speeding points etc are valid on your license for three years, must be shown for four years but after that can be cleaned off your license. Insurance companies ask for 5 years of information though when applying for insurance, am i legally obliged to tell them about anything over 4 years?
2006-12-01 09:44:20 · 14 answers · asked by freed0maddict 2 in Cars & Transportation ➔ Insurance & Registration
Just to confirm, i know what the best thing to do is, and that is not question the big boy companies and just tell them what they want. My query is, are they legally entitled to such information, as according to DVLA regulations, after 4 years of the offences being on your license, they no longer exist. So surely the insurance companies are just playing the fear card cause they know that people will be afraid if anything they ask isnt completed fully (whether they are legally entitled to the info or not) the policy will be void.
2006-12-01 09:59:12 · update #1
Insurance companies have to file their underwriting guidelines with each state. If a prospective insurer is asking for a five year history, then they've received approval from the state to use that five year data in reviewing premium for you. Further, your MVR and CLUE (industry report that shows claims you've filed) report will show at least the past five years. They ask you to report the data so they can give you an accurate quote. Once you're buying the policy, the insurer orders the reports to ensure the policy will be rated correctly (i.e. you didn't fib).
Are you legally obligated? No. But, the insurance company is then not legally obligated to offer you the premium you were originally quoted since you lied about your driving activity. They'll either reprice your policy or reject/cancel it outright.
As to why they use a longer history: actuarial data shows that folks who file one claim and more likely to file a second. The insurance company is looking for patterns of behavior. In most states, the insurance company can't directly surcharge for incidents outside the past 36 months. What they can do is rate your policy based upon your overall driving record. Not only is this legal, but it helps keep premiums lower for the folks who are safe drivers.
2006-12-02 01:00:43 · answer #1 · answered by cassee_ame 2 · 0⤊ 0⤋
If the company is asking for a 5 year history, yes, tell them everything. It is a legal contract that you are signing and you don't want to lie on an application. They can't surcharge you for anything that is more than 40 months old. It's just that Preferred companies will look at a longer history to make sure you don't have DWI's, and large offenses as such
2006-12-01 16:49:54 · answer #2 · answered by kittiek20 2 · 0⤊ 0⤋
If they ask you for convictions in the last 5 years then you will need to tell them. If you do not and they check back, if you have an accident they may not pay out if you have not answered the questions they put to you correctly. You will probably find there is little or no difference to your premium which ever way you answer, so answer honestly, the insurance companies will try any method not to pay out, so don't give them the opportunity.
2006-12-01 09:50:29 · answer #3 · answered by Anonymous · 2⤊ 0⤋
The company will specify the time length it wants to know about convictions & penaltys.If the time length is over you dont need to tell them.Read the individual companys wording.Thats what i do.I have enquired about this & what it comes down to is that should you claim if you havent told the truth it can void a claim so pay attention to each companys wording.If youve told the truth you'l be ok whatever your circumstances.
2006-12-01 09:59:23 · answer #4 · answered by Poppypunto 4 · 1⤊ 0⤋
no it is the large companys that ask for this information,try calling a local companyand compare prices,my daughter just had the same problem we found a local company in our home town,that only ask for the last three years and gave her a good rate and she did not have to pay it all up front,and faxed her papers to her old company and she got a refund check after changing over.hope this helps by the way the company is farmers or state farm...booth very good...
2006-12-01 10:17:20 · answer #5 · answered by good advise 2 · 0⤊ 0⤋
Tell them exactly what they ask for. What you tell them forms part of the contract and if you make a claim and they find out you've told them porkies the contract is void and you won't get any support whatsoever from them.
If they ask questions you don't want to answer, find a company that asks you different questions!
2006-12-01 22:17:39 · answer #6 · answered by champer 7 · 0⤊ 0⤋
You need to give them whatever they ask for. Minor offenses they generally don't ask beyond 3 years, more major things they can ask to 5 or 7, and a DUI conviction (at least in CA) will last 10 years now.
2006-12-01 09:56:52 · answer #7 · answered by oklatom 7 · 1⤊ 0⤋
Off Topic, but I think the US visa regulations want to know everything, regardless of how old, even speeding convictions.
2006-12-04 02:17:45 · answer #8 · answered by The original Peter G 7 · 0⤊ 0⤋
Yes you are, and legally they can use it against you. Insurance companies file with the state on how they rate you - and the state either ayes or nays it.
2006-12-01 16:44:43 · answer #9 · answered by PeppermintandPopcorn 3 · 0⤊ 0⤋
regular offenses 3 years, serious offenses up to 10 years back
depends on company and state
2006-12-01 21:24:38 · answer #10 · answered by Loollea 6 · 0⤊ 0⤋