\”Oregonians Against Insurance Rate Increases\” was founded by the Insurance companies themselves to promote credit scoring. What an Oxymoron. If the insurance companies really thought 60% of the public would get a rate increase, they would be all for it.
It will be the people w/ good scores that will be affected the most…The people that have \”good\” scores that vote or not should be worried…if this passes…their rates are going UP…besides being an agent myself…I don\’t want my rates going up…I have good credit…the majority of companies use this model for discounting purposes…Anyone that votes yes…is a Jack As_, unless you batting less than a 500 score w/ a 7 or 11…
do you suppose the average voter in Oregon has a low, average, or high credit score? I am willing to bet those with ths lowest credit scores don\’t have high representation at the ballot box.
Let\’s hope that the voters realize that credit scoring will REDUCE the premiums of those with better credit since, as he said, the ones with the better scores are also more likely to vote as well as having better claims records.
Keith — not so. Insurance companies want to be able to use whatever factors help them most accurately predict losses. More accurate pricing translates to more stable rates, a better chance of actual experience matching projected goals, and a decrease in the riskiness of the business.
That figure — that 60% of insureds would get an increase — would be balanced by the other 40% that got decreases. Those that got increases are now incented to shop around for a cheaper rate. Companies don\’t like their low-risk business subsidizing the high-risk, because they don\’t like the resulting turnover in the book of business.
It\’s interesting how everyone cries about credit scoring when insurance is involved. I\’m assuming these individuals also have a car, home, and credit cards which are all distributed/sold with a review of the individuals credit history. What a joke!
When the insurance industry implimented credit scoring, they raised rates and then discounted rates back down for those with the very best credit scores. The overall effect was to raise rates.
Like others have said, if in fact this ballot measure caused 60% of the policyholders rates to increase, the insurance industry would be very much in favor of it.
Instead, we\’re seeing a large amount of gorilla marketing from the insurance lobby, such as a real piece of BS that I received in the mail just today from the \”Browne Family Farm\” that was actually \”Paid for by Oregonians Against Insurance Rate Increases\” which we all know is an insurance industry front.
When someone uses a phrase such as \”…we all know..\”, it usually is incorrect as in \”we all know the world is flat\” or \”we all know that 9/11 was a government conspiracy\”.
If you check the website of the No on 42, it lists the members of the coalition, and there is not one insurance company listed. There are associations of agents and some individual agents, but usually the associations are NOT spokesmen for companies. To see that list, go to http://www.stop42.com/ourcoalition.cfm.
I can speak from personal experience that when companies started using credit scoring in my state, my premiums dropped by 20%. And many other people I know (with good credit) had theirs drop as much or more. Even if poor credit scores don\’t have more claims, they sure as hell cost the insurance company more money because of their poor pay habits.
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\”Oregonians Against Insurance Rate Increases\” was founded by the Insurance companies themselves to promote credit scoring. What an Oxymoron. If the insurance companies really thought 60% of the public would get a rate increase, they would be all for it.
It will be the people w/ good scores that will be affected the most…The people that have \”good\” scores that vote or not should be worried…if this passes…their rates are going UP…besides being an agent myself…I don\’t want my rates going up…I have good credit…the majority of companies use this model for discounting purposes…Anyone that votes yes…is a Jack As_, unless you batting less than a 500 score w/ a 7 or 11…
do you suppose the average voter in Oregon has a low, average, or high credit score? I am willing to bet those with ths lowest credit scores don\’t have high representation at the ballot box.
Let\’s hope that the voters realize that credit scoring will REDUCE the premiums of those with better credit since, as he said, the ones with the better scores are also more likely to vote as well as having better claims records.
Keith — not so. Insurance companies want to be able to use whatever factors help them most accurately predict losses. More accurate pricing translates to more stable rates, a better chance of actual experience matching projected goals, and a decrease in the riskiness of the business.
That figure — that 60% of insureds would get an increase — would be balanced by the other 40% that got decreases. Those that got increases are now incented to shop around for a cheaper rate. Companies don\’t like their low-risk business subsidizing the high-risk, because they don\’t like the resulting turnover in the book of business.
Good – a voice with clarity of vision and the ability to tell it like it is without the emotional blatherings of the doom sayers…
It\’s interesting how everyone cries about credit scoring when insurance is involved. I\’m assuming these individuals also have a car, home, and credit cards which are all distributed/sold with a review of the individuals credit history. What a joke!
Lies, damn lies, and statistics.
When the insurance industry implimented credit scoring, they raised rates and then discounted rates back down for those with the very best credit scores. The overall effect was to raise rates.
Like others have said, if in fact this ballot measure caused 60% of the policyholders rates to increase, the insurance industry would be very much in favor of it.
Instead, we\’re seeing a large amount of gorilla marketing from the insurance lobby, such as a real piece of BS that I received in the mail just today from the \”Browne Family Farm\” that was actually \”Paid for by Oregonians Against Insurance Rate Increases\” which we all know is an insurance industry front.
When someone uses a phrase such as \”…we all know..\”, it usually is incorrect as in \”we all know the world is flat\” or \”we all know that 9/11 was a government conspiracy\”.
If you check the website of the No on 42, it lists the members of the coalition, and there is not one insurance company listed. There are associations of agents and some individual agents, but usually the associations are NOT spokesmen for companies. To see that list, go to http://www.stop42.com/ourcoalition.cfm.
I can speak from personal experience that when companies started using credit scoring in my state, my premiums dropped by 20%. And many other people I know (with good credit) had theirs drop as much or more. Even if poor credit scores don\’t have more claims, they sure as hell cost the insurance company more money because of their poor pay habits.