Definition: The 'insurance 80 Rule', also known as the '16 year-old boy' rule, is a commonly used phrase in insurance policies. It was created to prevent underwriting companies from insuring young boys who were at high risk for car accidents due to their rapid growth and development. Essentially, this rule states that if an insured person (such as a 80-year-old man or woman) can drive a motor vehicle on a highway without causing serious injury or property damage, the company is not going to consider them a premium paying customer. This means that younger people who might be considered at risk of a serious accident due to their rapid growth and development are not considered in standard insurance policies. The 'insurance 80 rule' has been criticized for being unfair to older drivers who may face higher premiums or have to pay extra fees, particularly if they are required to drive the same age as younger drivers. It has also been noted that it can be difficult for insurers to manage and adjust their claims when faced with an older driver on a claim. In summary, the 'insurance 80 rule' is a policy in insurance law designed to prevent underwriting companies from insuring young people who are at high risk of causing serious injuries or property damage due to rapid growth. It has been criticized for being unfair and difficult to manage.
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