States taking action on insurance and credit scores By Lucy Lazarony â?¢ Bankrate.com Fifteen states have passed laws based on a model act from the National Conference of Insurance Legislators (NCOIL), and 25 states have considered legislation regulating the use of credit information in insurance decisions. Under the NCOIL model act, insurers may not base rates solely on your credit record. The states passing laws similar to the NCOIL model act are: Arkansas, Florida, Georgia , Illinois, Indiana, Kansas, Louisiana, Maine, Nebraska, Nevada North Dakota, Oklahoma, Rhode Island, Texas and Virginia I'm currently in Colorado insured with American Family Insurance (our current insurance rate was based on our excellent credit prior to our filing for BK7)...as we are relocating to Central Florida due to job transfer and since American Family Insurance does not insure in Florida... we'll have to find a new insurance agency in Florida.... My situation is: We filed for BK7 eariler this year and discharged too. My questions are: Does this means when we need auto insurance in Florida, say... State Farm or Allstate, they CANNOT use our credit report at all? they must base on our driver's records? is that good considered we filed for BK? TIA for any info... Thomas Gagliano
RATES SHOULD ONLY BE QUOTED ON THE FOLLOWING 3 ITEMS... TICKETS ACCIDENTS CLAIMS Having NONE of the above...you should NOT ever be given POOR RATES!!!
Re: Re: Insurance not use creditinfo in FL? *BUMP* Does this means Insurance agencies in Florida CANNOT use our credit report to deterimine our rates? (I know they'll use our driver's records which isn't a problem cuz it's clean!) Thanks! Tom
Re: Re: Insurance not use cr in FL? I live in Florida and I have had State Farm for a few years now. Every now and then I get something in the mail saying they can beat my rates. I call and they can't. I have changed insurance a lot sine I have lived in Florida (17+ years) and I have never had any of them pull my credit.
Re: Re: Re: Insurance not use cr in FL? What part of Florida? Do you know what's the average rates? (is it yearly or 6 months policy) In Colorado it is 6 months policy, they never sell yearly policy! Thanks! Tom
Re: Re: Re: Insurance not use cr in FL? I live in NE Florida and I have USAA insurance. I had GEICO but USAA beat their rates so I switched about 2 yrs ago. We have 2 cars (2001 and 2004 cars) on our policy and we pay 110/month. Ours is also a 6 month policy but we pay monthly which is easier for us. I've gotten quotes from other insurance companies and I don't remember any of them pulling my credit except for Liberty Mutual here. I do know progressive does cause a friend of mine had moved here from NY state and they pulled her credit when she applied. Since I do have a ticket (from WV while traveling) that I got in Feb 2001 I don't plan on switching til it falls off my records. This is the 1st ticket I've ever gotten!! I'm wondering how long til the points fall off. Anyone know?
When I changed insurance carriers over the summer, a credit report was pulled, and used, to determine my rate. Two days ago, I changed again to Progressive. I purchased my policy online, and a credit report from Experian was pulled. Some of the information on my report was used to confirm my identity, but I don't think it affected my premium (the quote was higher than the premium, and the only reason given was information obtained from Choicepoint). As far as I know, most carriers that write Florida policies are only offering 6 month policies. My policy is expensive ($1100 every 6 months) but that's because I have some tickets that aren't over 3 years old.
Re: Re: Re: Insurance not use cr in FL? NCOIL model legislation - read it for yourself - it's not that complicated: Outline: http://www.ncoil.org/news/Nov2402.htm The whole thing (word document): http://www.ncoil.org/other/Dec2002/CreditScoringModel.doc
Re: Re: Re: Insurance not use cr in FL? I had GEICO but USAA beat their rates so I switched about 2 yrs ago. We have 2 cars (2001 and 2004 cars) on our policy and we pay 110/month. iambroke ======================== I keep reading on the board about how folks beat GEICOs rates,but I haven't seen anything beat this-->5 cars for $500 per year. http://www.justsaywow.com/newfun4/mooyear.cfm ..
Re: Re: Re: Re: Insurance not use cr in FL? I had GEICO but USAA beat their rates so I switched about 2 yrs ago. We have 2 cars (2001 and 2004 cars) on our policy and we pay 110/month. iambroke ======================== 1*I keep reading on the board about how folks beat GEICOs rates, but I haven't seen anything beat this-->5 cars for $500 per year. Breeze you work for GEICO. 1*How do you explaine it?
Re: Insurance not use creditinfo in I take this to be a big loophole. The rates can not be based SOLELY on your credit record. They can look at your credit record and your driving record, and base your rates accordingly. The troubling situation with this is that you might get stuck with either significantly higher rates or have to pay 6 months at a time after you move. The golden lining is that they should not be able to jack the rates because you had poor credit history, but I think they could (since paying a 6 month premium monthly is technically granting credit) require you pay 6 months up front. Just accept that that may be their attitudes, and shop your insurance around. I'd stick to the big names first, then consider the smaller ones. Allstate, State Farm, and Providian all offer insurance in Florida and the best price of the three is probably your best bet.
Re: Re: Insurance not use creditinfo in I DON'T CARE IF I HAVE TO PAY 6 MONTHS AT A TIME OR 6 YEARS AT A TIME!!! I JUST DON'T WANT THEM PULLING A CREDIT REPORT...NOT EVEN A "SOFT"
