Artificial intelligence has found the key factor in determining your car insurance quote [Video]

Insurance brokers will tell you that shopping around is most important when it comes to renewing your car insurance, but AI has now discovered the key factor to getting the best deal.

Living in a more deprived or ethnically diverse area increases your chance of receiving a more expensive quote for car insurance, analysis of the Irish insurance market using artificial intelligence has found.

Driving experience and the length of time a driver has had a policy are key factors when a car insurance quote is being calculated, but home address is also a significant factor, according to the research from Ireland’s centre for AI, CeADAR and Idiro Analytics.

Researchers used AI to analyse more than 40,000 quotes from 10 car insurance companies across 20 locations in Ireland, including counties Dublin, Cork, Longford, Roscommon, Wicklow and Donegal. 

Multiple samples of quotes were collected to isolate single changes to accurately measure the effect …