Michael Aminov-Tobin almost forgot a car insurance company was tracking his driving. He wasn’t paying extra attention to how fast he drove or how hard he hit his brakes. So he was astonished when the company offered to insure his 2016 Hyundai Veloster Turbo for $100 a month less than he’d been paying.
Launched in June 2018, Ethos offers term life policies online from Assurity Life Insurance Co. Ethos says completing the online application can take as little as 10 minutes and that most people who qualify for coverage can buy up to $1 million in life insurance without having to take a medical exam. Ethos accesses data, such as your motor vehicle and prescription drug records, and uses predictive analytics to decide whether you qualify and to set rates.
If you have poor credit, the consequences don’t stop at paying high interest rates or getting declined for a loan. You may also have to pay the price with your insurance bill.
Your job pays the bills — but your job title might make those bills bigger.Lenders and car insurers look at customers’ occupations when setting interest rates and premiums.