posted on January 26, 2004 05:40:12 AM new
Can someone help me find a link to the change in insurance regs that credit may no longer be used to decline or rate up insurance policies?
posted on January 26, 2004 07:48:01 AM new
call your agent
-sig file -------the lobster in the boiling pot of water who tries to prevent the others from climbing out.
posted on January 26, 2004 09:35:48 AM new
That's a good idea, stopwhining... and you're entitled to a written explanation from your insurance company if they increase your premiums. A couple of years ago, when the practice of banning credit scoring was implemented in Maryland, the Insurance industry just retaliated by raising premiums for everyone.
posted on January 26, 2004 10:00:42 AM new
This is interesting...
Insurance Policies and Your Credit
By The Associated Press
There's another reason to check your credit report. Insurance companies are restructuring the way they set rates. You may get an unexpected discount or an unexpected increase.
While Shawn Wendling cooks up goodies for the holidays, she wonders how her insurance company cooked up her latest premiums. Especially when it comes to her latest insurance scores.
When the company renewed her homeowner's policy in July, it gave her a score of 762. That's good. Good enough to get her a 31% discount. "And I know I have a really good credit report, because I've never missed any payments."
Shawn was shocked when the company renewed her auto insurance four months later. "And all of a sudden my credit score went down to 639 and I get a 13% discount."
Shawn says her credit report is no different than when she got that "good credit" discount in July. "As a consumer, I don't know what they base those insurance scores on. Credit's only one of them, but they don't tell you what the other things are." Because of a change in the law, some companies are restructuring their discount systems to compose of more tiers of discounts. That can put some people at higher premium levels.
One factor that may play a part for Shawn is the purchase of a new SUV after her first insurance letter came in May. Shawn may still have good credit, but the additional debt may have lowered her insurance score.
posted on January 26, 2004 10:59:03 AM new
the insurance companies are just desperate,looking for way to up the premium as they have lost so much money paying claims and making paltry returns on their investment.
whenever i hear two cars collide,i know the damage is at least 5k,so how can the insurers make money??
people with bad credit make poor risks,soon people with warts on their nose,crooked teeth,stained with nicotine and caffeine,lousy manicure and hair too long,unfit clothes,cuz too much,tattoo on their bodies are all going to pay more.
oh,also constipated people and acne and pale complexion.
-sig file -------the lobster in the boiling pot of water who tries to prevent the others from climbing out.
posted on January 26, 2004 11:44:11 AM new
stopwhining
Don't have any pity for insurance companies. They knew that accident was going to happen and had it figured into your premium before you heard the crash.
Florida bill links Scroll down to read the first pdf.
