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Use of Gender, Race, and Credit by Insurance Companies, Con - Coggle…
Use of Gender, Race, and Credit by Insurance Companies
Gender
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Pro
Whether gender is considered or not, men and women tend to pay different rates.
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Statistically, men are more likely to be involved in a car accident than women, making them a greater risk
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Provides the most accurate rates, not putting more/less emphasis on other variables
Credit
Pro
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Credit-based insurance score, not credit score
Race
Pro
Allows for more accurate rates, increases variables
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Con
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Rates can often be doubled, if not more, based on this score
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