Your Record Drives Underwriting
I did know that it plays a role in life insurance underwriting: after all, applications ask for your driver’s license number, and I’ve seen cases where really bad records result in less favorable underwriting results (which means higher premiums).
But I didn’t know that it also comes into play when underwriting homeowner’s (and, one presumes, tenant’s) insurance, too:
To be sure, this makes sense: if you’re prone to risky driving behavior, you’re probably not going to be the most careful homeowner:
“Poor home maintenance or careless security can lead to damage and home insurance claims.”
Which also makes sense.
But as it turns out, that doesn’t really matter:
“Insurers don’t have to explain why certain behavior leads to claims. They only have to show a correlation between the variables and claims.” [ed: emphasis in original]
Heh.
Now, this practice isn’t widespread – yet – but don’t be surprised if your homeowner’s insurer runs a motor vehicle report at renewal time.
And drive safely.
[Hat Tip: @LexisInsurance]
Source: http://insureblog.blogspot.com/2017/01/your-record-drives-underwriting.html
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