Which statement regarding automobile insurance is FALSE? It is required in most states. Coverage can be for people and property. Younger males are usually pay more for it. It is based on the same philosophy as health insurance.

Younger males usually pay more for it. (False)

Explanation:

Automobile insurance basically provides financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also rise from incidents in a vehicle.

Younger males are usually pay more for it.

Explanation:

Option A is not false as it is established that insurance scheme can be found in most state. Thus, automobile insurance is not an exception.

Option B is also not false as the insurance covers the injuries and cost occasioned on the vehicle owner - people, and vehicle - property. It is an established principle underlying any insurance scheme that any cost arising from an adversity on the item so insured, should be covered by the scheme.

While it may be true that younger males pay more, this is far from being an established principle to categorically place it as true or false. Experiences of people vary with age, and this is not binding as experiences differ. The statement therefore is false in the light of this.

All insurance policy are hinged on same or similar principle. The statement that health insurance and automobile insurance are based on same philosophy is therefore true.