Insurance rates are through the roof - and you can blame AI
There’s a good chance you’ve been hit with insurance rate hikes — and it’s not just you. Within the past year, about a third of us have been hit with increases to the tune of 17%.
Insurance companies blame it on rising costs for car parts, replacement cards and all those expensive claims.
They are raising rates to keep up with those pricey claims — all while turning a profit. And, surprising no one, they’re using data tracking and AI to make it all happen.
Let’s get into what’s really going on and what you can do to cut costs.
A whole new world
Business Insider dove into the secretive world of the insurance industry — and it’s not pretty. Back in the day, your insurance policy was based on simple demographic data points. Think 36-year-old woman in Phoenix. That’s it.
With more AI tech and data than ever at their fingertips, insurers now know exactly how much customers are willing to pay.
“Price optimization” feeds consumer data into an algorithm that spits out a personalized price for each customer. It’s based on how risky a person is to insure but also considers predicted profits they would deliver for as long as they’re a policyholder.
Insurance companies look at many data points, including if you’ve recently had your roof replaced and what you eat regularly. They can even check your social media posts and know if you’re a smoker.
What’s that got to do with how well you drive? Not much, to be honest. But it does have everything to do with making it harder to find a good deal.
Like they’re in the car with you
Although 68% of Americans oppose using an app that collects driving data, it hasn’t stopped insurance companies from forcing it on us.
Apple and Google are working together to solve this major security issue
Apple and Google are teaming up to inform you of unwanted AirTags and other Bluetooth tracking devices nearby. What took them so long?
The tech rivals want to make unwanted tracking detection an industry standard. This way, all Bluetooth trackers will be compatible with tracking detection and alerts on iOS and Android devices.
Drive a Kia or Hyundai? You might have a hard time getting insurance
Did you know the type of car you drive may impact whether you can get insurance? Like how a smoking habit may affect your health insurance, a lack of safety features might put you in a pickle. If you drive certain Kia or Hyundai vehicles, pay attention. Some insurance companies are refusing these car owners a policy at all.
Simple trick to find a lost phone, even if it's buried under laundry or stuck in the couch
Our lives are tied to our cell phones. We manage appointments, store our photos, and hold all of our contact information in the palm of our hands. Tap or click here for the five best budget smartphones under $400.
With so much riding on having your phone handy, it’s only natural that we begin to panic if our phone goes AWOL. Thankfully, technology has caught up with this potential issue and created several easy solutions.
A woman was being harassed and stalked. How we found the guy.
With today’s technology, it’s easier than ever before to stalk someone. Total strangers could sneak a tracking device into your bag when you’re not looking. Just like that, they know where you live.
You can use tools like GPS bug sweepers to pinpoint the exact location of hidden trackers. But sadly, there are a ton of other threats you need to watch out for. If you catch a stalker’s attention, they could track your every move without any expensive gadgets.
We may receive a commission when you buy through our links, but our reporting and recommendations are always independent and objective.