Acceptance to use TransUnion Vehicle History Score to underwrite auto insurance

First Acceptance Insurance Company received approval from the California Department of Insurance on February 19, 2021, to use the TransUnion Vehicle History Score powered by CARFAX^® to help set auto insurance rates.

While most rating plans on the market classify vehicles into groups according to the vehicle type, such as year, make/model, or engine size, the Vehicle History Score is designed to predict a specific vehicle’s risk of a future claim based on its unique historical footprint. The model was created through a partnership between TransUnion and CARFAX and utilizes information unique to each vehicle which is specific to the California model as outside of California, the Vehicle History Score utilizes additional vehicle attributes, including damage history, mileage history, repair history, ownership length and type, and other similar information.

“Vehicle History Score leverages CARFAX’s database of more than 25 billion vehicle history records, helping carriers offer more competitive rates while managing their risk.” – Dan Hill, National Sales Director in the CARFAX Banking & Insurance Group.

“Rates for Acceptance’s California customers will now include Vehicle History Score, which could save them money on their car insurance. It’s just one more way that we are committed to making insurance affordable. We couldn’t be more proud to be the first company in the state to provide this option.” – Anthony Delaney, Senior Vice President of Product and Underwriting at Acceptance.

Bottom Line: This scoring model is commonly used in over 40 other states; however, this will be a first for California.