By John Podedworny, special to the News
Insurance premiums are the highest for young and new drivers, especially males. That said, we live in a city where driving has nearly become a necessity, whether for a job or because public transit is inadequate to cover such a widespread city.
This has left citizens at the mercy of insurance companies. So how am I, like the other thousands of young people in Ontario, supposed to be able to afford my insurance payments?
I could take out a loan or open up a line of credit with a bank. But both of those options leave me with debt and an even tougher start to life after I graduate. Insurance companies need to change how they charge young drivers. The rates for young people have gotten out of hand and have become something that negatively affects the majority of people.
I understand that insurance companies charge young people more because they are statistically more likely to make a claim. But why am I lumped in with every single other person my age?
Why do I have to pay such high rates to make up for the one knucklehead who crashes daddy’s BMW every Friday night?
Here’s a thought: instead of welcoming me with the highest rates of any age group, give me a merciful rate and let my driving history determine how much I will pay in the future. If I am a good driver who takes care of my car, reduce my rates.
Leave the excessive charges to the Justin Beibers of the world who think it’s cool to drag race and endanger the lives of everyone around them.
It should be clear that you get what you pay for and the people causing the accidents should be paying for them. Not someone who just happens to be young.
Most people can relate to having a child in the same situation as I am in. As a young adult, we are going through one of the most financially hard times of our life. Why are we also left to shoulder the burden of such high premiums while we try and get on our feet?
Early adulthood is the time people need help as they get their futures organized, not when they need to foot the bill of someone else’s claim.
It seems simple to me. If you cost the insurance company money, you have to pay them more. Insurance companies need to make a change and quit hindering those who already can’t afford their services.
It is inaccurate and unfair that I am viewed as a huge payday for an insurance company who deems me “at risk” simply because I’m young and male.
John Podedworny is a Hill Park graduate studying actuarial and financial mathematics at McMaster University.
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