OurCommunityPower.org >  Credit Forums   Debt Forums  Mortgage Forums  Insurance Forums
CreditMagic logo
Close

    LOG IN
Don't have an account? Sign up

*Email:
*Password:
*Display Name:
* denotes required field
*Email:
*Password:
Forgot password?
*E-mail:
  
HomeCredit ForumAnnouncements Feedback and Pub

Credit checks raising insurance

 Post reply  Start a topic
Author Message
Options
Print this topic
Invite a friend
Email this topic
  Bookmark online
Add to del.icio.us
Add to YahooMyWeb
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 2527



3657 Magic Points
Subject: Credit checks raising insurance
 
 Posted on Mon May 26, 2008 6:58 pm  
Recently found out that if you have bad credit that it may affect your ability to have car insurance??? I had no clue, has anyone else experienced either not be able to get or paying more for car insurance because you have bad credit???
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
CMBV22

CMBV22

Joined: 08 May 2008
CMBV22's page
Posts: 373



3902 Magic Points
 
 Posted on Mon May 26, 2008 8:09 pm  
Yes, it is true. We addressed it in another thread... Basically, the Car insurance companys feel poor credit is proof that you are not responcible.
_________________
****************************
Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:

www.homecreditrepair.net

http://homecreditrepair.hqforums.net/
 
Mary

Mary

Joined: 06 Jul 2006
Mary's page
Posts: 166



5169 Magic Points
 
 Posted on Tue May 27, 2008 12:02 pm  
It is true that your car insurance rates depend on credit scores. The less is your score, the more is your insurance premium. This is because the insurance companies think that it is risky to give car insurance to people who make late credit repayments. However I think that car insurance should be based on the accident ratings of drivers and not upon the credit report.
_________________
Where there's a will, there's a way !!
 
scott

scott

Joined: 28 Jun 2006
scott's page
Posts: 163



4471 Magic Points
 
 Posted on Wed May 28, 2008 7:22 am  
Credit score are used by insurance companies to determine your eligibility, the type of coverage and the premiums. These insurance companies are of the view that mostly people with bad credit history files insurance claims and so they charge more premium from them. Better is your credit score, the lesser is your premium.
_________________
SCOTT

Social security, bank account, and credit card numbers aren't just data. In the wrong hands they can wipe out someone's life savings, wreck their credit and cause financial ruin.
 
george

george

Joined: 06 Jul 2006
george's page
Posts: 75



2859 Magic Points
 
 Posted on Wed May 28, 2008 8:07 am  
Even at the time of policy renewal if your credit score does not improve, the insurance company may decide not to renew your policy or charge a much higher premium.
_________________
George Miranda

Money does not buy happiness. Happiness is found in being content with who you are and what you have.
 
creditcardwarehouseonline



Joined: 28 May 2008
creditcardwarehouseonline's page
Posts: 21



943 Magic Points
 
 Posted on Wed May 28, 2008 7:31 pm  
Most insurance companies do charge a lot more for people with poor credit. However I have never heard of anyone being turned down before. I have allstate and they were about half of what other companies quoted me for insurance. Everyone should check them out, I dont think poor credit is as much a factor as these other companies
_________________
Visit my website for some spectacular credit card deals. Excellent Gas Rebate Cards.
 
carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 272



7874 Magic Points
 
 Posted on Thu May 29, 2008 9:56 am  
Actually no insurance company turns down a customer. All that they do is that they charge high premiums to people with low credit score. The only way to get affordable premiums is to remove undesired elements from your credit report and increase your credit score. I do not know about the allstate of which you are talking about, but for most of the insurance companies the process of fixing insurance premiums is mostly the same
_________________
Keep in touch
Carol
 
andrew000



Joined: 16 Jun 2008
andrew000's page
Posts: 9



246 Magic Points
 
 Posted on Thu Jun 19, 2008 3:32 am  
Yes I agree with you.
_________________
Apply for Credit Card
 
Quick Reply
Your Name
Subject
Message body
Page 1 of 1

 


All the works we publish comply with the Creative Commons Attribution License.
This work is licensed under cc by 2.0

Home Knowledge bank Forums Blog About us

Members Area
  • Log in
  • Sign up
  • Bookmark us
Ask the Community
Join credit magic community
Search
  • Forum Search

Financial Tools
  • Credit Repair Tool

Financial blog reader.
Quick poll
How frequently should we check our FICO score?
Yearly 
Half Yearly 
Quarterly 
Monthly