What auto insurance companies DON’T use a credit score when deciding rates?
July 16, 2010 - 6:20 pm
I’m against the practice of using credit scores (i.e. insurance scores) to decide auto insurance rates. Does anyone know of a company in the U.S. that doesn’t use the practice?
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July 16th, 2010 at 11:59 pm
I don’t know of any.
Don’t forget that employers also check credit ratings.
You will be turned down for the better jobs.
Consider a book on Credit Repair.
And never use more than 30% of your avialble credit on your credit cards.
For good credit – pay your credit card in full each month.
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July 17th, 2010 at 12:47 am
They all do. Whether you like it or not, using a credit score is an unfortunate reality, simply because there are so many deadbeats in the world.
Put yourself in the shoes of the insurer. I come to you and ask you to insure me. You run a credit check and see a low score and a pile of past issues: late payments, refusals to pay, bankruptcies,, judgments, etc. if I’m going to be willing to insure you (and potentially hand over a big payout if you wreck your car or get seriously injured), I have to carry a far larger risk to do so.
There is very likely also a relationship between someone’s bad financial history and other issues (reckless driving, tendency to have accidents or get tickets). Not in all cases, but in enough to make bad credit risks bad insurance risks as well.
If you have a bad score and get insured, you’re fortunate. They could turn you down. There’s no requirement for any company to insure you.
Once you establish a solid payment (and driving) record, say for a year or two, go back to them and ask to be re-rated. Once they see you as reliable and responsible, your rates will come down.
References :
July 17th, 2010 at 1:12 am
Try this site
usainsurancequotes.net
Here you can compare quotes from different companies
References :