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Which sounds more fair to use in rating insurance: A. Their credit related data B. Their age C. Their marital status D. Actual data on how they drive I fee
by mint2 3y ago
Which sounds more fair to use in rating insurance:
A. Their credit related data
B. Their age
C. Their marital status
D. Actual data on how they drive
I feel like D, actual data on how they drive is the most fair. I think there needs to be mechanisms to contest driving events and also regulations on types of driving data allowed, but I think overall it’s by far the most fair and directly related
But actually A B and C are used in most but not all states.
- kelnos 3y ago> I feel like D, actual data on how they drive is the most fair. Only if you can actually prove a correlation. I think a lot of people, when asked, "do you people who brake and accelerate hard are likely to be in more crashes than people who don't?", most people might think for a second and say, "yeah, sure, that sounds like it would be the case". But is it, actually? The funny thing is that this data apparently does exist, so it shouldn't be too hard to figure out. But I suspect no one's actually done that.