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Buying Home and Auto Insurance Is Becoming Impossible
(www.wsj.com)
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this post was submitted on 16 Jan 2024
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You understand that there's nothing about the paint that makes red cars more prone to claims, but rather the drivers predominately that select red cars statistically have higher claims. If you're a generally safe driver, is there a reason that you would want to subsidize someone who is statistically a less safe driver?
For a few reasons. It's not easy to determine the difference between a streak of bad luck and a bad driver. I also don't think that people should go bankrupt because of an accident, regardless of fault. I believe that people will feel more responsible if they have a sense of collective responsibility through mutual funding.
You seem to be arguing that drivers of red cars statistically have worse luck. Statistics doesn't deal in luck, only results. If red cars cost more to insure (and we both acknowledge there nothing in paint pigment that can cause this) then it is a behavior of the drivers that choose these cars. That does seem like a good reason to not penalize safer drivers that don't drive red cars. Also, realistically we're talking about one tiny input into the actuarial tables that go into pricing insurance premiums for drivers. Red paint is probably way lower than other more important factors such as the complexity of repairs necessary for like accidents or the individual driver's previous driving history.
How is a person going bankrupt is if they're insured? Their future premiums will can certainly go up, but that's not a bankruptcy event.
Perhaps in some cultures, but certainly not in the USA. If anything socializing the losses creates less feeling of responsibility because the person committing the act only suffers a tiny fraction of the consequences.