I think it is horrible that they base automobile insurance rates on your credit history. Having bad credit doesn’t make you a bad driver. If they are worried about you paying the bill, why do they make it HIGHER if you have bad credit? Is not that a tiny messed up?
Are there any companies that do not do this?
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about 2 years ago
There probably are but most insurance companies now base part of the rating on your credit score because they have found that a lower credit rating will be a higher risk for them, Right or wrong, this is what they are doing. I have an excellent credit score and my insurance just went down $50.00 per year so it works both ways.
about 2 years ago
The only reason insurance companies run your credit report is to determine what pay plan would be best based on your credit score. If you have a low FICO score then the insurance company will ask you to pay the premium in full. If you have a good FICO score they will offer a monthly payment plan as well as the pay in full option. Low scores have a higher chance of not fulfilling their contract. Insurance companies cannot base your rates on credit history. It has nothing to do with your ability to drive, and IT’S ILLEGAL.
With that said, I don’t know what state you live in, but in California you can go through insurance agencies. They don’t run your credit report, and you can get a monthly payment plan. However, states may vary so look around for your best option.
about 2 years ago
The reasoning behind this(and the insurance companies have the numbers/charts to prove it)is that people with poor credit have a higher potential for making a claim, or for making a fraudulent claim to get cash because they have financial problems.
This does not mean that you will, but unfortunately other dishonest people have ruined it for the rest of us honest people and cost the insurance industry hundreds of millions of dollars a year.
Any company that asks for your social security number is running a credit check.
I believe that California is the only State that does not allow companies to use credit as a rating factor.