Thanks buddy. I'm aware of that, part of my job in the insurance company is risk assessment. Red and black has the same risk rating around the world, not only in Merica.
However, the latest study shows there's a great deal to do with WHAT the statistics being that way instead of WHY 😂 it's not like people like to buy red car and drive like a moron. It simply due to 80% of Ferraris are red, and 95% of Lambos are black. Imagine 1 crash of those car render in how many PERCENT of financial loss against all collected premium pool from the RED or BLACK cars? 🤣
To keep things simple stupid, the way insurance company utilize the statistics is totally effed up, but we got no other choice. Another stupid statistics being, women owner vehicle also cost more to insure 🤣 they said girls have higher chance of accidents. But again, the comparison of the men and women driver probably 7:3. Therefore, I know friends from Merica who buy all the cars with husband's name but the wifey is driving for many years. Until, the insurance company patch this hole with apply loading(extra charges) on women driver on husband's car 🤣🤣🤣
All this stuff was years ago when I worked on my Dad's car lot, perhaps these are outdated ways of thinking now with AI and better statistics and all. I do remember a lot of companies would make fast cars with 4-doors because insurance was always cheaper in the beginning, but always within a couple of years the insurance companies would realize this trick and increase the rate of the racecar disguised as a 4-door family sedan.
Is there also an age in Malaysia where auto insurance rates get cheaper? If I remember correctly, I think the magic age in the USA was 26 years old, after that rates dropped significantly.
They have different ways to skin the cat here in Malaysia. They can impose excess on young driver. Something like if you're a probation driver, in the event of accident claims, the first 400 are borne by the vehicle owner. If the vehicle owner is younger than certain age, they impose even higher excess, up to 2.5% of vehicle value or minimum 400 whichever come first.