Who is LexisNexis and why is my car insurance going up so much?

[DandyDon]

I am happy enough with my old Impala, still runs great, has nice gas mileage if I hold my speed at 60-65 mph, is comfortable, and can haul a large load of camping supplies or whatever, but as old as it is I only carry Liability insurance. The cost of Collision went up every year even tho I knew that the insurance would pay less every year so I dumped that years ago, but I carry a lot of Liability coverage just in case.

Last year it went up 12¼% and I shrugged that off as lots of things have gone up a lot. I haven't had a wreck in years, no tickets in years, and excellent credit for years, but suddenly AAA auto wants 25.7% more at renewal! I called and demanded to know why, she said that AAA car insurance went up 10% statewide this year, then I got some references to LexisNexis, which I'd never heard of.

Texas Insurance Depart offers a site for rate comparisons so I checked there and AAA is no longer as competitive as it used to be. Two Hartford companies are listed cheapest at less than half the cost for me, but when I tried changing, that attempt came back just as high.

So what's kicking me up here...??

 

[drl]

LexisNexis is a database of legal information and news sources. What it has to do with the price of your car insurance isn’t clear to me, but I’m just a librarian, not an insurance underwriter.

 

[Joneill]

I am happy enough with my old Impala, still runs great, has nice gas mileage if I hold my speed at 60-65 mph, is comfortable, and can haul a large load of camping supplies or whatever, but as old as it is I only carry Liability insurance. The cost of Collision went up every year even tho I knew that the insurance would pay less every year so I dumped that years ago, but I carry a lot of Liability coverage just in case.

Last year it went up 12¼% and I shrugged that off as lots of things have gone up a lot. I haven't had a wreck in years, no tickets in years, and excellent credit for years, but suddenly AAA auto wants 25.7% more at renewal! I called and demanded to know why, she said that AAA car insurance went up 10% statewide this year, then I got some references to LexisNexis, which I'd never heard of.

Texas Insurance Depart offers a site for rate comparisons so I checked there and AAA is no longer as competitive as it used to be. Two Hartford companies are listed cheapest at less than half the cost for me, but when I tried changing, that attempt came back just as high.

So what's kicking me up here...??

You have said that you’re old ?

https://www.progressive.com/answers/car-insurance-for-seniors/

 

[DandyDon]

ou have said that you’re old ?

Yeah, and on the state site I checked "over 65." I turned 75 this year so they may charge more because of that. If so, they should say so when asked.

 

[Superlyte27]

Lexis Nexis is the credit bureau of insurance. It actually runs credit but also 20 other metrics that are totally Mickey Mouse bonkers bullspit.

Let me know if you want to know more.

 

[DandyDon]

Lexis Nexis is the credit bureau of insurance.

I've requested a copy of my file. If I did it correctly, it should be here in a couple of weeks. The site did not confirm my request so I guess I'll wait and see.

Would it help or hurt to opt out of their site?

 

[Superlyte27]

I've requested a copy of my file. If I did it correctly, it should be here in a couple of weeks. The site did not confirm my request so I guess I'll wait and see.

Would it help or hurt to opt out of their site?

You can’t opt out. Lol.
So insurance companies use LN to determine your credit worthiness. And! The algorithm and data collected to determine that worthiness is a joke… and most of it is a secret, but here’s some of the key points I know for a fact.

1. Length of time with insurers. If you move companies a lot, your rate is higher.
2. Credit score. People who can’t budget money don’t get tires, wipers and brakes when they should. This is actually a very accurate metric
3. How many hard inquiries you have in a year. I have an 800 credit score, but last year bought two houses and tanked my inquiries count. A company didn’t want to insure my watch collection because of lexis nexus.
4. Every person who has lived in your house in the last 5 years.

 

[DandyDon]

1. Length of time with insurers. If you move companies a lot, your rate is higher. Over 10 years.
2. Credit score. People who can’t budget money don’t get tires, wipers and brakes when they should. Excellent.
3. How many hard inquiries you have in a year. Not so many I don't think.
4. Every person who has lived in your house in the last 5 years. Just me for over 10 years.

 

[Scuba Lawyer]

I have a LexisNexis subscription for my law practice. It is ungawdly expensive but I can't do a litigation business without it. It provides me with every Federal and State statute and every case interpreting those statutes along with access to documents and rulings in every lawsuit filed in any court anywhere in America. I can also find out pretty much everything about anybody and their assets and liabilities as long as I have a sanctioned reason to do so. That ability required FBI and DOJ vetting for about 8 months. They are very strict on who gets access. The LN database is one of the most complete and complex out there and I am sure insurance companies use the info for all of their underwriting. My 2psi.

 

[Eric802]

Auto rates went up pretty much everywhere over the last year - inflation is killing the insurance companies, as is the scarcity of parts for repairs. It's much more expensive to fix damaged autos than it was 18 months ago, and they're all increasing rates to make up for it.

That's why some companies are pulling out of California - the insurance board won't approve the rate increases, so the companies are just bailing out.