Suppose the questions involved with insuring your car were the same as those you get when applying for life insurance? Do you use premium gasoline or the lowest octane available? Do you change the oil every 3,000 miles? (Or is it 5,000?) How often do you rotate your tires? Has your car ever had its brakes replaced? Do you ever take your car underwater?
There are lots of questions auto insurers could ask their customers about the condition of their carsquestions that would probably be helpful for underwriting a policy, just as there are serious questions about personal health that dictate the premiums carriers will charge on a life insurance policy.
Property and casualty insurers have found a way to make their system of questions and responses work for them electronically. The result: There isnt much in the way of P&C insurance that you cant purchase online today. But the same cant be said of life insurance. Some policies (mainly term life) are available online, but the great majority of life insurance products are still sold across the kitchen table in the privacy of a customers home.
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