by Guest » Mon Aug 16, 2010 09:22 am
I'm really shocked to see so many auto insurers checking on our credit scores. I don't think they really need to do it for auto insurance. Do they? I'd like to go for a good insurance co. that offers coverage on the basis of other relevant factors e.g. age, driving record etc. Am I going the wrong way?
Posted: Mon Aug 16, 2010 03:34 pm Post Subject:
I'm really shocked to see so many auto insurers checking on our credit scores.
And they will continue to do it as long as the people of your state (you) continue to allow your law makers to ignore this injustice.[quote]I'd like to go for a good insurance co. that offers coverage on the basis of other relevant factors... [/bquote]I agree 100%.
I personally don't know which carriers use credit scores and which one's don't. Sorry.
Posted: Tue Aug 17, 2010 06:20 am Post Subject:
I'm just curious to know if it's your existing policy that's up for renewal! Or is it that you wish to go for a new policy?
Posted: Wed Aug 18, 2010 05:55 am Post Subject:
And they will continue to do it as long as the people of your state (you) continue to allow your law makers to ignore this injustice.
I'm sure many of us are wondering for how long it would continue. I'm also not aware if we can really do anything about it. My policy is up for renewal.Posted: Wed Aug 18, 2010 08:37 am Post Subject:
There are a number of things that your insurer might do. They may increase your premium, shift your account with another company or may even get your insurance cancelled. Insurance companies in general consider your driving record along with your credit score.
Posted: Thu Aug 19, 2010 06:39 am Post Subject:
See, all you have to do is to understand the reason why carriers check your credit before they issue a policy.
A carrier tries to co-relate between the risk that you pose to them and your financial stability. People with lower credit scores have been found to file more claims with the insurance carrier.
Posted: Fri Aug 20, 2010 06:07 am Post Subject:
If you're looking for companies that don't use credit scores, you may check for companies' filing with your state doi. Also make sure that you check out a company's A.M. Best rating before you apply!
Posted: Fri Aug 20, 2010 09:29 am Post Subject:
You could move to California, where a credit report cannot be the basis of a decline for insurance. But then we'd get you on higher vehicle registration fees, higher sales tax rates, and higher income tax rates than about 48 other states.
Posted: Sat Aug 21, 2010 10:15 am Post Subject:
But then we'd get you on higher vehicle registration fees, higher sales tax rates, and higher income tax rates than about 48 other states.
So you see how it really matters to all carriers to have your credit checked. It's not at all good to be on higher registration fees and tax rates.
Posted: Sat Aug 21, 2010 03:31 pm Post Subject:
So you see how it really matters to all carriers to have your credit checked. It's not at all good to be on higher registration fees and tax rates.
That's a strange juxtaposition.
Posted: Tue Aug 24, 2010 12:28 pm Post Subject:
So you see how it really matters to all carriers to have your credit checked. It's not at all good to be on higher registration fees and tax rates.
I could not agree more.
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