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Oregon Auto Insurance Buyers Guide
Underwriting standards are rules insurance companies use to decide whether to insure you. Insurance companies typically review the following when deciding whether to insure you:
Many insurance companies look at a consumer's credit. Insurance scoring has been controversial, and a number of states, including Oregon, have placed limits on its use. In Oregon, insurers can't use a policyholder's credit information to raise premiums. Also, the law prohibits insurers from canceling or refusing to renew existing policies because of credit history problems.
If you are approved for coverage, the insurance company will place you in one of three basic categories of drivers: preferred, standard, or nonstandard.
Preferred: This category is for drivers considered the best risks, which usually means the safest drivers.
Standard: This category is for drivers considered moderate risks. People in this category usually drive "family" cars and have reasonably clean driving records.
Nonstandard: This category is for drivers considered high risk. Drivers under 25, with little experience, with histories of tickets or accidents, poor premium-payment records, and convictions for driving recklessly or under the influence of alcohol or other drugs.
Types of coverage
When you purchase an auto insurance policy, you're really buying several types of coverage. There are seven basic types of coverage:
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