why on earth would your credit score have an effect on how much a person pays for auto insurance? i was told by geico that my rate would be lower if i had had a more %26quot;favorable%26quot; credit history. theres not even anything wrong with my credit! what the hell is that all about ,can anyone explain this?
Concerning auto insurance, why would your credit score effect your premium?
The worse your credit the higher chance that a person will get into an accident %26amp; file a claim. It is that simple. Some companies don%26#039;t use credit still, though. You may want to try a website that compares multiple companies at once to get you the best price. I am paying less than 闄?after I did.
Go to: http://www.insureme.com/landing.aspx?Ref...
Take care,
Casey
Concerning auto insurance, why would your credit score effect your premium?
Because they want to make sure you don%26#039;t have a fake accident to collect money. Basically the credit score shows your responsibility and trustworthiness as a customer.
Concerning auto insurance, why would your credit score effect your premium?
I am not sure why they have started using your credit for your insurance but I think it has to do with they way that insurance companies get financing for your premiums.
If you do not pay the whole years premium at one time they have a financial obligator that finances your premium and then you have to pay them with interest. Thus if your credit is better you will will not have any problems. THe finance company may not want to take a risk with someone with less than perfect credit. I never have liked Geico. Call someone else.
Start here:
http://www.esurance.com/welcome/get_your...
Concerning auto insurance, why would your credit score effect your premium?
yes it does..for one it goes to show if you will be more likely to pay or not
Concerning auto insurance, why would your credit score effect your premium?
Your credit score reflects the likelyhood that you%26#039;ll actually pay them. Taking more money from you now helps protect them against future non-payment.
Offer to pay the 6/12 months in advance in one lump sum, that should also lower your rate for the same reason as good credit would.
Concerning auto insurance, why would your credit score effect your premium?
The statistics support a higher rate for people with low credit scores. The reason is simple. Many people try to torch their car or otherwise total it when they start to fall behind on their car payments. Rather than risk a repossession and end up owing a deficiency balance, they fake a disaster to get them out of the mess.
Wait till they find out that insurance fraud is a much bigger problem than a repossession.
Concerning auto insurance, why would your credit score effect your premium?
It%26#039;s not a matter if the insurance companies feel that you can pay or not, it%26#039;s basically considered that if you are a poor credit risk, you are also a poor insurance risk - in other words, a possible bad driver, etc. (I have no idea how they connect the two, but they do)
Choice Point (related to Equifax) is generally the credit agency insurance companies use. Geico should have given you a paper notifying you that you are eligible to receive your report from them since they told you that you received a higher rate due to an unfavorable credit history.
Geico, in my opinion, is overrated and overpriced to begin with. You can probably find the same type of coverage, if not better, with a different company.
Concerning auto insurance, why would your credit score effect your premium?
The company is taking a risk that they will be getting pd and the fact someone is not responsible with finances equals somekind of hardship which equals some form of well a crazy lead life id ask if you pd up front does the personal life you lead still become their bussiness because if they checked your credit they too have lowered your score, butdo you get where im going with this a person with a problem credit and unresolved debts perhaps skipping chance to arrange pymnt they have to make when the spent money belongs to another , co what have you its borrowed ,then they maybe consumed in a problem life leading up to reckless driving perhaps as this is a jump over a gap its possible and who are they to decide anyway but even i didnt know this happens. how can anyone with some problems ever overcome them when everyone is helping a chain reaction to be in play , please do not let it add up on your large pile only do one thing at a time and its ok ,things have become so complex and costly try to remember its just that costly not to be compared to you and your life go on and smile it is the first action in a chain reaction of overcoming everything and others will love to see you coming unlike the damn insurance co. to tell you bad news
Concerning auto insurance, why would your credit score effect your premium?
This has been the law for quite a while now. Insurance companies base their rates on risk factors just like lenders, so they look at your credit to see if you are responsible with your credit. If you are, you get a good rate, if you are not you get a higher rate simple as that.
If they said you would get a lower rate if your credit were more favorable, then there is something on your credit that you are not aware of. I suggest you get a copy and find out what they are talking about.
Concerning auto insurance, why would your credit score effect your premium?
This linking of credit score to auto insurance has arisen because of the insurance companies having so much data to crunch. The statistics have proven a link between credit score and being involved in motor accidents. This is called %26#039;black box%26#039; technology and it also includes other variables such as your career, where you live, your age, etc.
Sorry, but it%26#039;s legal, and it%26#039;s here to stay.
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