How Social Media Helps Insurance Companies Adjust Your Rates

• 10.31.2017, 19:13
•  No-politics

What are some ways insurance companies may be adjusting your rates based on your social media profile? The Life Insurance Post presents 8 of them.

#1 – Lifestyle Pictures

Let’s say, for example, that on your insurance policy you state that you are not a smoker. Not you! You stay as far away as possible from those cancer sticks that reek of death and old bowling alleys.

But then an insurance company hops on your profile and sees dozens of pictures of you smoking large, Churchill-like cigars. Now, technically you may be not be a smoker in the traditional sense of the word, but you’re still smoking, and an insurance company will take note of that.

Or let’s say you’re constantly posting videos of you doing crazy stunts, like jumping motorcycles over burning cars. You may not think twice about posting a video for your friends to marvel at and your mother to scream at, but your insurance company will certainly take note.

Insurance companies aren’t in the business of giving low rates to people who intentionally put themselves in harm’s way. If you’re a risk taker, it will show up on your social media profile.

#2 – Selfies

Ah, selfies. That simple, innocent way of expressing complete narcissism and vanity. Not an issue, right? I mean, sure, they turn you into a totally self-absorbed Kardashian impersonator, but other than that, no big deal.

Not so fast. In a somewhat terrifying development, some insurance companies are starting to use facial analytics software to determine your life expectancy. In other words, they are using software that analyzes your facial features and attempts to decode just how long you will live.

So think twice before you upload that selfie. Someone may be watching…and adjusting your insurance rates.

#3 – Text Messages

But posting text conversations online could potentially cause your insurance rates to go up. Why? Because an insurance company could interpret those messages as texting while driving.

And if they think you’re texting and driving they could deny accident claims, particularly if the conversation happened around the time of an accident.

Of course, you would never text and drive, right? Right? RIGHT?

#4 – Geotags

Do you know about the geotagging setting on your phone? You should.

It works like this. Every time you take a photo, your phone inserts data into the photo showing where you were when the photo was taken. So, for example, if you’re on vacation at the beach and you have someone snap a photo of you buried up to your neck in sand, your camera will note the location.

Now, imagine that your home is broken into while you’re on vacation. Also, imagine that you post that photo on social media while you’re on vacation. The insurance company could claim that you were negligent by posting the photo and alerting burglars to your absence.

#5 – Your Significant Other

Some insurance policies require that your significant other be listed on your insurance policy.

If you don’t note your spouse on your policy and yet regularly post pictures of you and your "cupcake snookie wookums" cuddling on the couch, your insurance company could either drop you or raise your rates.

Of course, you could go the "witness protection" route and always blur out the face of your significant other, but that could cause relationship problems. Unless they really are in the witness protection program, but that requires an entirely different insurance policy called "the FBI".

#6 – Your Favorite Pet

Did you list little "Pookie" on your policy? If not and your insurance company sees pictures of you and Pookie frisking about through an open field, they could potentially drop you (depending on Pookie’s breed).

The witness protection option could actually be an option here.

#7 – Supporting Charitable Causes

Believe it or not, supporting your favorite charitable cause could cause your insurance company to raise your rate. Let’s say you support cancer research because a close relative died from cancer. If the insurance company sees you post about this, they may conclude that you have a higher risk of cancer and thus raise your rates.

It’s cruel, right? Like Ebenezer Scrooge refusing to give Bob Cratchit time off for Christmas. But insurance companies don’t care if you’re Tiny Tim or Mother Theresa. They care about profit.

#8 – Global Travels

If you’re a global traveler, your insurance company could see that as a high-risk behavior. For example, if you travel to a war-torn country or a country known for a particular disease (think Zika), they could conclude that you are engaged in high-risk behavior.

Of course, if you only travel to Disney World and on cruises, you’re probably okay. Then again, the Thunder Mountain roller coaster can get pretty rough.