I am seeking a better car insurance rate, I know State Farm uses scores for issuing policies. Does anyone know the score cutoff? EX; 620 your are out 621 your in. TIA
well the score chart we us hartford and progressive is like this hartford/omni pulls tu and if you are not higher than a 695 you are considered to be more likely to have a claim i dont agree with this and have been fighting with both about and have been laying off giving either business and progressive pulls a experian and you better be a 700 or better i am sure state farm uses simular guidelines
I don't know...I don't believe in "SEEING" how somebody "DRIVES" by their credit report!!! If your APPLYING for their credit card, fine...but insurance is NOT credit...
george i completely agree with you. i am a property and casualty underwriter sometime ago someone started selling to the ins industry numbers claim frequency,amount of claims, late payments ect based upon credit scores. it is called "red lining" it is a perfectly legal way to not insure people in low income areas.. plain and simple you dont know how many times i have ran a quote and it was one price entered the score and it was two to three times higher... untill someone steps up and files against one of these companys they will continue. i have seen people with 2 or 3 tickets pay half the cost of insurance because of there score. and than there are people who never have had a ticket pay double. its not fair i know
My brother HAD rotten credit, his truck was totaled by a HIT AND RUN DRIVER (he couldn't move in traffic, police chase...they finally cought the guy)...NO tickets... He had to pay VERY HIGH RATES...
the company paid out no one to collect from passed it down to your brother.. no way around it most ins companys run a clue report it will follow him
Its true, we use similar guidelines but acceptance is not solely based on your score. Other factors come into play which can determine which company you are eligible for. Just like some credit cards offer you a particular card if you don't qualify for the most preferred, State Farm offers the same deal. If you don't qualify for the most preferred company, you can be offered what we call the "standard risk company" in which you stay until usually 1 year with good pay history and minimum or no claim activity and then you can request for your policy to be reviewed for the most preferred company. Its all on an individual basis and I would suggest talking to an agent and explore all the options with him/her.
other factors due play a part but with harford and progressive, and gmac insurance it is a BIG part and as long as your score stays low the premium will stay high.. even at a 5 yr claim free and ticket free ratio but i know state farm is different because that is who i have. and since i have had them for 10 yrs i am in the "grandfather clause" and they dont count my credit as part of there rating critera
...I have PERFECT CREDIT SINCE 1978...ALL-BE-IT LOTS...if my credit took a "DUMP"...my rates would SKY-ROCKET...STILL ONE TICKET 1983 (7 MPH OVER)...STILL NO ACCIDENTS...DID I BECOME A BAD DRIVER???
I got in! with a very good rate! Looking over the responses I know why, I have never had an accident nor a ticket [in the last 10 years] my score was 680 for them. No it is not fair to judge someone by their credit record as a predictor of driving habits the 2 are not related at all.
Why are you even considering one that uses scoring to set rates.That's a rip off. I won't do business with insurers who use scoring!
i completely agree with you and try to stay clear of them when i am placing business.. but the reality of the matter is just like credit cards you have "prime" insurance companys who are going to be there when you need them and not give you a problem most of these "standard" companys are using credit as part of there underwriting guidlines.. than you have "non-standard" insurance companys who do not and you better hope you dont have a claim because getting them to pay it is harder than getting tu to remove a inquiry and i am not kidding!!!!!
Are the score cutoffs the same for all applicants (for instance, one with a 20-year driving records vs. one with two years-- or the applicants' ages-- or whether they've had insurance in the past year-- or the type of car)?
GHONEYHONE your right whether we like it or not that is the way it is. I chose State Farm because they had the Lowest rate....515 every 6 months on a 2002 Maxima is a GREAT!!!RATE!!! i shopped around with 10 insurers it was anywhere from 1500!!! for 6 months and I do not have any tickets or accidents! 1500 or 515...let me think....hmmmmmm I will take the 515.00 ma'am GFisher 39 year old male never a ticket or any accidents 24 yr driving record. thanks to this board i shopp around for everything!
Sure they beat the other insurers but did you get their lowest rate????? Thanks to FICO you will never know. I insure 5 cars for 250 for 6 Months.
lbrown59, state farm does not use the same FICO score as a company would use to determine for a credit card. Its an internal underwriting score based on your driving record, claim activity and choice point, which is a separate divistion of Equifax.
this is true it is done diffrently but charge offs, judgements, and bankruptcy are factors that will send your car insurance payments threw the roof. boy am i glad that state farm decided to go with the grandfather clause or i would be screwed
This is true also, ghoneyhone, but the actual point that I'm trying to make is that no one is denied State Farm insurance based on their underwriting score alone. They may pay higher premiums for awhile, but they won't be denied the insurance.
this is true drmgirl but as a underwriter i still dont see or get why a consumers credit can be a rating factor!!! thats all i am saying in illinois a insurance company can not deny you insurance based upon your credit history but..... they can sure make price so high that you will go elsewere and that is a fact
