Car insurance is a highly complicated matter that looks easy on the surface. Due to it, many customers think that that they understand the ins and outs of motor insurance well. But while underwriters and actuaries might be crunching insurance numbers every day but it is the auto insurance agents who truly understand all the intricacies of a car insurance policy.
While they share most of the information with you; there is still plenty of information that they know and might not share with you. Here we share a few facts that your agent will always know but you might not be aware of as a customer. Stay hooked!
- Agents know far more about you than they show
Whenever you are purchasing a policy; you would inevitably find the agent asking you plenty of questions about you. But neither do they take your word for everything nor are they limited to the information you supply to them. They know plenty of other secret information about you as well as that information that would be used to pull your FICO insurance score. It’s a score that you never have access to but your insurance agent does.
- Agents know about all reports pulled about you while preparing your car insurance quote
You might think that insurers use only the information you are supplying but they do not take your word for everything. They do not operate on the honor system and double-check everything you said. They pull out reports of your claim history, credit history, motor vehicle record, your driving history including the number of tickets you received, accidents involved, etc. These reports play a critical role in calculating your FICO score. The agent has access to your reports.
- They are aware of your vehicle’s ISO rating
All vehicles are rated under an ISO’s Vehicle Series Rating Program. It consists of 75 symbols of which one is attributed to your vehicle after weighing it on various parameters like its model, make, safety ratings, real-life loss records for your vehicle and various other data. This rating shown through a symbol might look inconsequential to you but it lets the agent know the risk level involved in insuring you and your car. A higher rating means a higher risk level which means a higher premium for your car insurance.
- They know the impact of every ticket
Car insurance agents not only knows about all the tickets assigned to your vehicle but also the impact and repercussions of each ticket. It might be noted that all tickets do not impact you in the same manner. They know which ticket might trigger The Insurance Company’s surcharge schedule. They also know when the infractions of a ticket will stop impacting your car insurance premium. The good thing is that you can request this information from your agent and they do not mind sharing this information with you.
- They know when your claim will impact your rates
Like tickets, claims also impact your car premium amount but different claims have varying impacts on your premium. It depends on the type of accident, the real culprit of the accident, etc. The rules for surcharges applied by an insurance company after an accident or claim are highly stringent but it varies from insurer to insurer. You might not understand the insurer’s surcharge schedule well but the agent is thorough with it. If you ask him, he will enlighten you on the impact of a particular claim, if made. Hence, you must always take advice from your agent before filing for a claim.
- They know when your crashed vehicle would be declared as a total loss
It is possible that your gets badly damaged in an accident and the mechanic declares that your car is damaged beyond repair. You might think that your car is ‘totaled’ but your insurance company might think otherwise. The stipulations for declaring a car totaled varies from company to company. Your agent might not be an expert on it but he has enough knowledge on it. He knows that any insurance company will compare the vehicle’s current cash value to its repair cost. They would compare it with the total loss ‘threshold’ and then declare a car as repairable or totaled. Your agent will have a deep perception of it and can advise you accordingly.
These are just a few facts that we have shared with you but there is plenty of other interesting information that an agent knows while you have no clue about it. Most of them are helpful as your satisfaction helps them beat the competition and establish a terrific reputation. Taking their advice would work strongly in your favor.