Insurance Companies

I’m starting to look for another insurance company that will provide me more benefits for my veichle. Thank you.
I forgot to mention I am in the state of Texas.

The ONLY one I know of that will waive the credit check at your request, is Leader Infinity.

That means, they WON’T do the credit, but you’ll automatically get the absolute highest rates they have. In other words, you get treated like you have a score of 200, and five bankruptcies.

You have nothing to LOSE by doing the credit check – if you waive it, you’re STILL going to pay through the nose.

I have horrible credit and i have been turned down for a job working at a bank due to that but I have an interview with an insurance company friday and i was just wandering if they perform credit checks also?

It’s hard to say for each specific employer, but more and more company’s are running credit checks on poetential employee’s. So it’s possible yes. Consider asking them during your interview. They are required to inform you if they intend to pull a credit check. Atleast if it is a "hard" pull which most of them are. Good luck!

Some of them might, but it’s not true "insurance" – it’s a "damage waiver". You’ll have to check with YOUR credit card provider to see.

Also, keep in mind, that means it does NOT cover "loss of rental use" for the days the car takes to be repaird. You still pay for that. The ONLY thing that covers that, is the damage waiver you buy from the rental car company.

the deceased owes a few thousand dollars in credit cards, do they find out there is a settlement? there were no assets or money except for the settlement…….can I call the credit cards and make a deal for less than owed?

No, the credit card companies don’t know unless someone told them.

Debt is not inheritable. Although the slimey credit collections people will try to convince you otherwise, you are NOT responsible for the debt of the deceased (assuming you’re not a spouse, in a community property state). Their life insurance, once it pays you, you can spend it ANY way you want. You have NO obligation to pay off the debts with it.

Health Insurance companies havent started running your credit reports as of yet- other insurance companies such as for your homeowners insurance or personal automobile insurance have.

Both have their drawbacks, but I think the banks are the worst offenders.
The politicians and the banks are partners in scamming the public. People don’t realize many of this administrations cabinet members, finance people and banking wizards are all from Wall Street and work hand and hand to make one another wealthy. The public are the pawns, they are the thieves. Since the lefty lawyers and wacky politically correct groups have been running things, we have been seeing our great country rot from within. The morals and honesty that were the standard here is gone. Until they return, we are lost.

I think they should be required to produce scientific evidence that there is a correlation for each line of insurance they use it for.

pls let me know the whole procedure and basic nuances one needed to know when one goes for credit insurance..in India
and market pentration of credit insurance in India in SME or multinationals.

Consult SIDBI’s office at Regional or national level for better insight on the issues covered. Even ICICI Bank alongwith their partner Prudential are quite active these days on SME’s various requirements, an appropriate level contact can help you a lot there also.

if you have bad credit, they charge top rates you can be an accident ticket free driver for 25 years and youll still get a crappy rate. on the other hand if you have great credit but youve crashed vehicles got multiple speeding tickets your going to get a better rate. shouldnt it be based on your ability to drive and not your ability to pay bills? i base this on rates given by State Farm in Florida, im a car salesman and check muiltiple peoples credit and Insurance.

Pissed me off too, I got so angry when Insurance companies started this but as the years have passed I now see why.

Seems that your credit report is a good indicator of how well you pay your bills and how responsible you are thus the insurance companies can get a pretty good Idea about the type of risk you will be and if the insurance company will get paid or not, someone with good credit is given the benefit of the doubt they will pay on time and keep there policy in good standing, which to the insurance company is money in the bank that helps them forecast profit and loss much more accurately (so I’m told, and from what I’ve seen now believe).

I might add that CR reports are only one of the many tools the insurance companies use to set rates.

It’s all an actuaries game really. Good luck.

Just got notice from my insurance company (auto only) that they are going to be ordering insurance loss history reports and motor vehicle reports. They will help determine our eligibility for insurance and the price we may be charged.

All well and good. But here’s the kicker, the part I don’t get. They also say that they may order additional consumer reports that include our credit info. They may use a credit-based insurance score based on that info. And they may use a 3rd party to develop our credit-based insurance score.

Is this normal? Do many companies do this? Is this something that anyone else is outraged about, and is anyone fighting this?

I don’t have much cause for concern really, but I don’t get what one thing has to do with the other. You could explain that to me too!

If it matters, this is American Family Insurance.

Does State Farm do this?
I’m in Milwaukee Wisconsin.

Any respectable insurance company uses credit as a risk indicator, and with good reason.

I saw some good points mentioned, but here’s a few things that haven’t been mentioned.

1. Credit is used to decrease rates, not increase them. If your credit stinks, then you don’t get the decrease. The perfect example of this is in states where credit is not allowed. Across the board all rates in the state went up, since a rating factor was removed, and the insurer assumed everyone has bad credit then.

There is statistically a direct correllation between poor credit and poor driving history and high risk. This means that more responsible people keep their finances in order and also tend to drive safer. Some would argue that this is a poor tax, however, I have seen many low income families with high credit scores and excellent driving histories, just as I have seen many rich families with terrible credit and driving histories.

2. Regarding the zip code thing, this is 100% based on the claims ratios in a given territory, also used to decrease the rates in low risk areas. Don’t believe me, go to California where zip code is no longer a factor, and people across the state pay the same high rates as the people in LA who have percentagewise a much higher risk for claims.

3. Credit scoring is nothing new in insurance, and is a fact of life. It is one of many factors that are used to contribue to the rate. Per insurance law, a company may not unfairly discriminate. This means that they may fairly discriminate for factors such as driving history, claims, age, gender, zip code, credit, and others. However, they may not do so based on skin color, religion, etc…

4. State Farm does use credit, as does Farmers, Geico, Progressive, Nationwide, Allstate, and every other company worth using as your carrier.