How important is length of ownership in finalizing quotes?

I finally got my own insurance policy after getting off my parents'. I signed up with a new provider for a good price, but the agent said that they will need to check with the underwriters to finalize the price. One thing I'm worried about is length of ownership since I've owned the vehicle for a while but only recently got the title (from my parents). How important is length of ownership in determining rates?

Sophie Newman · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“An underwriter finalizing your policy may seem scary, but it’s the norm for
car insurance companies
If an underwriter finds the length of ownership doesn’t match what you put on the application, your rate might change. That said, not every insurance company factors length of ownership in their rates.
If you’re concerned, you can reach out to your agent to amend your application. They’ll alert the underwriting department as well.
An underwriter’s job is to check and verify information in insurance applications to ensure the company is offering quality policies and their customers fit their requirements. Every insurance company has rules and regulations they follow; underwriters enforce those rules.
Should you find your rate changes significantly by updating your length of ownership, shop around. You can request
car insurance quotes online
or use the
app. Jerry collects quotes from up to 50 providers and delivers the best deals to your phone in minutes for free.”
View full answer 
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

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