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Automatic TRANSCRIPT

Buy all the time so was talking with a state insurance commissioner recently and we were talking about how auto insurers now no longer generally set rates based on your age male or female and your driving record and a lot of them in states where it's legal use your credit score to set your rates I've talked about that over the years but now insurers are customizing individual rates to individual people so this is something the insurance commissioner said there's just driving he and his staff crazy there people are having individualize rates but a lot of insurers now or drilling down where you could be quoted a completely different rate then let's say five hundred other people who live near you who are similar age similar driving history every one of you would be quoted a different rate why because insurers are buying data on you in the market place that tells them what kind of person you are in ways that let them know how much they can charge you okay so one thing that came out years ago and I shared with you has become much more refined but insurers are using data like how loyal you are to a particular company like let's say you stayed with the same cellular company for years and years and years of market that's wide open the you could switch repeatedly or very is services you use products you buy or you brand loyal they know that you somebody buys generic she somebody buys brand names so the more you show a pattern being brand conscious and the more you show that you're a loyal to a particular company or brand they believe they can charge you far higher rates for your auto insurance I'm oversimplifying this but these are just some of the factors they're using to determine what they're gonna charge you yeah the thing is about this deep dive data that more and more auto insurers are using is that the data they crunch and how they value it and how they use it to set rates is different.