whisper app hookups tinder for dating not hookups hookup verification sites online hookups near me dating apps not for hookups absolutely free online hookup sites

Auto Insurance Agency Elevated Premium For Grieving Widower 22 % – Gareth Shaw – The Yorkshire Put up

After my wife died, I called my auto insurance company to tell her that she would no longer drive the car – since she was a named driver. His response was to immediately increase my premium by 22%. I am very upset that it would do this at a time when I was standing behind me recently. How can an insurer justify this?

Register to our business newsletter

Register to our business newsletter

Name and address given.

The practice of setting car insurance prices is known to be opaque – insurers pay close attention to their pricing to avoid disclosing their trade secrets, making it very difficult for policyholders to understand exactly what the price they are receiving has, has determined.

I am very sorry to hear of your loss. Dealing with a death is one of the most painful events one can face, and unfortunately we hear countless stories of grieving people whose misery has been made worse by the way companies handle the administrative side of a deceased.

To you and me, the price increase that you have experienced seems calculated and callous. However, the fact that your wife is no longer listed by name on your policy has changed the risk of an accident for the insurer and will have to pay for future damage. So it decided to charge you more because you seem riskier now that your wife is no longer on the policy.

The practice of setting car insurance prices is known to be opaque – insurers pay close attention to their pricing to avoid disclosing their trade secrets, making it very difficult for policyholders to understand exactly what the price they are receiving has, has determined.

When you enter your details to get a quote for car insurance, either directly with an insurer or on a price comparison website, these data points are used to determine the level of risk you pose. Computer software calculates a “score” for you based on a preprogrammed algorithm, which is then translated into your bonus. The data you provide to an insurer is used to match you as closely as possible with the customers already on their books. It uses its experience with these customers to predict the likelihood that you will file a claim, renew it in the future, commit fraud, etc. Because of this, factors that have very little can directly relate to an accident or theft of your car do have to affect your price.

But details such as occupation, age, place of residence and vehicle type are matched against customers with similar profiles and your premium is calculated based on the claims history of these previous customers. That has some real nuances. In a study we conducted last year, a scenario in which someone describes themselves as a painter (active in the arts) was billed more than someone who describes themselves as an artist. This is because the insurer has data that says painters (decorators) are more likely to make claims than painters (artists). Confusing isn't it?

And yes, your relationship status can affect the price. In the same study, we found that some insurers charge single, divorced, or separated people more than those we've married and increase prices by up to 4% depending on their relationship status. Again, insurers will argue that this pricing is based on drivers' data and their assessment of the risk to people in various relationships. However, we could not find any price differences for widows and widowers.

Certain details are taboo. It is against the law that insurers set their prices according to “protected characteristics”. These include gender, religion, race, and disability.

In your case, having your wife sitting in your car as a named driver reduced your overall risk – not because of her gender, but perhaps because she had a better driving history, was younger than you, or had a longer driving experience, all factors made your insurance more attractive and your policy cheaper. The insurer may have taken into account that you would spend less time driving, which reduces the chances of you being in an accident and making a claim.

Continue reading

Continue reading

Will my children be burdened with inheritance tax? – Gareth Shaw

The good news is that you don't have to accept a premium increase – the auto insurance market is highly competitive and you have the option of switching to a new insurer who can offer you a better price. Try soliciting offers from other insurers – both price comparison sites and others – and challenge your existing insurer with these cheaper offers. You can find that it is ready to meet the lower odds. If not, move your business elsewhere.

Comments are closed.