Do all auto insurance companies check with your DMV for your driving record?
wharlgarbl
Joined: Nov 2002
Posts: 10,127
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From: ^_^
Re: Do all auto insurance companies check with your DMV for your driving record?
Its not a mystery what I do for a living but basically what Swampass said is right. "Most" insurance companies *charge* for 3 years of activity and underwrite (or take into consideration) for 5 years or more. If the accident was reported and there was a payout..whether it was $800 or $50,000, you will see a surcharge to your rates. And if you are 20 years old, have tickets, you are not the cream of the crop and are a risky driver and will pay more. Progressive Insurance caters more so to higher risk drivers, Allstate and State Farm want prefered groups of drivers, and GEICO is sort of a mismash of everyone. Remember, your DMV points total is not the same as insurance points.
Also.. whatcha think about metlife car insurance?
OG from 2000
Joined: Nov 2002
Posts: 929
Likes: 0
From: Chesapeake
Re: Do all auto insurance companies check with your DMV for your driving record?
GAP is a product usually offered by a 3rd party company for the bank you are financing through or the dealer you are purchasing from. In the event of a total loss of your vehicle, in most cases you owe more on the loan than what your car is valued by your insurance adjuster. Your insurance company is not responsible to pay for your upside down bloated loan balance. You owe $8000 on the loan, your car is worth $6000 , for example, the GAP contact is who you submit a claim to pay off the difference between the insurance check and the loan balance. Without GAP you have to pay the difference out of pocket or possibly roll over the negative equity to a new loan, which is like shooting yourself in the foot. Cost for GAP policies, from what I've seen, can run as cheap as $199 (NFCU) or upwards of $1,000. I highly recommend it if you are financing more than 50% of the cars out the door price at the time of purchase.
MetLife? Auto insurance is definately not their primary concern, so their service/claims/rates will probably be lousy.
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subaruboy
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Apr 10, 2005 07:34 AM