According to Forbes, over their lifetimes, men pay more for auto insurance than women. Insurance companies defend these practices, explaining that charging more for men is not discrimination, but rather, is based on risk factors that determine rates. Individuals who purchase auto insurance, be it from State Farm or any other provider, may not be aware that their insurers often use complicated calculations and formulas to determine the rate that they’ll have to pay, and that these calculations may factor things such as gender. In fact, many insurance companies use non-driving-related facts to determine the cost of a person’s insurance. These factors include age and the income bracket of the neighborhood in which you live. In order for consumers to better shop for auto insurance, they should understand how their rates will be calculated. Some insurers place more weight on a safe driving record, while others won’t. If you are interested in learning more about what your insurance might be, it could be worthwhile checking out this insurance comparison site. You might find that some companies are happy to offer you a lower premium compared to others. So it’s definitely a good idea to check it out, particularly if you need to get your car insurance sorted.
Not all countries agree that it is fair to charge different rates for men and women. In European countries, for instance, it is illegal to base insurance rates on gender. All people have to do is do a quick search of ‘home and auto insurance near me‘ and go from there, regardless of their gender.
The good news is that insurers in Minneapolis are not allowed to base settlements on gender. Men tend to pay more for auto insurance because statistically, men are more likely to get into auto accidents. Yet, if you’ve been injured in an accident, your adjuster must base your settlement on your injuries, medical expenses, and losses, in accordance with your policy. While this seems like common sense, not all countries abide by this rule.
In Iran, for instance, until recently, female accident victims were not paid the same compensation rates as men. According to the New York Times, a recently passed law in Iran will make it illegal for insurers to consider gender when determining the value of a personal injury or accident claim. Current law states that women in Iran are only allowed to receive one half of the recovery from their insurance that a man would otherwise receive.
U.S. insurers are required to honor the terms of the insurance agreement. However, many auto accident victims in Minneapolis, Minnesota don’t know all the terms of their coverage and don’t always understand the fine print. It is always a good idea to review your coverage now, before an accident happens, so that if an accident does take place, there are no surprises. If you or a loved one has suffered a personal injury, a car accident attorney can sometimes assist you in getting the maximum compensation allowed under the law from insurers. Insurance adjusters often use complex formulas to determine the amount of money a person is entitled to receive. Sometimes these formulas offer initial lower-range estimates.
If you feel that you should receive more from your insurance settlement, contact the Law Office of Martin T. Montilino today. Martin T. Montilino is an auto accident attorney in Minneapolis, Minnesota, committed to helping you get the recovery you deserve. We’ll fight insurers aggressively to make sure that they honor their obligations to you.