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Do Inquiries Affect Insurance Score?

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Frequent Contributor

Do Inquiries Affect Insurance Score?

I just pulled my LexisNexis CLUE insurance report; and I was wondering if inquires, from insurance quotes, affect the insurance score... kind of like how credit inquiries affect a credit score?

 

Also, does anyone know how to obtain their insurance score? 

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Super Contributor

Re: Do Inquiries Affect Insurance Score?

I am skeptical that getting insurance quotes would affect your CBIS (credit based insurance score).  But I have to admit I don't know for sure.

 

An easy way to view one of the two CBIS scores used by the insurance industry is to sign up for Credit Karma.  You can get the TU-driven CBIS for free there.  Be sure you are looking at the "Auto" score and not the general Vantage 3 credit score.  Karma is free.

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Frequent Contributor

Re: Do Inquiries Affect Insurance Score?

So, I called LexisNexis to inquire, and the representative stated that the insurance score ranges from 200-997. However, I was directed to contact my current auto insurer to request a National Credit File Report... or at least to initiate the request, so that I could then call LexisNexis back, with a newly generated report and score, from the insurer. Apparently, since they haven't pulled the score in 6 months, it expires.


Sounds awful convoluted... but, I will just leave it alone for now, because aparrently there would be another inquiry generated to the CLUE report, as well; and, since I'm not sure the impact of insurance inquiries to the insurance score, it seems rather defeatist - to potentially generate another inquiry, in an attempt at finding out what the score is.

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Established Contributor

Re: Do Inquiries Affect Insurance Score?

Very interesting.  Although I was aware of these scores I had no idea it was available through Credit Karma. 

I noticed in review of my auto insurance score history that my score dropped significantly in the months I purchased a car in 2016 and started my home re-fi process in 2018.  It seems the credit inquiries is what caused the drop because my score dropped the same month the hard pull occurred, although the re-fi was not closed and the account did not report until 2 months later with the 2 month later open date.



FICO 8 as of 04/01/20
FICO 9 as of 03/09/20
AoOA - 24Y1M | AAoA - 11Y11M | AoYA - 0Y7M
Open: 8 CC | 2 RC | 1 PLOC | 1 MTG loan | 1 Auto loan
Closed: 1 MTG loan | 1 Auto loan | 2 RC
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Super Contributor

Re: Do Inquiries Affect Insurance Score?

I encourage you to use Karma.  It's free, can be updated frequently, and will give you some idea of what the LN score would be like.

 

The only caveat is if your TU report is very different from EQ.  The Karma CBIS is drawn on TU data whereas the LN CBIS is drawn on EQ.

 

The CLUE report is something different from the CBIS score.  The CLUE report contains information about your driving history, whereas the LexisNexis CBIS score is based solely on the data in your EQ report.  Any given auto insurer might very well use both (the CLUE report and a CBIS score).

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Frequent Contributor

Re: Do Inquiries Affect Insurance Score?


@CreditGuyInDixie wrote:

I encourage you to use Karma.  It's free, can be updated frequently, and will give you some idea of what the LN score would be like.

 

The only caveat is if your TU report is very different from EQ.  The Karma CBIS is drawn on TU data whereas the LN CBIS is drawn on EQ.

 

The CLUE report is something different from the CBIS score.  The CLUE report contains information about your driving history, whereas the LexisNexis CBIS score is based solely on the data in your EQ report.  Any given auto insurer might very well use both (the CLUE report and a CBIS score).


Thanks for all of the data. This is quite helpful.

 

Naturally, my Equifax file bears very little resemblance to my TransUnion file. The Equifax file is missing many of the positive accounts. Neither report has any negatives; but, it's annoying that Equifax can't seem to keep up.

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