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 Posted: Thu Dec 03, 2009 2:55 pm Post subject: Fix Your Credit...Then Ask Me For a Great Rate |
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For those of you who are constantly searching for that "holy grail" of cheap car insurance policies...a quick look in the mirror is a good start.
The majority of companies are using your credit score/profile as a means of determining an adequate price to charge you. Many companies have hundreds of pricing levels compared to a few years ago when they may have had four or five price points. Some carriers suggest that some day an individual rate will be applied to each individual.
You want a great rate just like I do. I've worked hard to protect my credit and pay my bills on time. That gets me a much bigger discount on my car insurance today than it did just five years ago.
Get a copy of your credit report. Close out accounts that are old and not used any longer. Clear up any mistakes with the vendor who provided any incorrect information. Start keeping current on accounts you may have been occasionally late with. I'd suggest that within a few short months you will see an improvement in your score. That small improvement may help you find that magical rate you've been hoping for.
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DanWilliams
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| Posted: Fri Dec 04, 2009 12:01 pm Post subject: car insurance |
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| Are you actually advertising your 'company'? What you say is true: Insurance comapnies DO look at your credit and driving record when considering a quote. |
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sdchargersfan
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| Posted: Fri Dec 04, 2009 1:28 pm Post subject: |
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No advertisement, just some perspective for those who may wonder why they can't get a better price.
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DanWilliams
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| Posted: Sat Dec 05, 2009 2:39 pm Post subject: insurance |
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| I don't think it;s JUST the Credit someone companies look at. If the 'consumer' has a horrible driving record, etc. THEY should know they should know they won't get a 'good' price, even BEFORE they start applyng for premiums. |
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sdchargersfan
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| Posted: Sat Dec 05, 2009 7:46 pm Post subject: |
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Depends on the definition of "Horrible" I've seen companies like Safeco give great pricing to risks with high credit score, over 6 yrs of college and terrible driving records. Can't understand why, but obviously Safeco has a model that's working for them that allows it.
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| Posted: Sun Dec 06, 2009 1:14 am Post subject: |
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| I'm really resisting the urge to mention that _all_ states should make this practice illegal. |
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tcope
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| Posted: Sun Dec 06, 2009 8:24 am Post subject: insurance |
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| There are states that are 'tougher' (lack of a better word) on drivers than others. However....I DO think there are some who aren't tough enough. For example: In the state of California, if you get caught with 3 DUI's, you can have your DL revoked. How do I know this?...my brother-in-law works for the Atty General's Office of Ca (in San Diego). he went before the Senate, in Washington DC and spoke about this law passing!! yep..it did!! |
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sdchargersfan
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| Posted: Sun Dec 06, 2009 8:26 am Post subject: |
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| That is being "tough"? |
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tcope
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| Posted: Sun Dec 06, 2009 8:29 am Post subject: insurance |
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| Yep!! IT is!!LOL With so many DUI's (in CA, anyway), if you get your DL revoked, for DUI's anyway, you can't gt Auto Insurance, for ANY reason. |
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sdchargersfan
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| Posted: Sun Dec 06, 2009 1:29 pm Post subject: |
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| Quote: | | I'm really resisting the urge |
Oh Todd, go ahead and scratch that itch brother, you haven't had a good rant in a long while.. 
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Lori
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| Posted: Sun Dec 06, 2009 9:32 pm Post subject: |
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Credit ratings show that people with lower ratings are more likely to _file_ a claim... not that they are more likely to suffer a loss. Carriers should not be allowed to increase rates based on the fact that an insured is more likely to use the coverage that they are paying for.
"that is all I have to say about that..."
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tcope
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| Posted: Mon Dec 07, 2009 11:33 am Post subject: |
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Thu Dec 10, 2009 5:58 pm Post subject: insurance |
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| Ok...TSCOPE..............that actually DOES make sense (not that what you have said in the past, about different threads HAVEN'T made sense!!..LOL). I DO know a few people who don't have the greatest driving records. Their premiums are already pretty high. ONE of them was in an accident last year..........instead of filing a claim, she just fixed it herself, so her premiums wouldn't go up. |
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sdchargersfan
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| Posted: Thu Dec 10, 2009 6:08 pm Post subject: |
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Having a bad driving record is directly related to ones risk from driving. For example, moving violations are what an insurance company looks at... not something like a parking ticket. So it's perfectly reasonable that insurance companies use this info to adjust rates.
But if I loose my job and can't pay my rent on time, why should that affect my auto policy rates? It's done because I don't have a lot of money so when I suffer a loss I'm more likely to use the service I'm paying for. This is not a risk exposure... it's an increase because the insured is more likely to take the insurance company up on their promise to provide coverage! |
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tcope
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| Posted: Thu Dec 10, 2009 6:43 pm Post subject: |
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Dan, I agree with what you've said, except for this part:
| Quote: | | Close out accounts that are old and not used any longer. |
I would NOT suggest closing out an old account with a zero balance. One of the more important areas of your credit score is "age of accounts." I would suggest keeping old, good reporting accounts and to occasionally charge something really small on them and then pay it off when the bill comes.
"old good credit = better credit scores"
Finally, insurance companies do NOT use "credit scores." They employ credit scores as part of an "insurance score" algorithm. More to it than just your credit score.
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InsTeacher
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