You already know that your driving record has a direct impact on the ability to secure auto insurance at a reasonable rate. What you may not realize is that the same record also has an effect on what you will pay for any type of life coverage. That includes corporate insurance in Toronto that's offered through an employer. Here is what insurance providers look for when reviewing your driving record and what can happen based on the findings.
Just as you are asked about your general health, expect questions about your driving habits and any offenses that have taken place in the last five to ten years. These are necessary to determine what is known as your classification. In other words, the provider wants to understand how much risk is being assumed by extending the coverage. When you have a relatively clean driving record, that indicates less of a risk.
Keep in mind that not everyone has a spotless driving record. The insurance provider is not likely to be distressed by some minor issue that took place several years ago, but it never hurts to be completely forthcoming. Your best strategy is to tell all rather than have the provider find out about some issue when the report is pulled.
When you apply for any type of life insurance in North York, be aware that some aspects of the driving record will be of particular interest. Repeated incidents involving the same sort of offense causes providers to stop and consider your application with greater care. For example, if you have been arrested for driving under the influence several times over the last few years, you may find that your acceptance comes with a hefty premium. Some providers will determine that those DUI's are reason enough to decline the application altogether.
Repeated minor offenses will also motivate the provider to think twice before approving the application. Maybe you do have a rather long list of speeding tickets where you were barely over the limit, but the fact that you do consistently drive faster than the law allows means you are at a greater risk of being involved in a fatal accident. While driving a few miles over the limit may not seem like much, it can be enough to lead to a rejected application.
It isn't just the negative that will capture the attention of the provider. When your application for Etobicoke life insurance is under consideration, a driving record that shows no arrests for driving under the influence and nothing more than a parking ticket a few years back will work in your favour. Along with being approved, you are likely to be classed as a safe driver and be able to lock in a slightly lower premium.
Before applying for life insurance of any kind, it never hurts to obtain a copy of your driving record and see if there is anything present that requires some explaining. In the best case scenario, your record will turn out to be a plus rather than a minus.