Upon the purchase of an auto insurance policy, company underwriters receive and review applications in order to ensure policies are properly quoted and underwritten.
Many factors are reviewed for accuracy and if an error or information is improperly listed, it can cause a policy up rate resulting in higher premiums for the insured.
Since many details are used for the purpose of determining rates, a change or correction in factors such as zip code, driving record info, marital status, gender, vehicle details, vehicle use among others, will cause an immediate change in premium or even cancellation.
For example, when an underwriter receives an application, they verify driving record history to ensure accuracy and any unlisted violations will result in an increase in price. With today’s technology, a lot of rating factors are reviewed at point of sale with automated software which immediately verifies such factors.
There are few items that may require an insured’s [...]

Original post by onlineautoinsurance and software by Elliott Back

This entry was posted on Friday, March 14th, 2008 at 12:59 pm and is filed under All Insurance News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.