bankruptfcy raises rates

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Posted: Tue Jun 20, 2006 5:10 pm Post subject: bankruptfcy raises rates

I have a clean driveing record for over 15 years, no tickets , no wrecks, no lawyer fees paid by 3 insurance companies in 30 plus years. I filed bankruptcuy and now car insurance firms have added over 50% to my policy. I called another one and there rate went up over 50 % over last quote a year ago. Is this not discrimination to a driver with a CLEAN record ? Rick in WV

blind2

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Joined: 20 Jun 2006
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Posted: Wed Jun 21, 2006 4:02 am Post subject:

It is obvious that bankruptcy would raise the insurance rate as it creates a negative impact on the credit history. And credit history in turn affects the Insurance score. Insurance score plays a crucial role in determining the premium.

But you are stating that you have a clean record for over the last 15 years. In that case you have to negotiate with the insurance company stating the things that you mentioned above. You should tell the company that you are not among the higher insurance risk people.

Quote:

Is this not discrimination to a driver with a CLEAN record ?

– may be so. But what I can say you could get at least a competitive rate from the carrier through negotiation.

roddick

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Joined: 05 Oct 2005
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Posted: Wed Jun 21, 2006 9:04 am Post subject:

Have you ever made any claim to your company?

evan

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Posted: Wed Jun 21, 2006 12:28 pm Post subject: Reply

No claim to an insurance company for over 20 years. Except for towing which is a seperate policy. NO claim No speeding tickets etc for over 25 years. [/b] _________________ Register Now to have your Insurance queries solved.

blind2@ntelos.net

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Posted: Wed Jun 21, 2006 12:42 pm Post subject: reply

No claims to any insurance company for wrecks in at least 30 years. 1 speeding ticket 15 years ago. Only claim was towing 1X but thats a totally seperate insurance. _________________ Register Now to have your Insurance queries solved.

blind2@ntelos.net

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Posted: Thu Jun 22, 2006 2:52 am Post subject:

Thanks for your reply blind2. That means you have a good past claims history. For information I would like to add, it has been found that people who tend to file claims less, have to pay less for their insurance compared to the people who are more likely to file a claim. In addition to this you should keep in mind that bankruptcy has its major impact on the credit history and may even raise the rate to its maximum. You must talk to your insurance company regarding this. Suggested reading: Credit score and car insurance.

evan

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Posted: Thu Jun 22, 2006 4:47 am Post subject: Not by any means !

hi ! It seems the time has come for you to negotiate... It would be raised and theres no doubt about it...but it should not be raised to such heights worth by a 50% margin by any means...Check it out ! _________________ Register Now to have your Insurance queries solved.