Watching the competition of the Olympics can be very exciting. In some events it is clear cut as to who the winner is. Watching Usain Bolt run in the 100 meters there is little doubt he is the fastest runner in the competition. Also, when watching the pole vault competition there is not much question as the eventual winner will be the one to clear the highest height. However, there are other events where judgment comes into play and the winner may not be as decisive. For instance, in watching a diving or gymnastic competition is it always clear who the winner is? The influence of judging can impact the decision of who the winner is. There are also similarities with car insurance and trying to find the best insurance score for your driving profile. How can Olympic scoring and auto insurance pricing go down the same path?
There is a degree of judgment and experience that goes into scoring an Olympic athlete. There is the possible chance the judge was also an athlete and could display a preference to a particular style. Maybe the judge used to be a gymnast and liked to do aggressive performances. The judge may not notice but he or she may show a preference to an Olympian who goes out their routine with more gusto. The judge will be knowledgeable and also be experienced from a technical perspective and will understand a good performance. There are some visible parallel’s with the way a car owner is scored on car insurance. There will be some basic technical elements, such as driving record, age and car being driven. There could also be other more subjective areas such as credit scoring, zip code and years of driving experience.
It is obvious that not all auto insurers will come up with the same score. It will not always be transparent as to how some of the subjective components will be evaluated. There is a good chance one insurer will be lenient on one factor, such as lines of credit open, and 6 months later will change their position and become stricter on the way this factor is scored. An Olympic athlete may get a sense of how a particular judge’s preference from past performances they have done at other competitions. A good way for a car owner to understand an insurer’s pricing is by shopping around. The only true indicator of your score will be how much your policy will cost. By receiving multiple quotes it will be easier to cut to the chase and find the scoring the best favors your driving characteristics.