Root Insurance puts a modern twist on auto insurance: It uses your phone to track your driving behavior. Your ability to qualify and your insurance rates are based on your behavior during a test-driving period, which means safe drivers can end up saving on insurance.
ProsConsMay offer savings based on good driving habitsNot available in every stateIncludes roadside assistance with every policyCan take several weeks to complete the test driveSign up and manage your insurance through an appSome drivers won’t qualify for coverageRoot Insurance Customer Service
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Launched in 2015, Root is a relatively new insurance company that takes a technology-driven approach to providing coverage. Root does this by collecting information about your driving habits from your phone during an initial “test drive” period. While it’s not available everywhere, Root insurance offers auto insurance in most states. It also offers homeowners insurance and renters insurance in several states.
Can an Auto Insurance Quote Affect Your Credit?
In most states, auto insurance companies can pull your credit and use a credit-based insurance score to help determine your auto insurance premiums. When this happens, a soft inquiry will be added to your credit report as a record that someone reviewed your credit.
However, soft inquiries do not impact your credit scores. Your auto insurance policy also won’t appear on your credit report, and making payments on time won’t help you build credit. Missing payments could wind up hurting your credit if you miss several payments and the insurer sends your debt to collections.
Is Root Insurance Right for You?
Root Insurance isn’t right for everyone. To start, not everyone can qualify for its auto insurance—one of the ways the company can offer low rates is by being picky about who it insures.
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Additionally, Root doesn’t offer gap coverage, which can be important if you have an auto loan or lease; doesn’t cover motorcycles, ATVs, exotic or commercial vehicles; and won’t cover you while you’re working as a rideshare driver.
However, if you’re a good driver with a car, truck or SUV, it may be worth trying the test drive to see the quote you receive. Particularly if other insurance companies may be charging you a lot based on demographic data, such as your age, marital status or where you live, Root’s usage-based insurance may be an effective way for you to save money.
Insurance coverage availability, discounts, limits and other details may vary by state and other factors.
Source: https://tholansonnha.com
Category: Finance
