse by the insurance companies which are privately owned to make an extra coin. They attributed this to the fact that, women drivers even the older ones are very reckless on the road. Statistically, the number of women crashing on the roads is on the rise. The young men also complain that, the accidents in which they are involved in are brought about by women drivers (California. Dept. of Insurance 2004).
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The fact that most young men will always try to prove a point while on the road has seen them paying more to the insurance companies. In what many termed as a testosterone that is found in men and not in women, males are influenced by this hormone and therefore they will tend to overdo something including driving (California. Dept. of Insurance 2004). This they do without realizing. As a result, they put their lives at stake and end up causing more accidents on the roads. The insurance seems to have studied this better and therefore they ended up hiking the auto insurance premiums (California. Dept. of Insurance 2004).
There is also a belief that, anytime a young man attends driving school they pretend to have known how to drive in the first two weeks. Their ego is even driven more by the fact that some of them have received cars as birthday gifts. As a result, they don’t even seem to take their time to learn how to drive perfectly (Automobile Insurance Association 1970). A research carried out indicate that, when the reach the age of eighteen years, most of these young men get overexcited and start enjoying the freedom of driving dad’s car. This eventually leads to them being involved in crashes. The insurance companies seem to have seen this well than anybody else and took the advantage of increasing the auto insurance premiums charged on the young men (Automobile Insurance Association 1970).
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There is also another belief held that men in general, regardless of their age give willingly and see nothing to complain about. Compared to their female counterparts, they will always complain when it comes to paying an extra coin. This has resulted to them being charged exorbitantly even in insurance premiums (Automobile Insurance Association 1970).
Looking at it from a business angle, the insurance company seems to have done their calculations. Given that statistics are always right, and the fact that they portray young men as being reckless on the roads the insurance company cannot help but to charge them highly (Automobile Insurance Association 1970). This is supported by the argument that, if claims are made which will be more coming from the young male drivers they can easily get bankrupt if they are not careful. Putting all this into consideration, the burden of keeping them going is shared equally among the young male drivers that are there. This is just how business works and there is no other way about it (Automobile Insurance Association 1970).
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In conclusion, most young drivers feel that they have been targeted unfairly. This is because they feel that, women drivers are reckless just like them or even worse. When men are being busted by traffic officers for over speeding, women are just lucky given that some of them apply make ups on the roads definitely losing their heads while on the road (Automobile Insurance Association 1970). Another observation is that, anytime women are busted on the road and are required to pull over, they easily buy their way out so long as the traffic officer in charge is a man (Automobile Insurance Association 1970). When it comes to a case of a man the story is different as they can’t allow you to get away even with the slightest mistake on the road. Young men are being advised that, if for sure they want the situation to change, or to be paying the same insurance premiums like other categories of drivers, they must change the perception that the community and the insurance companies have towards the. But it is not surprising given that even the young men are admitting that they surely are reckless on the road. For this reason, they welcome the move to pay more in terms of premiums to cover their vehicles (Automobile Insurance Association 1970).