Five personal information that affects comprehensive insurance pricing

Many policyholders question the reason for the discrepancy between the price of vehicle insurance policies from one person to another, which varies by 50%, without expecting that the insured’s job and the distance between his place of residence and his workplace directly affect the determination of the final price of the policy.

Experts emphasized that the mechanisms of pricing the “comprehensive” insurance policies have become dependent on many technical elements (not announced), which determine the final price that each customer gets.

It can be identified with 5 technical elements for pricing, the value of the document differs due to it from one person to another even within the insurance company itself, indicating that it includes the driver’s traffic record, driving experience, the insured’s job, the distance between work and housing, and the place of obtaining the first driver’s license

It is mentioned that these approved technical elements for pricing insurance policies are present in all national and foreign insurance companies operating in the country, but they differ from one company to another according to the accounts of the actuary and the underwriting vision of the board of directors of each company.