Business: Premium Parity

Fairer auto insurance rates

Whether they are model drivers or hot-rod hellions, men aged 16 to 24 are usually socked with screechingly high auto insurance premiums. That discrimination could end if an experiment started in Connecticut last week by Motors Insurance Corp. is adopted by other companies. MIC, owned by General Motors, will make highway performance—not age, sex or marital status—its guide to rate setting.

Under the MIC program, an 18-year-old Hartford fellow just getting a license to drive his new Chevy Citation, for example, pays exactly the same as a 35-year-old Hartford housewife climbing behind the wheel of the same model...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!