by hummingbird » Mon Dec 31, 2007 04:51 pm
I was told that the price of insurance had to do with your credit. If you have good credit the insurance will be cheaper than if you have bad credit it is higher.If you have bad credit you may not be able to get insurance at all. How can that be? Sounds more like a loan than car insurance.
Posted: Thu Jan 03, 2008 10:42 am Post Subject:
I can understand the responsibility part, re: If you maintain your finances in a responsible manner, then follows you are more responsible in other areas....ie home and vehicle upkeep etc...don't know though that I buy at all that it makes them better or safer drivers.........
I don't think I could find some data showing it's true that people that are financially irresponsible (not talking about hard times here...let me be clear), are also less responsible in other areas of their lives...I'm just talking about personal experience...and in no way do i think this should affect the way they are rated...or their rate class.....Find something that shows this is true. You won't... as it can't be shown. What you _will_ find is that people with lower credit scores tend to file more claims. These are two different things.
Tcope are you saying that it is TRUE that people with lower credit scores do indeed have more claims? Is that right? Like a 16 yr old boys have more accidents that is a fact, and therefore they are charged a higher premium...is that true and what you are saying, that people with low credit scores have more claims? If so what is the basis of this? (not arguing or doubting, I'm just surprised is all)....I don't buy the they handle the lower cost claims (with better ratings) because more times than not the deductible will apply and this makes no sense to me....
It seems to me (these days) that a good credit score is the exception rather than the rule...probably has to do with lack of financial education, giving credit card offers to every kid that turns eighteen even without a job, and the buy now pay later mentality....What I'm asking/saying is what (I wonder) is the percentage of the adult population 30% 50% with poor credit scores...If so...wow-wee!
I'm quite surprised and enlightened by this, clearly I don't/haven't paid much attention to ratings etc.
This is directly related to the loss and not used as a basis for determining risk.
you're right.......Its like the banks charging a 35 dollar fee for a 2.00 debit with insufficient funds.
This always made me shake my head too...if a guy writes a bad check...then they charge him an additional 35-50bucks for that (maybe 2.00 check)....wth? where do they think that will come from? I think though should a person not immediately (lets say within 72 hrs) cover their check something should happen...we can't have people going around writing bad insufficent fund checks....because the thrickle down could be huge....Posted: Thu Jan 03, 2008 12:03 pm Post Subject:
I don't think that all people with low scores should be punished like this, what if something happened that was out of your control, like you got very ill and could not work or had a sick child and could not work or something else unfortunate happen in your life where no matter how hard you tried, you could not help but falling behind. Credit card companies are not very friendly when it comes to these situations and they will turn you into collections in a heart beat, there fore screwing up your credit and then later it affects your car insurance, there should be a fairer way to handle rating insurance, I don't agree with it at all. Is there a place where you can find out if your state is one of the state that do this practice?
Posted: Thu Jan 03, 2008 12:06 pm Post Subject:
Is there a place where you can find out if your state is one of the state that do this practice?
your states DOI site should tell you .... all the ones i've ever looked at address it......:)Posted: Thu Jan 03, 2008 05:26 pm Post Subject:
What is a DOI? I agree with goodnatured. It makes insurance companies and banks and creditors in general look greedy and unfeeling. Bad things happen to people with the best intentions and you can see that by the amount of forclusures.People like that don't care and they can't afford to care really if they helpo one person you have to help them all. I hate it. There has got to be another way for low income familys to get a break i agree. Our electric alone is nearly 300.
Posted: Thu Jan 03, 2008 05:37 pm Post Subject:
DOI = Department of Insurance
Posted: Thu Jan 03, 2008 05:44 pm Post Subject:
Where I come from it is the law to have at least liability. You can not even get your car relicensed with out showing proof of insurance .If you get stopped by the police you also have to show proof or be ticketed for not having it.So dropping it is NOT an option here.
Posted: Thu Jan 03, 2008 06:32 pm Post Subject:
DOI = Department of Insurance
Posted: Fri Jan 04, 2008 11:50 am Post Subject:
What is a DOI?
Ins. investigator had told you I will too, DEPT. OF INSURANCE...I agree with goodnatured. It makes insurance companies and banks and creditors in general look greedy and unfeeling.
I agree, but they ALL are in the business to make money and not a not for profit charity....Bad things happen to people with the best intentions and you can see that by the amount of forclusures
. I agree, there are also countless people that are just plain greedy and idiots themselves bringing 'hard times ' on themselves...as an example...guy next door to me was GIVEN his house (nice place too) by his grandmother...no lein, nothing...free...all he had to do was pay his taxes every year, and ulitlitys what a sweet deal! This idiot....got loan after loan after loan against this FREE AND CLEAR house, without a damn thing to show for it...seriously nothing...just blowing the money, until finally the banks foreclosed...because not only had he taken out a total of 100k against the place he then decided to stop making the payments! Dude (and his wife) have both got good jobs........do I feel sorry for him NOT!.......People like that don't care and they can't afford to care really if they helpo one person you have to help them all. I hate it.
I agree.....There has got to be another way for low income familys to get a break i agree.
I agree, I wish there was a way to individually evaluate each situation... I have no problem with giving help or aid to someone that is TRYING...it's the ones that set on their butts, fully capable of working, but WON'T and whine about thier situation/position in life, expecting me (tax payers) to foot their bill!........talk about irritating......Our electric alone is nearly 300.
Oh my gosh....hopefully your house if full electric and this is to run everything right? If that's the case, then when you break it down it's not any more than most....gas bill in the winter around my part of the country is about 150-250 per month and electric about 90.00 in the summer our electric runs at least 250 per month...I feel your pain, and with the gasoline prices being what they are it is a struggle for all...........Posted: Fri Jan 04, 2008 12:32 pm Post Subject:
Ok, I figured it out .It stands for department of Insurance. Can I find this on the internet by putting in my state and department of Insurance?I would like to find it and look at it.
Posted: Fri Jan 04, 2008 01:38 pm Post Subject:
Department of Insurance
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