Insurance companies price their products by using a complex formula comprising of
For a Homeowners Insurance Quote:
-Full Names of the Insured's as it is, or will be, written on the deed and mortgage.
-Dates of Birth for the named Insured(s)
-Prior Address (Or current address if quoting a new purchase)
-Mortgagee Clause and Loan Number
-Current Policy (for homes with existing insurance)
-Bank Appraisal (for new purchases, if not waived by the bank)
For an Auto Insurance Quote:
-Full names of all drivers and dates of birth
-Drivers License ID Numbers
-Garaging Address (Home Address)
-Year, Make and Models of each vehicle on the policy
-Vehicle ID numbers (VINs) of each vehicle on the policy
- Current Policy Liability Limits and deductibles (this is for comparisons purposes)
-Insurance companies typically run an MVR, CLUE (Accident History) and Soft Credit Reports on drivers and named insured(s), for pricing and underwriting.
NOTE: Typically photos of the drivers licenses of all drivers and a copy of the current auto policy declaration pages will supply all of the above information. The declaration pages are the first few pages of a policy that list drivers, vehicles and shows the liability limits and deductibles.
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