NASHVILLE, Tenn., April 8, 2021 / PRNewswire / – First Acceptance Insurance Company, Inc. (Acceptance) received approval from the California Department of Insurance on February 19, 2021, to use the TransUnion Vehicle History Score developed by CARFAX® to help set auto insurance rates. The Vehicle History Score, a more accurate way of scoring a vehicle’s risk, can save Acceptance customers’ money on their auto insurance premiums, helping to increase segment risk, allowing Acceptance to improve prices. Acceptance is the first to offer this scoring platform in California and is proud to offer the option to its future customers.
Although most classification plans on the market classify vehicles in groups according to the type of vehicle, such as year, make / model or engine size, the Vehicle History Score is designed to predict the risk of a specific vehicle from a claim based on its unique historical footprint. The model was created through a partnership between TransUnion and CARFAX and uses detailed information exclusive to each vehicle that, specific to the California model, contains vehicle characteristics in accordance with regulations. *
“Vehicle History Score leverages the CARFAX database of more than 25 billion vehicle history records, helping carriers offer more competitive rates while managing their risks,” he said. Dan Hill, National Sales Director at CARFAX Banking & Insurance Group.
This sophisticated and predictive scoring model is commonly used in more than 40 other states; however, this will be the first time for California. With the groundwork established by TransUnion and CARFAX, the Acceptance sailed several months of correspondence with the state to ultimately obtain approval for the new classification variable.
“TransUnion is excited to partner with Acceptance to present the Vehicle History Score for California consumers – an unprecedented offer in the state “, said Mark McElroy, executive vice president and head of TransUnion’s insurance business. “Commitment to acceptance with insurance innovation and affordability in combination with CARFAX’s unrivaled vehicle-specific data and TransUnion’s comprehensive analytical capabilities will help to better predict risk and offer customers more competitive rates on California Marketplace.”
Ensuring historically underserved customers, Acceptance is continually finding ways to make insurance affordable for everyone. Your company’s culture is focused on taking care of your customers, making the Vehicle History Score a natural step for this sector leader.
“Acceptance Fees California customers will now include the Vehicle History Score, which can save money on car insurance. It is just another way of committing ourselves to making insurance affordable. We couldn’t be more proud to be the first company in the state to offer this option, “he said. Anthony Delaney, Senior Vice President of Product and Subscription on Acceptance.
To learn more about acceptance or to ask about insurance coverage, visit www.acceptance.com.
*Outside of CaliforniaVehicle History Score uses additional vehicle attributes, including damage history, mileage history, repair history, length and type of ownership and other similar information.
About First Acceptance Insurance Company Inc.
Acceptance Insurance (FACO) is an insurance company that operates in 15 states. Its team of more than 1300 people focuses on developing long-term relationships with historically underserved customers and those who prefer more flexible payment schedules and greater risk tolerance. The involvement of the local community, supported by robust digital messages on its own and acquired platforms, gives each agency a local feel and the resources of an institutional operator.
The technology that fuels your claims department and the values that make up the acceptance culture serve your mission: to passionately help hard-working people deal with life’s uncertainties. This commitment to service is evident in its A + rating from the Better Business Bureau.
Additional information can be found online at www.acceptance.com
About TransUnion (NYSE: TRU)
TransUnion is a global information and insight company that makes confidence in the modern economy possible. We do this by providing a comprehensive image of each person so that they can be represented reliably and safely in the market. As a result, businesses and consumers can carry out transactions with confidence and achieve great results. We call this Information for Good®.
A leading presence in more than 30 countries on five continents, TransUnion provides solutions that help create economic opportunities, great experiences and personal empowerment for hundreds of millions of people.
CARFAX, a part of the IHS Markit (NYSE: INFO), is the specialist in vehicle history for buyers, sellers, creditors, insurance companies and the used car automotive industry. With more than 25 billion records, CARFAX has the most accident and damage information. CARFAX has vehicle history data on all used cars and light / medium trucks model year 1981 or later and has more than 112,000 data sources, including government, public and corporate sources. CARFAX provides the value of data insurers in their underwriting and rating processes, helping them to attract and retain more of their target insurance customers. To learn more about CARFAX Banking & Insurance Group, visit www.CarfaxforInsurers.com or call 800-789-6232.
SOURCE Acceptance Insurance