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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
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Subject: Credit checks raising insurance
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Mon May 26, 2008 6:58 pm
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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???
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 382
4435 Magic Points
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Mon May 26, 2008 8:09 pm
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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.
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17417 Magic Points
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Tue May 27, 2008 12:02 pm
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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.
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Where there's a will, there's a way !! |
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scott
Joined: 28 Jun 2006
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Posts: 462
10934 Magic Points
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Wed May 28, 2008 7:22 am
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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.
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SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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george
Joined: 06 Jul 2006
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Posts: 75
2859 Magic Points
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Wed May 28, 2008 8:07 am
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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.
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George Miranda
Money does not buy happiness. Happiness is found in being content with who you are and what you have. |
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creditcardwarehouseonline
Joined: 28 May 2008
creditcardwarehouseonline's page
Posts: 26
1180 Magic Points
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Wed May 28, 2008 7:31 pm
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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
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carol
Joined: 27 Jun 2006
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Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Thu May 29, 2008 9:56 am
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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
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andrew000
Joined: 16 Jun 2008
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Posts: 7
236 Magic Points
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