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What information does your insurance advisor need to provide you with an accurate auto insurance quote?

Blog Post - Auto Insurance Quote

In the market for an auto insurance policy?  Whether you’re a long-time policyholder or a young driver breaking off of your parents’ policy for the first time, your insurance advisor will need the following information to properly review your individual situation and design a customized proposal geared to meet your coverage needs and budget.  

  1. Demographic information:  The full name, date of birth, driver’s license number, and address of each operator in the household are required to apply for auto insurance in New Hampshire.  The first named insured’s name and date of birth is used by each carrier to calculate an insurance score, which is based on a combination of credit and insurance history.  Each insurance company uses a different formula to calculate their insurance score, which is why it is important to work with an independent agent who has access to multiple carriers and can find the right fit for you.  Driver license numbers are used to verify motor vehicle records and accident history.  Most insurance companies rate for accidents and violations that occurred within the last five years from the date of the incident.  The garaging address is required because insurance companies have different rates based on different territories due to differences in population density, crime rate, and accident rate in each municipality.  For instance, the rate for Manchester would typically be higher than the rate for Laconia, while the rate for Laconia would typically be higher than the rate for Gilford or Belmont.  
  2. Vehicle information:  The year, make, model, and VIN of each registered vehicle in the household is required.  The VIN (vehicle identification number) is the fingerprint of the vehicle, and once decoded reveals information such as body type, trim package, engine type, and safety features built into the vehicle.  Every vehicle has a unique VIN.  
  3. Vehicle usage:  Your advisor may ask what each household vehicle is used for.  Common usage options include commute to work, commute to school, pleasure use, and business use.  Some carriers rate more heavily than others on vehicle usage.  Other carriers have moved to telematic-based applications that will calculate your mileage in order to establish a more accurate depiction of your vehicle usage.  Your advisor will be able to assist you in finding the right carrier to meet your needs depending on your household vehicle usage.  Discussing vehicle usage may also bring new issues to light, such as the need to insure your vehicle commercially if you are plowing, delivering food, or driving for hire.
  4. Driver discount information:  Does one or more of your household members qualify for a good student discount?  Are one or more of your household members away at school without access to a vehicle?  Has a household member recently taken a defensive driving course?  A “yes” answer to any of these questions may help improve your auto insurance rate.
  5. Prior insurance information:  Which insurance company currently holds your auto insurance?  How long have you been with that carrier?  What are your current liability limits?  When does your current policy expire?  Most carriers provide steep discounts to drivers who have been with their insurance company for many years in an attempt to pry them loose from their longstanding loyalty to their current provider.  Conversely, if a prospective insured has a history of bouncing from one insurance company to another and/or has gaps in insurance coverage, insurance companies may not offer their best rates.  Insurance companies also provide more favorable rates for folks who have a history of carrying higher liability limits, another reason why it pays to be adequately protected.
  6. Current living situation:  Do you own your home or rent?  Are you open to combining your auto and homeowners/renters insurance with one company?  Multi-policy discounts range from 10%-25%+ depending on carrier, making combining your auto and homeowners or renters policies one of the easiest ways to cut down your insurance costs.  
  7. Driving record:  Have any of the drivers to be listed on your policy had any accidents or violations in the last five years?  Different companies have different surcharges for different violations, another in a long list of reasons why it is important to work with an independent insurance advisor who knows the marketplace and has several options available to meet your unique needs.
  8. Payment & paperless preferences:  Are you able to pay your insurance premium in full for the year to take advantage of a paid-in-full discount?  Are you open to automatic payments that can help save on premiums and installment fees?  Are you open to providing an email address to take advantage of paperless billing and documents which often results in additional discounts and increased ease of doing business?  Your independent advisor knows how to help you utilize today’s technology to cut down on your paper bills and help your wallet at the same time.

 

Are you ready to review your auto insurance needs?  The Insurance Outlet’s trusted advisors would be happy to perform a comprehensive analysis of your auto insurance needs and design a personalized solution for you! Please call or text us at 603-527-8050, or stop by our local office at 174 Court Street in Laconia, NH. For your convenience, also offer online quotes 24-7 at our website.