Re: Re: Re: Re: Re: Re: Re: Re: Auto Insuranc with no Credit Check? Same here. How I manage my life outside of how I drive my car is NONE OF THEIR BUSINESS.
I think that everyone is ignoring the question that was asked, I say this because I want to know. Is there an insurance company out there that does not pull a CR? I would like to know the answer because I do not want my CR pulled just because an insurance company did studies on how credit relates to insurers filing claims. Anyone know....
i do not know of any company that doesn't. I know state farm doesn't base their rates off your credit, however, they do look to see if you might stiff them (if your seriously delinquint on other bills). **in response to the comments about insurance and credit - it has to do w/whether or not you would file a claim. see, if you have trouble paying your bills, odds are that if you are in even a minor fender-bender, you will file a claim (due to the lack of funds). whereas someone who doesn't use their cc much or never late probably has money in the bank and would pay for minor repairs themselves.**
Re: Re: Re: Re: Re: Re: Re: Re: Aut Hey gottago..... say hi to your friend too much.....remember the one who was banned? interesting coincidence that you guys are both in FL and you ip's are nearly the exact same
Re: Re: Re: Re: Re: Re: Re: Re: Aut oh, I almost forgot.... I hope you covered your shorts from last May before they went through the ROOOOOOOOOOOF!
Re: Re: Re: Re: Re: Re: Re: Re: Aut Okay...I work in this industry so I know a little bit about it. Please don't shoot me First of all, remember that insurance is not and has never been FAIR. They never look at individuals...they only go by statistics. Boys have been paying more than girls for auto insurance for years....older people pay more than people in their 30s or 40's, and people under 20 pay out their noses. It's simply because it's a statistical fact that more boys have more expensive accidents than girls, that teenagers in general have more expensive accidents than anyone else. An insurance company doesn't need anything more than a chart showing that out of 100,000 accidents, a certain percentage were caused by a person with certain characteristics, and that makes it legal. I don't agree with it personally, but I don't know of any company that doesn't. However, many states are passing laws that restrict how insurance companies can use your information. In Washington, medical bills are not allowed to be considered at all. Our credit reports are being used in every aspect of our lives to judge our RESPONSIBILITY. In my own case, I earned my bad credit and I deserve it. I don't agree with the fact that many people do not deserve to be labeled "irresponsible" because of their credit, but that's the way our society is going and I personally don't know how to stop that. I think that the statistics probably back up this labelling...which doesn't make it right, but that's the way it is. And someone who is labelled, fairly or unfairly, "irresponsible" is going to pay more for their insurance than someone who is labelled "responsible." But, as I said, insurance has nothing to do with what is FAIR and it never has. Insurance is like gambling, really. (Although I would have failed my state licensing exam if I had said insurance IS gambling.) An insurance company agrees to pay you back for any money you lose, under the stipulations laid out in the policy, which is a legal contract. You pay them for that agreement. You could pay on your insurance for your entire life and never need to use it once. In that case, you lose the bet. You were betting you would need it, and they were betting that you wouldn't. You could pay for a month on a new home policy and lose everything you own in a fire. In that case, you win. Insurance shouldn't be mandatory, although I do understand why it is in some cases. Having credit should NEVER be mandatory. One more note...just to be fair to my industry... Most insurance companies don't actually penalize people for bad credit; although it may seem like they do. They offer discounts based on credit, and those with worse credit are not entitled to those discounts. Without credit scoring, those discounts would not be available to those people who are eligible for them. It will always completely tick me off that someone with tickets but good credit will pay less for insurance than I do with my perfect driving record
Re: Re: Re: Re: Re: Re: Re: Re: Re: Aut **ADVERSE ACTION DUE TO HIGH CREDIT CARD USAGE...NO NEGATIVE ACCOUNTS EVER (25+ YEARS) ONE TICKET 1983 7+ MPH NO CLAIMS NO ACCIDENTS ADVERSE ACTION LOGICAL???
Re: Re: Re: Re: Re: Re: Re: Re: Re: Aut Thanks Merri. However, not very much of what you've obviously worked hard to teach here is actually relevant to what I [personally] am concerned about. I'll grant you that the industry's statistics probably DO demonstrate at least a slightly discernable increase in the "rate of irresponsibility" among low score drivers. Because there is the possibility of a grain of truth to their assertions the issue becomes hugely complex. My problem is all the secrecy. The industry refuses to share these mysterious "charts" with regulators, consumers or even consumer protection groups. Their "statistics" are as secret as the FICO algorithms or the IRS's "DIF" score calculators. I believe they "use" this secrecy to proclaim a rate FAR HIGHER than the actual statistical variables would suggest are appropriate. In other words - whenever modern day industry figures out a way to "rape" the general public, they don't just do it nicely anymore. They stick it in and break it off. And then keep their reasons for doing so secret to avoid the backlash. See what I mean? ? Oh - and I'm Financial Services too.
Re: Re: Re: Re: Re: Re: Re: Re: Re: Aut You're absolutely correct about the secrecy Butch. As a matter of fact, the insurance scoring model used by my company (Farmers, in case anyone is interested) is known as the Fair-Isaacs Auto Risk Assessment score (FARA) and the Fair-Isaacs Fire Risk Assessment score (FPRA). Different models for each type of risk, created by the same company who brought us FICO. And exactly what factors go into these models? I have no clue. I never see a customers credit report, except for those rare occasions when some angry customer brings me theirs and tells me to point out what exactly on it is resulting in the adverse action letter they received. Everytime a customer brings me a FCRA letter I have to try and explain to them something that even I don't understand. I can tell someone the top four factors that went into the score they received, but that is all the information we get. And I'm certainly not qualified to give anyone advice on their credit. I do know that insurance scores (or at least our models) are a letter score from A to Z, with A being the highest. And the model used for FARA is different than the model used for FPRA, although I usually don't see much difference in any one individuals FARA and FPRA scores. Sometimes a letter or two. Farmers has been doing mass FARA and FPRA scoring this year, as the latest Washington state regulation just went into effect; but they are only supposed to pull them once every three years unless a customer requests it; and effective March 1st all scores will be frozen for existing customers, so that no existing customers will be charged a higher rate if their credit takes a turn after that. If you've had the same insurance company for many many years there's a chance they don't have your social security # and most agents won't force you to give it to them....they may ask but it doesn't mean you will be cancelled. You'll be rated as an "N" which stands for "No Hit" and given whatever discount applies at the time....currently about 25% for auto. Not sure about fire, and I have no clue how credit is used for life insurance and we don't do health. Health insurance is a whole other ball of wax and I'm glad I don't deal with it because then I would be REALLY mad most of the time. If you're shopping for new insurance, chances are you are going to be asked and they will pull your credit. I don't know of any companies that don't. Another note...if you're shopping for insurance you should know what's on your CLUE (Comprehensive Loss Underwriting Experience) reports...choicepoint is the primary company that handles them. You can find out more about them at Choicepoint.com. They are a consumer reporting agency subject FCRA but they only deal with insurance claims...you, your autos, and your homes. If you buy a house that has had a prior claim, even if you yourself have never had a claim, you may have difficulty finding insurance. In addition, if you, any car you've ever had your name on, any member of a household that you've lived with and been listed as a driver, etc. etc...has had an accident it will show up on your CLUE and they often have inaccuracies too. I often see no fault accidents showing up as negligent accidents; or accidents showing up with the wrong driver; etc. Sorry for rambling on so much...hehe been dealing with all this stuff too much at work lately
Re: Re: Re: Re: Re: Re: Re: Re: Re: Aut While we've got your ear, Merri, I have a couple more questions if you don't mind. When shopping for new insurance, they always ask if you've been insured for the last 6 months. Can they verify that? Also, would I be quoted higher rates for a car that hasn't been insured because it's been garaged over the winter? Thanks!
Re: Re: Re: Re: Re: Re: Re: Re: Re: Aut Yes, they can verify continuous liability. Although I'm not sure if all companies actually do. It's no different than verifying employment, really. We ask for your prior insurance company and your policy number. As far as the auto in storage goes, that totally depends on whether you have had continuous liability on any other vehicle while that vehicle was not insured. Different states do have different laws though.
Aut SENIOR DRIVING As a senior citizen was driving down the freeway, his car phone rang. Answering, he heard his wife's voice urgently warning him, "Herman, I just heard on the news that there's a car going the wrong way on Interstate 77. Please be careful!" "Well," said Herman, "It's not just one car. It's hundreds of them!" ><- <>- ><- <> It's things like this that cause accidents;not credit
Re: Re: Re: Re: Re: Re: Auto Insuranc with no Credit Check? My sister in law was badly injured when the car she was in was hit by a drunk driver. She has excellent credit and high scores. Do you think this will prevent her from filing a claim????????????
Re: Re: Re: Re: Re: Re: Re: Auto Insuranc with no Credit Check? What kind of answer do you expect to get from a [] WANT-A-BE???
Re: Re: Re: Re: Re: Re: Re: Auto Insuranc with no Credit Check? If it was like the H&R DUI that happend on my PARKED CAR...I only had to pay for 1/2 of the rental car because I made a mistake and turned it in while she was on vacation!!! RE-RENTED it again after she got back... TRYING TO BE A NICE GUY...COST ME MONEY!!!
Re: Re: Re: Re: Re: Re: Re: Auto Insuranc with no Credit Check? quote: My sister in law was badly injured when the car she was in was hit by a drunk driver. She has excellent credit and high scores. Do you think this will prevent her from filing a claim???????????? I'm afraid I don't see what would prevent her from filing a claim...does she know who hit her? Were the police involved? Was the driver of the car that hit her insured? Does she carry uninsured motorist insurance or does the driver of the car she was riding in carry uninsured motorist insurance? Your agent will be able to fill you in on how these types of insurance work in your particular state, and an injury attorney wouldn't be a bad idea. There are a lot of them who work on contigency and may get you a higher settlement if you're dealing with the other party's insurance company, or if the other party was underinsured. If you're asking if that will show up on her CLUE report if she does file a claim, the answer is yes. As long as the information is CORRECT, it won't affect her insurance negatively at all. If it's incorrect, then she will need to dispute it. Choicepoint is the company who collects this information and they are subject to the FCRA.
Re: Re: Re: Re: Re: Re: Re: Auto Insuranc with no Credit Check? quote: If it was like the H&R DUI that happend on my PARKED CAR...I only had to pay for 1/2 of the rental car because I made a mistake and turned it in while she was on vacation!!! RE-RENTED it again after she got back... TRYING TO BE A NICE GUY...COST ME MONEY!!! I don't understand this one at all. Although I have seen several instances where doing the right thing and trying to be a nice guy have cost people money. I would need a lot more details to understand what went on in your situation.
Re: Re: Re: Aut 1*Apparently, it does, since insurers pull credit reports prior to issuing policies. 2*The world doesn't revolve around Geroge's logic, thank God. gottago ><- <>- ><- <> 1*Do wet side walks cause it to rain?Just cause insures pull credit dosen't make it so. 2*Even better it doesn't revolve around your scatter brained banter.
quote: -------------------------------------------------------------------------------- Originally posted by gottago Apparently, it does, since insurers pull credit reports prior to issuing policies. ------------------------------------------------------------------------------- 1*The world doesn't revolve around anyone's logic. *Or in your case lack thereof. 2*To suggest that simply because the industry pulls scores to determine premiums legitimizes the concept is ... well ... rather shallow thinking at best. 3*Ones credit rating has [virtually] nothing to do with your driving ability at all. 4*It DOES however, have everything to do with MONEY. 5*The insurance industry merely figured out a way to legally use ones credit scores to charge higher premiums for the coverage they offer. 6*ALL my scores are VERY high, but I've never received an offer to DISCOUNT my car insurance premium. lol 7*This concept revolves around the preposterous theory that ones score determines their propensity to file claims. 8*The industry also claims to be able to actuarially prove this theory. Isn't it interesting that they will NOT divulge their "research" under "work product confidentiality" laws. JUST FOLLOW THE MONEY GANG! Butch,><- <>- ><- <> 1*LOL 2*I don't want see his worst then. Let's go rob a bank and make bank robbery legal:LOL 3*Lets make everybody a safe driver by giving them all 800 scores. I know ita'll work. The insurance industry says it will. 4*Exactly 5*Price gouging at it's finest. 6*Same here. 7* 2 houses burn down one owner has a low score the other owner has a high score -Who will file a claim? 8*They haven't validated that .LOL ><- <>- ><- <>
