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From: weB2cats
Date: 10-17-2003, 02:17 PM (1 of 14)
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In an attempt to comparison shop on car insurance, I was told a rather upsetting rule that the 8 major insurance carriers have now instituted to determine your car rates: The Insurance companies (and you know who you) are now determining the rates of new customers based on your Credit Report ratings! Does that seem like a scam to anyone? I believe the Insurance Companies are getting rich off of the public (they have major holdings in businesses and real estate from what I've read and heard), all the while being basically subsidized by the state government (read, the Dept of Transportation). Would you pay such a high premium if it wasn't against the law not to have car insurance? Gotta pave those highways with someone's money. I am just so annoyed by the unfairness Insurance Companies have legally been able to bring about. I believe anyone who has no accidents or tickets in a given year should be given a rebate of 20% at the end of the year! Now, that would be fair. |
User: weB2cats
Member since: 11-07-2002 Total posts: 232 |
From: VCMOM
Date: 10-17-2003, 02:50 PM (2 of 14)
| I agree the insurance industry makes fortunes off of all of us. I have had the same insurance co for almost eight years. We have 4 vehicles and 3 drivers on my policy. I have a teenage son driving now and while my family and I have had no accidents, moving violations or claims my insurance is now $4000 a year!Before DS was driving it was $1300. DS has been driving a year now and when I inquired about a decrease in rates they told me he must drive for three years and then it will decrease just slightly. I could understand if he had tickets or accidents but this is nutts! |
User: VCMOM
Member since: 10-31-2002 Total posts: 74 |
From: stitchmd
Date: 10-17-2003, 07:26 PM (3 of 14)
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Unfortunately your son is being penalized for his age group's statistics. I don't like it either, as my son will be getting his license pretty soon. Is there any explanation for how a credit rating pertains to driving safety? |
User: stitchmd
Member since: 02-25-2003 Total posts: 226 |
From: weB2cats
Date: 10-17-2003, 10:00 PM (4 of 14)
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Probably would quote a statistic (we know how those numbers can be skewed) reason why young male drivers are penalized. They probably do get into more fender benders and added drinking ups the chances. But if they haven't had an accident I think it's plain age discrimination. I'm really surprised there hasn't been a class action suit nationally for this disriminatory practice. And the majority of car buyers are still males. They are not being treated equally, for sure. |
User: weB2cats
Member since: 11-07-2002 Total posts: 232 |
From: weB2cats
Date: 10-17-2003, 10:03 PM (5 of 14)
| Actually, the reason I was given is that someone determined those with good credit are better drivers (less accidents, I assume). Those with a flawed credit rating tend to have more accidents. So bogus. |
User: weB2cats
Member since: 11-07-2002 Total posts: 232 |
From: plrlegal
Date: 10-18-2003, 02:06 AM (6 of 14)
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Hey guys if insurance rates were truly based on good credit ratings, my dh and I would be paying next to nothing for car insurance here in Oklahoma. But quite the contrary! We are both over 60 and both have safe driving records, i.e., no tickets and no accidents, non-smokers, and our insurance bill for our 2 vehicles (albeit they are both 2003s) is headed toward $2000 a year at a very fast pace. Since I work in the legal profession and for the State of Oklahoma, I can definitely tell you that those of us who pay car insurance are in the minority to people on the road who don't pay car insurance and are either uninsured or underinsured (meaning barest minimum of liability required to obtain car tags and keep driver license). So, look at it like this. Those of us paying through the nose so to speak, because we're conscientious citizens and want to protect our families, pay for those dunderheads who are stupid enough to drive without insurance and get by with it. Homeowner insurance is the same racket as car insurance. You pay through the nose for it and if you ever have a claim, you either get cancelled or they raise your rates so high you want to scream. Patsy Patsy
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User: plrlegal
Member since: 05-19-2001 Total posts: 318 |
From: weB2cats
Date: 10-21-2003, 09:53 PM (7 of 14)
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There is definitely room for improvement. Maybe an an insurance company headed by women is in order. For slightly higher rates, they could offer a 10% rebate on the total cost of insurance paid in a year. I bet that company would take business away from some of the other companies we're all dealing with. And send the rebate either in early September or before Christmas! |
User: weB2cats
Member since: 11-07-2002 Total posts: 232 |
From: VCMOM
Date: 10-22-2003, 10:26 AM (8 of 14)
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Webcats, That sounds like a great idea. When will you start? You could definately sign us up! Lori |
User: VCMOM
Member since: 10-31-2002 Total posts: 74 |
From: weB2cats
Date: 10-22-2003, 06:47 PM (9 of 14)
| Well..I'll let you know if that ever happens. Now if I could just integrate sewing in the back room... |
User: weB2cats
Member since: 11-07-2002 Total posts: 232 |
From: blaire576
Date: 04-04-2006, 06:11 AM (10 of 14)
Only 5 or 6 years ago insurance premiums seemed very affordable with fantastic coverage to match. Well, if you're an individual or family who pays for insurance today chances are you're literally getting punched in the pocket book, and it hurts. i always check how insurance companies priced check http://www.insurancepaylite.com to see yours 
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User: blaire576
Member since: Total posts: |
From: Pudge99
Date: 04-04-2006, 09:57 AM (11 of 14)
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I think in the case of auto insurance a middle man is a good idea. When I first started driving my parents did not put me on their insurance I had my own policy in my own name with a big name company. My rates dropped drastically when I went with an independant insurance rep. He works for no specific company. He finds you the best deal and that company gives him a commision for the sale. I used him for many years until I married my husband who is a stickler for "reputable companies". My husband pays all those bills now so I don't know the $$$ but he is constantly complaining that our rates go up instead of down even though I have had no accidents and his last one was about three years ago. I have given up on convincing him that an independant rep. is the way to go but I thought I would throw it out there for those of you who might not kow about it. Yes, I made claims while insured with my independant rep. and they were all handled quickly and proffesionally. If a company started raising the rates too high he would call me and we would discuss my options and normally we would find a company that had a better offer. I would say that if you are not happy with the big companies that look for other options. The only reason they get away with all these silly things is because we let them. Gina
Pictures of my successes and failures Pfaff 2040 Janome Mylock 134D Singer Futura CE-100 w/ Autopunch Husqvarna Viking 3D Sketch |
User: Pudge99
Member since: 10-30-2001 Total posts: 1375 |
From: sewingrandma
Date: 04-04-2006, 10:53 AM (12 of 14)
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Our insurance company gave a discount for good grades and for participating in sports or other school clubs when our son was a teen. It sure helped.
Brockie
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User: sewingrandma
Member since: 03-06-2003 Total posts: 432 |
From: Longblades
Date: 04-12-2006, 02:16 PM (13 of 14)
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All the more reason why you should periodically check what your credit rating is. Mistakes can be made on it and many, many agencies use your credit rating to determine how they will treat you. Generally it can and will be used in any sort of agreement where you will be expected to make regular payments, such as a bank loan, a credit card application or insurance payments. An easy way to look into it is to Google "credit rating check" and your "province" or "state." Be wary of charges for this service. It should be provided for free by mail. You may pay a nominal fee to get it faster, as in getting immediate answers on the internet. |
User: Longblades
Member since: 07-14-2005 Total posts: 182 |
From: Lynnie
Date: 04-12-2006, 02:50 PM (14 of 14)
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Dave Ramsey has spoken out about this on his radio show often. His type of "credit counseling" (which I believe in, BTW) teaches people how to get out of debt and stay out of debt as a way of life. (Not taking out loans, not owning credit cards, etc.) However, since a huge part of your credit rating is based on you getting in and staying in debt, people who live his teachings often have horrible credit scores. They don't take out debts or keep lines of credit open so the mathimatical formula the credit bureaus use penilize them. It ticks him off no end that people who are being responsible, living on less than they make, and not getting into credit card debt are seen as "risky" and therefore have to pay higher insurance premiums. Just stupid. |
User: Lynnie
Member since: 02-23-2006 Total posts: 44 |
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