Wrong birth date could mean no insurance cover… - 13 Jul 2009 11:39
Being born on a certain day could determine how much you pay for insurance cover.
According to an interesting piece of research, a person’s birth date could determine the probability of them making an insurance claim or not. For example people born in December get the red alert as the research considers the month to be a danger month.
The research was done based on a total of two million insurance companies’ car insurance claims. According to the research, the danger dates were September 16th, February 29th and December 24th.
December being the festive season is a month where many people have car accidents travelling in and out of the cities. So people who have birthdays in December will probably go more overboard in celebrating their birthday than people born in other times of the year – increasing their likelihood of making a claim.
In general insurance companies will put the prices up if they feel they are going to make a loss. Insurance is a business after all, so having clients that are always claiming cover for the car would turn out being a loss for them.
How this effect the South African market is unclear as there is nothing published on the subject.
According to an interesting piece of research, a person’s birth date could determine the probability of them making an insurance claim or not. For example people born in December get the red alert as the research considers the month to be a danger month.
The research was done based on a total of two million insurance companies’ car insurance claims. According to the research, the danger dates were September 16th, February 29th and December 24th.
December being the festive season is a month where many people have car accidents travelling in and out of the cities. So people who have birthdays in December will probably go more overboard in celebrating their birthday than people born in other times of the year – increasing their likelihood of making a claim.
In general insurance companies will put the prices up if they feel they are going to make a loss. Insurance is a business after all, so having clients that are always claiming cover for the car would turn out being a loss for them.
How this effect the South African market is unclear as there is nothing published on the subject.