Cover Whale uses a dynamic rating approach that focuses on pricing drivers based on their unique risk profiles. Instead of using a one-size-fits-all method, our ratings take into account factors such as years of experience, age, and motor vehicle records.
Adding or removing drivers might result in a charge, depending on the specific variables associated with their driving history. When we average the driver factors together, the overall premium may change significantly if the added or removed drivers have different risk profiles from those already on the policy.
This dynamic pricing model allows us to accurately price each driver and the associated risk. Our approach considers the overall quality of all drivers connected to the risk, not just one individual driver.