When you start the auto insurance quote process, insurers want to know more about you and your driving history, and they use a variety of resources to gather relevant information. Here, you will learn more about the various reports car insurance companies gather, and how they use information to determine the price of your Auto Insurance in South Austin TX.
Your Insurance Score
Insurance companies want to know your credit history because it is an indicator of how likely you are to make a claim or pay on time. However, those in Massachusetts, Hawaii and California can rest easy, as insurers are not allowed to consider credit history when setting rates. Credit scores consider your payment history, credit types and amounts owed, and insurers are interested in your FICO insurance score. You can’t get this information, but it closely mirrors your credit score.
Attract Score
Another credit-related score is provided by LexisNexis, a provider of information services. This is the AIS, or Attract Insurance Score, and it helps insurers determine your level of risk. Unlike a FICO score, you can get your Attract rating for a nominal fee.
Disclosure Report
Were you honest when you filled out the quote form for Auto Insurance in South Austin TX? If not, your insurance company will find out eventually. LexisNexis also offers a RiskView report that gives insurers a look into your comprehensive financial picture; it determines your credit status and confirms the information you provide.
Claims History
Even if you haven’t told anyone about a past car accident, there’s no way to keep that information from an insurer. Companies add claims info to a central database, and can use the information to predict your likelihood of future claims. CLUE, another LexisNexis product, contains seven years of claims information, vehicle history and premium payment records.
Registration Report
Your insurance company might know more about your vehicle than you do after it gets a copy of your vehicle registration report. These reports are issued by your state’s DMV, but LexisNexis and other companies offer the information to insurance companies at a bulk rate.
If you have any questions about this information and how it is used, talk to an insurance agent today. An auto insurance agent like Patrick Court will be able to review all of these with you so you know where you stand before you get a quote for your auto insurance.
