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Exploratory Study of Spatial Variation in Car Insurance Premiums, Traffic Volume and Vehice Accidents

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  • Ong, Paul
  • Sung, Hyun-Gun

Abstract

Traffic accidents are inevitable, albeit undesirable, outcomes of vehicular travel. They impose a heavy burden to individuals and society. The most obvious individual costs are related to bodily harm, damaged property, and lost time. Even those not involved bear a cost in terms of insurance premiums to offset the risks of driving. We rely on the private market to establish the price for coverage, with state oversight to address potential problems of market concentration, imperfect information and moral hazard. The fairness of variations in premiums hinges in part on the use of unbiased actuary rates, but this is a necessary bur not sufficient condition. Differences are questionable when based on discrimination or when externalities are present.

Suggested Citation

  • Ong, Paul & Sung, Hyun-Gun, 2003. "Exploratory Study of Spatial Variation in Car Insurance Premiums, Traffic Volume and Vehice Accidents," University of California Transportation Center, Working Papers qt3s79382v, University of California Transportation Center.
    • Handle: RePEc:cdl:uctcwp:qt3s79382v
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    References listed on IDEAS

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    1. Ong, Paul M. & Miller, Douglas, 2003. "Spatial and Transportation Mismatch in Los Angeles," University of California Transportation Center, Working Papers qt2664v2n7, University of California Transportation Center.
    2. Ong, Paul & Miller, Douglas, 2003. "Spatial and Transportation Mismatch in Los Angeles," University of California Transportation Center, Working Papers qt1m84h1b7, University of California Transportation Center.
    3. Paul M. Ong, 2002. "Car ownership and welfare-to-work," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 21(2), pages 239-252.
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    Cited by:

    1. Ong, Paul M. & Stoll, Michael A., 2008. "Why Do Inner City Residents Pay Higher Premiums? The Determinants of Automobile Insurance Premiums," University of California Transportation Center, Working Papers qt6zp0z9cj, University of California Transportation Center.

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