Title : Can Your Facebook Account Affect Your Car Insurance Rates
link : Can Your Facebook Account Affect Your Car Insurance Rates
Can Your Facebook Account Affect Your Car Insurance Rates
Many things affect your auto insurance rates, but can ... Companies take credit score into account when determining rate curious how car accidents rates? Rate. Just email us or post on our Facebook wall. You might think your social networking accounts are completely removed from your auto insurance company. The insurance provider is not likely to have access to your Facebook profile, to your Twitter, or even your Bebo information. This has been true thus far. But while most insurers had all but ignored the social media sites, the landscape is changing. Through social cues, the insurance firms can get a better idea of an individual's real inner personality and their driving history.
Beneath we will go through describing how various auto insurance companies are making use of social cues. You'll also learn the reason this trend is likely to grow in the future.
Auto Insurers Expand Their Pool Of Data
Auto insurers currently use your driving record, living address, the type of vehicle you drive, and other factors, to calculate your premiums. This information allows them to predict the chances better you'll file a claim in the future. For example, if your driving record is spotless, you're less likely to cause an at-fault collision than someone who has multiple speeding tickets on their record. Likewise, driving a vehicle that has a low claims loss history poses a lower risk of insurance loss than a car with a high claims loss history.
But consider the other types of information that may prove useful to insurance companies. For example, suppose a policyholder is a member of the Facebook groups "Driving Fast" or "Driving While High." Both may indicate behavior behind the wheel that suggests a higher risk of insurance loss. Companies that find their policyholders are members of such teams would possibly increase their rates, or decline to prolong policy as soon as their contracts expire.
But how far is too far? What types of personal information should be off-limits to insurers? To answer this question, it's worth reviewing how car insurance companies are regulated in their use of information.
The Impact Of Regulations On Insurers
All provinces and territories impose policies upon coverage firms that restrict the varieties of news they will use while calculating rates. For example, Ontario precludes the use of a person's employment status, credit history, car ownership versus lease agreement, and possession of a credit card. Other provinces have similar regulations in place. This is important to remember as more insurers look online for information about their policyholders.
Even though social networking sites, such as Facebook and Twitter, have been around for years, they represent the new territory in the context of collecting data to set rates. Thus, few regulations address them. This is likely to change, but the direction in which it does remains unclear. Will insurance companies be allowed to use photographs on your Facebook account to help determine your rates? Will they be able to "spy" on your accounts in the same way a private investigator photographs people suspected of disability insurance fraud?
These and other questions must be addressed as insurers continue to explore social networking sites to monitor their policyholders. It is likely that every province and territory will handle these issues differently.
Car Insurance Companies Will Increasingly Use Social Media
There are a few obstacles - in addition to regulatory hurdles - for insurers that want to leverage social network sites. For example, it 's hard to identify a given policyholder as the owner of a Twitter or Facebook account. This is particularly the case for those with common names; there may be hundreds of people on these sites named "Mark Jones."
Second, membership in particular social media groups does not necessarily represent bad driving behavior. That is, how can an insurance company know for certain whether a policyholder in the Facebook group, "Driving Fast," actually turns quickly?
As time passes, most and more of these problems will be fixed through various technological advancements. In the future, it's quite likely that you'll get insurance rates depending on the social networks you're part of. The implications are sobering. It's likely that these various social cues will be more and more important as time passes by. If anything, this represents yet another reason to evaluate auto insurers side by side before choosing one that meets your needs.
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