What information does an auto insurance company need?

Auto insurance companies need your name, address, date of birth, Social Security number, driver's license and the names of anyone who will be driving the insured car along with their information. You also need information about the vehicle including the VIN, car type, model, year and condition. The insurer will need a verbal record of your driving record. Also required is the name of all people in the household of driving age. They will be classified as a rated or excluded driver.

Types

Insurance companies will take all of the information to determine who will be included on the insurance policy and what their classification is. They can be rated or excluded. Rated drivers are factored into the pricing and excluded drivers are not. Excluded drivers are not covered if an accident occurs.

Pricing/Premiums

All of the information noted will be used, by the insurance company, to determine the costs, pricing and premiums for a prospective customer.

Verification

The person looking for insurance will need to give them a verbal record of their driving record for three or five years, depending on which state they live in. The insurance company will verify the information.

Significance

Once all information has been evaluated, the insurance company will set the premiums. The premiums can be changed if the client verbal account does not accurately reflect the information provided by the department of motor vehicles. If the client says they have no moving violations in the last three years, the initial quote by the insurance company, based on this information, will change if the Department of Motor Vehicles provides different information.

Changes

Any changes should be reported to the insurance company, such as address or members of the household. If you need to add another vehicle to the policy you will be required to give this information to the insurance company.

Accidents/Claims

The insurance company needs to know about information such as accidents or claims that need to be filed.

Source:

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