Understanding Motor Vehicle Reports and Inspection Reports

Motor Vehicle Report for Use with Online Life Insurance Applications

A Motor Vehicle Report (MVR) is requested on almost all online life insurance applications as a part of the underwriting process. This is because a poor driving history can affect your life insurance rates. This normally occurs at the time the insurance company receives the online life insurance application for initial underwriting review.

A Motor Vehicle Report can be best described as a detailed report that lists a person's complete driving history. When requesting this report, the underwriter specifically checks to see if the applicant has any minor or major traffic violations, suspensions, or revocations that might affect his/her life insurance rates.

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This is why it is important to notify your life insurance agent if you have ever been convicted or charged with any moving violations, which may classify as misdemeanors or felonies. At that time your agent will provide the rate class that you qualify based on your previous driving history. Believe it or not, MVR's can show the underwriters a future prediction of your behavior and driving performance, so they are used by online life insurance companies to in part determine your life insurance rates.

Helpful hint to get the best life insurance rate possible: Always provide the most accurate information to your life insurance agent. If the agent is aware of all of the information on your Motor Vehicle Report they may be able to save you money by finding a life insurance policy online that does not increase the rate for your previous driving history.

If you have any questions, or concerns regarding your Motor Vehicle Report, please contact your local Bureau of Motor Vehicles.

Please note that when you complete the authorization page on your application, you are authorizing the life insurance company to obtain a copy of your motor vehicle report, even for term life insurance online.

Helpful hint to speed up the life insurance application process: Make sure to indicate on your term life insurance application your name as it appears on the driver's license, state of issue, and your driver's license number.

Inspection Report

Also, the underwriter can request an Inspection Report as part of the underwriting process. This is a detailed telephone review of application questions verifying that all information on file is correct.

On average the initial interview may last anywhere from 15 to 30 minutes. A third party vendor on behalf of the insurance company conducts the inspection report. Some interviews specifically cover your finances, criminal and employment history, and additional medical information.

All information obtained during the course of the interview is strictly confidential and will be submitted only to the life insurance company for review. This is common practice in most cases especially those with higher policy amounts of coverage. Even when you're looking for term life insurance online, expect to experience these checks and balances.

Please note that when you complete the authorization page on your application, you are authorizing the insurance company to obtain an inspection report.

Helpful hint to speed up the life insurance application process: Make sure to disclose complete details about your medical history on your life insurance application. Your life insurance rates may be affected if you do not.