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Q

I have a question about my MVR. I have always paid my bills on time and never had a problem with insurance. But, recently my MVR score was affected and I wasn't given the cheapest rate by my insurance company and I'm wondering why. I've heard rumors of new cars (especially red ones) raising a persons insurance. Is this true? My new car is red. Why didn't I get the best rate? Should I call and find out/complain? Thanks in advance for your answer.


A

You might be confusing your motor vehicle record (MVR) with your consumer credit report.

Your MVR is a documentation pertaining to your driving. It will contain items such as if your driver's license is current and if you have any points. Points are generally given for driving infractions and the more points the worse your MVR.

An insurance company checks your MVR to see how much of a risk you might be as a driver. If your MVR has negatives on it, such as a large number of points or prior license suspension it would most likely negatively affect your policy costs.

Your consumer credit report is a document that lists your credit history using information from financial institutions such as banks, merchants and other creditors. It has been studied and found that people with bad credit reports are more likely to file auto claims thus their premiums might be higher than those with excellent credit histories.

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So, if either your MVR or credit report have something on there that your insurance company would rate against (or surcharge you for), then that would affect your insurance rates. It is highly unlikely that your car color - red - has any bearing on the premium price since car color is not considered in the calculation of rates by any car insurance carrier that we are aware of.

There are many variables and risk factors that are looked at by auto insurance providers when determining a person's insurance premium and it can vary for each insurance company. To find out for certain what affected your rates call your insurance agent and ask for specifics.

Also, remember that if you don't like the rates you are receiving with your current auto insurance provider you can shop around.  By comparison shopping for car insurance you may be able to save hundreds, if not much more, on your car insurance policy. (See "3 ways to save big on car insurance")


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