Should I buy rental car coverage from the rental car company?
We always recommend purchasing insurance from the rental car company when you rent a car. Although there is some coverage extended to a rental car from your personal automobile policy, it is not as complete as the coverage offered through their program. For example, in the event of a total loss, your personal policy will pay up to the "blue book" value, not the replacement value. The rental car company will expect you to replace it with a new car. They will also expect you to pay the daily rental charge while the car is being fixed. A personal automobile policy does not have that coverage. There are lots of other reasons why you should buy the coverage from them too, and let's face it, when it comes time to return the car, you typically have a plane to catch. Will you have time to sit there filling out all the forms?
So, buy the coverage and have a stress free vacation.Back to TopWill the color of the car affect my premium?
No. Contrary to popular belief, the company does not charge additional premiums based on car color.Back to TopWhat is the difference between an Insurance score and a Credit score?
* An Insurance Score is a number between 0 – 999 that indicates the relative likelihood of an applicant filing an insurance claim within a given period of time. It includes such items as financial history, number of past claims, driver experience, etc.
* A Financial Credit Score is also a number, but this indicates the likelihood of an applicant paying an installment loan (mortgage, auto loan, etc.) or revolving debt (credit card, etc.) when due. Creditors use the Credit Score to help determine if credit should be granted to the applicant.Back to TopWhy do insurance companies use Insurance Scores?
* Studies have shown that insurance scores and future insurance loss potential are related. Thus, using these scores allows insurance companies to more closely match policy rates to specific consumers. Applicants with higher scores are typically eligible for more discounts.Back to TopWhat information is contained in an Insurance Score?
* Identifying Information: name, current and previous addresses, social security number, telephone number, date of birth.
* Credit History: history of satisfying obligations to retail stores, banks, finance companies and mortgage companies.
* Public Records: judgments, foreclosures, bankruptcies, collections, tax liens, garnishments.
* Inquiries: identifies creditors or others that have received a copy of applicant’s credit report typically over the past 2 years.Back to TopWhat are examples of variables used in calculating an Insurance Score?
* Outstanding debt
* Length of credit history
* Late payments
* New applications for credit
* Types of credit used
* Payment patterns
* Available credit
* Public records
* Past due amountsBack to TopWhat variables are NOT used in calculating an Insurance Score?
* National origin
* Marital status
* Sexual orientation
* Dates employed or employment history
* Inquiries made for account review, promotions or insurance purposesBack to TopBy an insurance company obtaining an Insurance Score, will it impact the Credit Report?
* Generally not. The agent inquiry will appear on the applicant’s credit report; however, it is clearly identified as an insurance inquiry. The applicant is welcome to contact ChoicePoint for further details.Back to Top