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Life Insurance Underwriting: The Motor Vehicle Report

Understanding your current health and recent health history isn’t always enough for underwriters. Sometimes, they want to find out about your habits and personality also. They do this because the way that you act and react can play a part in how dangerous your day to day life is and how likely you are to suffer an untimely death because of your actions. One way that they determine this aspect of your risk is by pulling your motor vehicle report (MVR).

Your motor vehicle report is a report that shows your driving history. If you have had any accidents, speeding tickets, or other driving incidents, they will show up on the report. While it is normal to have one or two tickets, an excessive amount can indicate to underwriters that you are not a responsible driver and that your risk of an accident is likely increased. Since this also puts you at greater risk for death, it can and will affect your life insurance rates.

Generally, an insurance underwriter will charge you a flat extra or rated premium that results in an extra percentage of premium being added to your policy. You may ask your underwriter if you can have your rates adjusted if you show a clean driving record for a year or more. There is no guarantee that this will be approved, but it never hurts to try. Your best bet, however, is to make sure you always drive safely and responsibly and follow all traffic rules while you are out on the road so that there is no occasion for you to be pulled over or ticketed. After all, good behavior is your best defense against high insurance premiums.

August 9, 2010

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