Insurance coverage and rating system and method

An insurance coverage and rating method, the method comprising:

• activating, via one or more processors, one or more data collecting devices corresponding to one or more of an automobile, a home, health, or at least one social media platform of an insured, the one or more data collecting devices of one or more of the automobile, the home, a wearable fitness product or a bank of the insured;
• automatically receiving, via one or more receivers, telematics data continuously transmitted from the one or more data collecting devices at a constant interval of time upon activation of the one or more data collecting devices, the telematics data corresponding to one or more of the insured's automobile, home, health, or the at least one social media platform;
• automatically determining, by one or more processors, an insurance rate for one or more of automobile insurance coverage, home insurance coverage, or life insurance coverage based at least in part on the continuously transmitted telematics data received;
• and
• automatically calculating, by one or more processors, a total insurance policy premium by adding the determined insurance rates for at least two of the automobile insurance coverage, the home insurance coverage, or the life insurance coverage.

An insurance coverage and rating system, the system comprising:

• a communication network and one or more data collecting devices communicatively coupled to the communication network, the one or more data collecting devices corresponding to an automobile, a home, a wearable digital fitness device, or a bank of an insured;
• and
• an insurance data analysis center communicatively coupled to the communication network, the insurance data analysis center having one or more of a processor, a memory, a transmitter, and a receiver;
• and
• a module stored in the memory of the insurance data analysis center and executable by at least the insurance data analysis center processor to:
• (1) automatically receive telematics data relative to one or more of the automobile, the home, or health of an insured, the telematics data continuously transmitted at a constant interval of time from the one or more data collecting devices;
• (2) automatically determine an insurance rate for one or more of automobile insurance coverage, home insurance coverage, or life insurance coverage based at least in part on the telematics data continuously transmitted from the one or more data collecting devices;
• (3) automatically calculate a total insurance policy premium by adding the determined insurance rates for at least two of the automobile insurance coverage, the home insurance coverage, or the life insurance coverage;
• and
• (4) automatically and continuously adjust the calculated total insurance premium based on continuously transmitted telematics data.