excluding online algorithms, can agents offer the highest rates they expect you to bite on like a two wheeled version of price is right' assuming 2 hypothetically identical people applying for identical insurance with hypothetical riding histories annd no multi -home -rv--life-boat combos? personally, i get lower quotes when avoiding multi-syllabic words with them. thoughts?
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how much latitude do insurance agents have to charge annually insurance for hypothetically identical riding histories/lifestyles etc
- Thread starter chistet
- Start date
There is zero "latitude". The rates are set by the insurance company writing the policy based on a set of IF ... THEN ... decisions. The only "latitude" involves offering optional coverages or not (e.g. specified perils or comprehensive) and what to set the deductibles to.
The address where you live is fixed, who's driving it is fixed, your driving record is fixed, the vehicle that you are proposing to insure is fixed, the mandatory minimum coverage is fixed. Those are the IF ... THEN ... decisions. They don't have any choice in the matter, it's determined by the insurance company. (So is the broker's profit margin on selling the policy.)
The address where you live is fixed, who's driving it is fixed, your driving record is fixed, the vehicle that you are proposing to insure is fixed, the mandatory minimum coverage is fixed. Those are the IF ... THEN ... decisions. They don't have any choice in the matter, it's determined by the insurance company. (So is the broker's profit margin on selling the policy.)
A buddy gets really good rates by listing his cottage address. I hope he never has a serious at-fault. I also wonder about capital gains on his secondary residence, the GTA house he owns and sleeps in most of the time.
A agent can err with info, a typo or misunderstanding. He types in what the applicant says and if the applicant says he lives in Trout Creek, the DL says Trout Creek the entry is Trout Creek. If 95% of the driving is GTA and he sleeps in Brampton who in the business would know.
If the agent knew the truth and cared, he would at least graphically point out the potential risks.
If his son has a different DL address, the GTA house, the son would theoretically not be listed as another driver.
And the cheat goes on, la di dah di dah.
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