Quote:
Originally Posted by Rexmons
after signing up, I received a letter stating they were now going to check my credit score and my premium will possibly change based on my credit score! What does one thing have to do with another!
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My husband owns his own insurance agency. For his company, they check your credit score and use that in addition to other factors such as primary drivers age, total number of people driving the vehicle in question, typical number of miles driven per year for said vehicle, type of vehicle, does the car owner have other policies with their company, etc. to determine the final rate for that vehicle.
Your rate might go
down if you have a
good credit score. Why? Because statistically, you are less likely to need money (be in debt to your eyeballs) and therefore less likely to commit insurance fraud (or submit a claim to use the $$ for other things).
Insurance is not about ripping off the consumer, dude. It's about statistics.
On a regular basis the Labrat Family checks our credit score (fortunately hubby can do this for free since he's our insurance man
) and everytime it increases, we get a cheaper rate on our multiple policies.
YOU CAN DO THIS TOO!!! Assuming other companies work this way, (I have no idea) go to your insurance person, and tell them you want a rate adjustment if your credit score has improved. Or just tell them you need a rate check. Just make sure your credit hasn't hit the shitter...