3 Secrets Your Insurance Company May Be Hiding From You [SPONSORED]
Believe it or not, your insurance company may be hiding a lot of “secrets” from you, and you’re not going to like what they are. We’ve teamed with Cure Auto Insurance to make you aware of these three things you can look for that can give you peace of mind with your auto insurance policy.
Insurers Offer Exclusive Discounts To Wealthy
In general, wealthy individuals usually have more assets to protect, and consequently a higher need for insurance and higher coverage limits. To insurance companies this means more potential for profit; because of this they are catering to “wealthier” customers. Furthermore, most car insurance companies also offer boat, life, and umbrella insurance which are very profitable lines of insurance incapable of being purchased by lower income drivers.
Insurance companies want wealthy customers, but how do they find them? They target these customers by employing underwriting methods which include credit score, education, home ownership, employment/income, and a handful of other socioeconomic factors. Even something like renting instead of owning can change your car insurance premium.
By providing more attractive rates to those who meet higher income socioeconomic factors, insurance companies can get “their foot in the door” with higher income drivers, and consequently make more profit when these customers decide to insure all of their assets with that same company.
There are still a few insurers however like CURE Auto Insurance that do not believe in the use non-driving factors to determine insurance rates. Next time you’re buying car insurance, find out how they determine your premium. Chances are your socioeconomic status is a prominent factor.
Privacy Policies – the Ones That Give You No Privacy
Luckily, there are still insurers out there like CURE Auto Insurance who do not sell your personal information, and base your rates primarily on how well you drive, not all those non driving factors. Always make sure to read what you sign and do research before jumping on board. You never know what your insurance company may be hiding.
This post was produced in collaboration with our advertising partner CURE Auto Insurance.