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Imagine if every time you sat down for a coffee at your favourite café, they spilt it when they brought it to the table.
After a while, you’d notice a pattern. You could start predicting the coffee spill, and even do something about it - like have a napkin handy.
That’s how insurance works - on a much more detailed level. Large amounts of historical data are gathered so that patterns of insurance payouts can be calculated. When you enter your individual details, computer databases compare other people who match your profile, and the risks associated with them.
Then it’s a fine line between being competitive, and ensuring payout costs are covered.
Some of the key factors that help determine car insurance risk include: