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They do what makes sense (+)
Posted by vvk (more from vvk) on Fri, 17 Jun 2011 10:08:31
In Reply to: same insurer, same questions..., James, Fri, 17 Jun 2011 08:16:28
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Insurers use what's called adverse selection (see link) to gain competitive advantage. However, there are artificial barriers to this, dictated by state insurance departments.
If left to their own devices, it pays for insurance companies to ask detailed questions and to separate their clients into small cohorts for rating purposes. The more questions they ask, the more advantage they gain over their competitors who may not have their rate structure done correctly, which makes clients to select against them. By trying to identify lowest risk drivers and giving them lowest possible rates, they make higher risk drivers switch to their competitors while lower risk drivers switch to them, making their rates even lower and so on.
posted by 38.126.150...
Posts in this Thread:
- weird insurance occurance, TML , Fri, 17 Jun 2011 03:53:36
- WHY WOULD YOU EVER EVER EVER SAY THAT !!!!, Used to be Chaz, Fri, 17 Jun 2011 20:51:13
- I haven't heard anything good about TD, Trev, Fri, 17 Jun 2011 19:31:36
- Vote with your wallet, Noel, Fri, 17 Jun 2011 08:32:08
- Re: weird insurance occurance, kkelley, Fri, 17 Jun 2011 07:52:35
- You want to appeal this., Bill Homer , Fri, 17 Jun 2011 07:50:47
- Appeal their decision, EGD , Fri, 17 Jun 2011 07:27:30
- Wow!, Eric Law, Fri, 17 Jun 2011 04:19:09
- Re: Wow!, TML , Fri, 17 Jun 2011 04:55:07
- same insurer, same questions..., James, Fri, 17 Jun 2011 08:16:28
- Re: Wow!, 1Scray , Fri, 17 Jun 2011 06:53:37
- Why even bother telling them? n/m, bender , Fri, 17 Jun 2011 05:26:43
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