Is there any way I can find the number of insurance points are associated with me?
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Asked September 20, 2013
There are three primary scoring systems used in determining the cost of your insurance. Points on your driving record affect your auto insurance rates, while your credit score and CLUE report will play a part in setting all of your casualty and liability premiums. There is not, precisely, an insurance point system for you to look into, but you can check the other three scores by contacting the appropriate company.
To find out how many you have on your driving record, you can contact your insurance company or your state's Department of Motor Vehicles. This score is maintained by the DMV because it was not originally set up with insurance in mind, but was used as a system to determine when your driving privilege was in peril of suspension. Because the points are based on moving violations, insurance companies use DMV points to assess the risk of insuring individual drivers.
Your credit score is used by insurance agents to determine the amount of financial risk insuring you entails. Credit scores are a composite rating of information kept by the three credit reporting agencies, Equifax, Experian, and Transunion. You are entitled to one free credit check per year, but can request a copy of your credit score for free each time a company pulls your credit score or report.
CLUE is short for Comprehensive Loss Underwriting Exchange. This company maintains a database of insurance company loss claims, and insurance companies use that information to determine the actual claims risk you present. Claims are kept on file for 7 years, and have a direct impact on your insurance costs as well as your overall insurability. If you have too many claims, or have claimed high amounts, you run the risk of being denied coverage. You can check your CLUE report for free once a year by contacting the LexusNexus Company and requesting the report in writing.
Answered September 20, 2013 by Anonymous