First read through the information in this article to get a feel for the process, and then use the ideas provided as a reference when shopping for Loyola insurance.
Loyola auto insurance will organize the quote process into sections where different types of information are collected. The typical sections are: Personal Information
Loyola Insurance may differ slightly on where some questions are asked, and in what order. Some may ask more or less detail than other companies, but the process is similar from company to company.
Getting Started – Personal Information
The initial information gathered is used to identify who you are, where you live, and determine if you are eligible for a Loyola insurance car. This information should be easy to provide and should not take much time to complete.
Here you’ll find the typical questions asked. You’ll also see whether or not Loyola auto insurance will verify the information you have entered. Most of the companies are always trying to collect more information and verify that the information entered is correct. Unfortunately, there are a few people who try to “game” the system and enter partial or incorrect information in order to get a better rate. To combat that, Loyola insurance company is always searching for new data sources to validate the information rated. This is a good thing. If there is gaming, and people who do not warrant a lower rate “fake the systems out,” people who deserve a lower rate have to pay more.
Drivers on the Policy
In that section, you will be asked to provide detail on the people in your household who drive your cars. Loyola insurance will verify most of the information you disclose in this section through several databases. Some of the common reports used are:
Motor Vehicle Report (MVR) – This provides a history of your driving record (tickets, moving violations, and sometimes accidents). The report comes directly from your state’s Department of Motor Vehicles.
CLUE Report (Comprehensive Loss Underwriting Exchange – This report comes from a vendor which compiles loss and accident data (payments, etc.) from most insurance companies. Companies report their loss/claims data (coverage, payments, reserves, etc.) into this database periodically and then order reports on potential new customers. Not all accidents are reported on MVR’s, so this database was developed to compile and maintain claims/loss data for companies.
Undisclosed Driver Reports – These reports come from databases that look at people who live or have lived at a particular address. Companies use these reports to identify any potential drivers (especially youthful drivers) not listed on the policy. Loyola insurance company will usually give you the opportunity to validate a potential driver prior to them being added to your policy. Realize that sometimes potential drivers are found that are not part of your household. This is particularly true in situations where you live in an apartment complex, or if you have recently moved to a new address.
I have attempted to give you some insight into why this information is important, whether or not Loyola insurance verifies the information.
Vehicles on the Policy
This section of the quoting process will gather information on your vehicle(s). Loyola insurance will verify some of the information you disclose. The information in this section will have a big impact on the price you pay; so, as an adult you should know how you can make decisions that will keep your rates down.
One of the items that can have a big influence on your rate is something called driver to vehicle assignment. This simply means which driver is the primary driver of which vehicle. Here’s an example.
If there are two drivers in your household – a 40-year-old and a 16-year-old driver – and two vehicles – a 2017 Chevy Corvette (a high-cost insurance car) and a 2012 Ford Taurus (a low-cost vehicle) – companies may treat this situation differently. Some companies will allow you to assign the drivers to the car they drive. This means you get to tell the company which person drives which car. Assuming the 16-year-old drives the ’12 Taurus, your rate will be lower because the higher rated driver (teenager) is “assigned” to the lower rated car. But, other companies may surcharge the policy regardless of what driver/vehicle assignments you make, because they will build in an assumption that the 16-year-old has access to the higher rated vehicle (Corvette). If this is the case, your rate will be higher for this company. You will not know how the company is using this information, so there is no reason to try and “beat the system” on this one. However, if you are offered the choice of assigning drivers and vehicles, I encourage you to assign youthful drivers to older vehicles. (This reinforces the need to shop your insurance with a variety of companies because the driver/vehicle assignment method used could create very different prices for your policy.)
Availability of Additional Discounts
If your situation is good or bad regarding your driving record and financial situation, there may be additional discounts offered to you by the company. These items vary by company.
The example below provides some practical information to help you select the appropriate coverages. In this example, Loyola insurance company have shown two Risks with different characteristics and prices. While the exact make-up of these risks is irrelevant for the purposes of this example, here is a brief description of what each risk might look like:
Risk 1: A mature driver (50 years old) is driving a six-year-old Honda Civic. The driver has an excellent credit history and a clean driving record. In other words, the price he pays is relatively low, so changes in deductibles and limits will have a smaller impact on the price.
Risk 2: A couple in their 40’s with two teenage drivers. They have several moving violations, and their credit history is average. They own two newer, luxury cars and one five-year-old Volvo. The total policy price is much higher than for Risk 1; so, the changes in deductibles and limits will have a greater impact on the price for their insurance.
The point of having the prices in the coverage discussions is to help you see how much or how little prices can vary between the different coverage amounts.
As you review the prices in each coverage section, focus on the price differences, and not the price itself. There are lots of caveats around the price, but understanding that with some coverages there are big price differences, and for others there are not is the key to this exercise.