Ask about mortgage insurance information
In: Insurance
21 Apr 2010I have two speeding tickets on my record that i would rather not have flagged for my insurance company, as they have not audited me yet for it…. but i want to look up quotes on motorcycle insurance! will my insurance provider be notified if i start looking for motorcycle insurance on otherwebsites like gieko and progressive? im just looking for ballpark estimates…. not looking for a set rate
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5 Responses to if i research insurance quotes will my current provider be informed?
xxxjessicaxxx255
April 21st, 2010 at 5:28 am
No.
jrg
April 21st, 2010 at 5:30 am
No, they might go into your credit rating but thats after the fact that your old insurance had been there done that. They check out your credit rating to give you the proper payment plan.
myalterego
April 21st, 2010 at 6:27 am
No. However, the new insurance company will see it sooner than your current one will and will automatically rate you as a high risk. Some carriers give you a ticket or accident forgiveness. The new one will not.
I also wanted to correct what the other guy said:
The reason they look into your credit is to see if you are insurance worthy. Not so they put you on the right payment plan. Insurance carriers don’t care much if you don’t pay because they can cancel you. They check your credit to make sure you don’t have financial issues like restitution for the crime of ARSEN!
Selly
April 21st, 2010 at 6:51 am
No Grant.
You absolutely have your freedom.
For comparing insurance quotes:
http://www.CreditEquityLoans.info
Margarita D
April 21st, 2010 at 7:38 am
Your current insurance will not be informed that you are researching other insurance quotes and/or discover your speeding tickets from that process. Your insurance company will probably discover your speeding tickets about 60 days before your renewal (most insurance companies do this). If you are currently insured by a standard company, it is very likely that your insurance will be cancelled at that time or you will at least have a large rate increase.
In terms of some of the other comments regarding credit, neither of the comments are correct. Insurance companies pull what is called an insurance score which is a numerical formula based on your credit. However, it is not a credit report. The insurance company does not use this to determine if you are insurance “worthy” or to determine your payment plan. According to actuarial science the better insurance scores translate to the better risks and the more impaired scores translate into higher risk profiles. Stated another way–on average clients who have impaired insurance scores produce more claims. Therefore the insurance companies use the insurance scores as one of the factors (other factors would be your driving record, accident record, mileage, type of car, etc.) that allow them to adequately price the risk to produce a profit.
I hope this helps. Good Luck!