What? Social Media increases insurance rates? We all love social media. The constant “Which F.R.I.E.N.D.S Character Are You Quizzes?” The spirited debates about whether quinoa is actually worth eating. The quotes by Mother Theresa that are actually by Britney Spears. The videos of elderly people wiping out while riding scooters. It’s all good fun… until it causes your insurance rates to go through the roof.
Yup. Believe it or not, the way you use social media could cause your insurance rates to go up.
This shouldn’t surprise us. These days, if you don’t know someone you simply look them up on Facebook. If they share pictures of themselves doing keg stands, you get the feeling they’re party animals. If they’re always reading books, you know they’re the more reserved type.
We base our opinions of people on what they post on social media… and so do insurance companies. Scary, right?
So, what are some ways insurance companies may be adjusting your rates based on your social media profile? Here are 5 ways in which social media increases insurance rates:
#1 – Lifestyle Pictures
Let’s say, for example, that on your insurance policy you state that you are not a smoker. 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 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.
#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. 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, insurance companies could be taking note.
#3 – 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.
#4 – 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.
#5 – Global Travels
If you’re a global traveler, your insurance company could see that as 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.
Currently, there are no laws preventing insurance companies from examining your social media profile, which means you need to take steps to protect yourself.
If you don’t want insurance companies raising your rates based on social media posts:
1. Be Smart About What You Post
2. Restrict Your Privacy Settings
3. Turn Off Location Settings
4. Delete Old Posts
Social media shows more about us than we realize. It reveals our habits, lifestyles, and choices. Be smart about your social media activity, insurance companies are watching.
Would you like to talk to a pro about how to minimize your insurance rates? Contact the Ziff Agency directly.
(Source: Life Insurance Post)