NEW UNDERWRITING/RATING VARIABLE
Over 75 percent of the vehicles sold each year are previously owned vehicles. The average age of vehicles on the road today is over 11 years old. This means there are many vehicles which are 20 years of age or older. Vehicles are staying on the road longer and have more history.
Not all used vehicles are the same. Some have had severe damage, multiple accidents, flood damage or structual damage. These compromised vehicles are more likely to be in another accident and are more costly to repair when involved in an accident. Previously damaged vehicles are more likely to be used in 'staged' or fraudulent accidents. These compromised vehicles (or previously damaged) are the worst and have an impact on an insurance company’s loss ratio. Vehicle history data from Red Mountain Technologies can help you identify these problems that have the greatest impact on the bottom line.
Completing a background check on the vehicle at the time of quote or underwriting can save the insurance carrier loss cost funds. This real-time check of a vehicle's history is inexpensive and is quickly becoming an industry standard.
RED MOUNTAIN’S VEHICLE VERFICATION FOCUS
- How many accidents did a vehicle have?
- Is it a Compromised Vehicle?
- What is the odometer history of the vehicle?
- How many owners of the vehicle and how long did each own it?
- Where has this vehicle been in its lifetime?
- Are there any title brands on a vehicle? Salvage? Flood? Rebuilt?
- What is the Red Mountain Technologies' Risk Predictor Score for a vehicle?