Two SUVs. Virtually identical to the naked eye. Same liability risk associated with insuring them?
In the past, we might have thought yes, based solely on the loss experience of the vehicle series. But the newest ISO Risk Analyzer® Personal Auto offering — the vehicle module for liability — reveals that specific characteristics, such as performance and safety features, of vehicles within the same series can affect the risk. For example, an SUV with all-wheel drive does not necessarily have the same liability risk as its series counterpart with front-wheel drive.
Because vehicle characteristics are a major factor in determining the risk associated with insuring the vehicle, the vehicle module for liability offers new liability symbols and components in finer detail down to the vehicle level — not just the vehicle series level — for model years 1981 to the present.
To develop the symbols and components, the module analyzes loss experience along with data on individual vehicle attributes, such as body style, vehicle performance and safety features (including ratings from the Insurance Institute for Highway Safety), and information related to the manufacturer’s suggested retail price (MSRP).