Young Driver Insurance Statistics

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Young Driver Insurance Statistics

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Because drivers are required to have motor insurance by law, it should be important that the calculations involved in determining the cost of insurance are transparent. If they are not published it could hide practices that are anti-competitive and could protect companies that are running a cartel. Car insurance companies use age statistics to calculate the risk of accidents however last year there were 130,000 people under the age of 25 prosecuted for not having car insurance, did their quotations reflect this uninsured element to the detriment of the insured. If they did not the insurance companies are unfairly penalising the younger age groups that are insured. The circumstance I have outlined could be a prime facie case of collusion and prohibited under chapter 1 of the competition act unless the statistics are used inter company are published and are mathematically correct.
I want a law to require risk statistics and risk calculation in the Insurance Industry to be published.

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