Credit rating is highly correlated with wealth, and is also highly correlated with reduced accident rates.
You're assuming that accident rates are directly correlated with claim rates, however. A wealthy individual is less likely claim for a minor accident, preferring to pay out of pocket for small repairs rather than take a big hit on their premiums. Someone less wealthy may not have that option.
There are other reasons why wealth may reduce your risk to insurers that are unrelated to safe driving. You're less likely to leave a car parked insecurely in a dodgy part of town, for example.
Finally, "drivers of luxury brand cars" certainly aren't the same set as "wealthy people with good credit records". Plenty of lower net worth people can still manage a lease on a BMW or Mercedes, or buy a used one.
You're assuming that accident rates are directly correlated with claim rates, however. A wealthy individual is less likely claim for a minor accident, preferring to pay out of pocket for small repairs rather than take a big hit on their premiums. Someone less wealthy may not have that option.
There are other reasons why wealth may reduce your risk to insurers that are unrelated to safe driving. You're less likely to leave a car parked insecurely in a dodgy part of town, for example.
Finally, "drivers of luxury brand cars" certainly aren't the same set as "wealthy people with good credit records". Plenty of lower net worth people can still manage a lease on a BMW or Mercedes, or buy a used one.
Drivers of luxury cars cause more accidents, insurers say: http://www.telegraph.co.uk/finance/personalfinance/insurance...