If your Social Media Accounts Impact car insurance premiums?
A lot of drivers out there I do not think that your insurance company may be linked to your account various social services. Your insurer is unlikely to see your Facebook page, Twitter "tweets", and Bebo pictures and video. So far, this has certainly been the case. Although none of the insurance companies so far have done social research on an individual, could be a flow that you want to follow. Through social stimuli, the insurance companies can have a better idea of the true inner personality of an individual and their driving history.
Then, we'll see the ways in which insurance companies take advantage of this information and how they can exploit them. You'll understand the real reason behind the insurance providers out there.
Auto Expand insurers pool their data
Auto insurers are currently using the driving record, living address, type of vehicle you drive, and other factors, to calculate the premium. This information allows them to predict the more likely you'll file a claim for the future. For example, if your driving record is spotless, you're less likely to cause a collision at-fault of someone who has more fines on their record. Similarly, driving a vehicle that has a low credit loss history poses a lower risk of loss the insurance of a car with a large loss claims.
But consider the other types of information that may prove useful to insurance companies. For example, suppose that an insured person is a member of the Facebook groups "fast driving" or "The guide at the top." Both may indicate driving behavior that suggests a greater risk of loss of insurance. Companies that discover their policyholders are members of such groups may raise their rates, or decline to extend coverage once their contracts expire.
But how far is too far? What kind of personal information should be off limits to insurers? To answer this question, it is worthwhile to examine how auto insurance companies are regulated in their use of information.
The impact of regulation on insurers
All provinces and territories to impose regulations on insurance companies that limit the types of information that can be used for calculating rates. For example,Ontario
Although social networking sites like Facebook and Twitter have been around for years, they represent a new territory in the context of collecting data for determining the rates. So, there are some rules that address them. This is likely to change, but the direction in which it does remains unclear. insurance companies can use the pictures on your Facebook account to help determine the rates? They will be able to "spy" on the accounts the same way a private investigator photographs of persons suspected of insurance fraud disability?
These and other questions must be addressed as insurers continue to explore the social networking sites to monitor their policyholders. It is likely that each province and territory will handle these issues differently.
Car insurance will increasingly use social media
There are a few obstacles - in addition to regulatory hurdles - for insurers who want to exploit social network sites. For example, it is difficult to identify as a contractor as the owner of a Facebook or Twitter account. This is especially true for those with common names, there may be hundreds of people on these sites, called "Mark Jones."
Secondly, membership of particular social groups of the media is not necessarily a bad driving behavior. That is, how can an insurance company to know with certainty if an insured on the Facebook group, "Driving Fast", the real driving fast?
Over time, these challenges will be resolved as technology introduces more effective monitoring mechanisms for insurers. In the future, it is very likely that you will get the insurance rates depending on the social network you belong. The implications are amazing. E 'likely that these different social signals will be increasingly important as time goes by. If nothing else, this is one more reason to evaluate cars side by side with insurers before choosing the one that meets your needs.
A lot of drivers out there I do not think that your insurance company may be linked to your account various social services. Your insurer is unlikely to see your Facebook page, Twitter "tweets", and Bebo pictures and video. So far, this has certainly been the case. Although none of the insurance companies so far have done social research on an individual, could be a flow that you want to follow. Through social stimuli, the insurance companies can have a better idea of the true inner personality of an individual and their driving history.
Then, we'll see the ways in which insurance companies take advantage of this information and how they can exploit them. You'll understand the real reason behind the insurance providers out there.
Auto Expand insurers pool their data
Auto insurers are currently using the driving record, living address, type of vehicle you drive, and other factors, to calculate the premium. This information allows them to predict the more likely you'll file a claim for the future. For example, if your driving record is spotless, you're less likely to cause a collision at-fault of someone who has more fines on their record. Similarly, driving a vehicle that has a low credit loss history poses a lower risk of loss the insurance of a car with a large loss claims.
But consider the other types of information that may prove useful to insurance companies. For example, suppose that an insured person is a member of the Facebook groups "fast driving" or "The guide at the top." Both may indicate driving behavior that suggests a greater risk of loss of insurance. Companies that discover their policyholders are members of such groups may raise their rates, or decline to extend coverage once their contracts expire.
But how far is too far? What kind of personal information should be off limits to insurers? To answer this question, it is worthwhile to examine how auto insurance companies are regulated in their use of information.
The impact of regulation on insurers
All provinces and territories to impose regulations on insurance companies that limit the types of information that can be used for calculating rates. For example,
Although social networking sites like Facebook and Twitter have been around for years, they represent a new territory in the context of collecting data for determining the rates. So, there are some rules that address them. This is likely to change, but the direction in which it does remains unclear. insurance companies can use the pictures on your Facebook account to help determine the rates? They will be able to "spy" on the accounts the same way a private investigator photographs of persons suspected of insurance fraud disability?
These and other questions must be addressed as insurers continue to explore the social networking sites to monitor their policyholders. It is likely that each province and territory will handle these issues differently.
Car insurance will increasingly use social media
There are a few obstacles - in addition to regulatory hurdles - for insurers who want to exploit social network sites. For example, it is difficult to identify as a contractor as the owner of a Facebook or Twitter account. This is especially true for those with common names, there may be hundreds of people on these sites, called "Mark Jones."
Secondly, membership of particular social groups of the media is not necessarily a bad driving behavior. That is, how can an insurance company to know with certainty if an insured on the Facebook group, "Driving Fast", the real driving fast?
Over time, these challenges will be resolved as technology introduces more effective monitoring mechanisms for insurers. In the future, it is very likely that you will get the insurance rates depending on the social network you belong. The implications are amazing. E 'likely that these different social signals will be increasingly important as time goes by. If nothing else, this is one more reason to evaluate cars side by side with insurers before choosing the one that meets your needs.
