It is a fact, the coalition was formed and is being financed by the insurance companies. Rates are driven by competion not credit scoring. California does not use credit scoring and the industry thrives, American Family does not use credit scoring and yet they remain competitve. While the statistics show a correlation between credit and claims the real reason for the insurance industries use is to identify those individuals most likely to successfully market additonal financial services to. But, \”as we all know\” your are probably the one who is right.
I have always felt that the insurance industry using credit to determine rates was a detestable practice that must be stopped. People with bad credit usually have less money so its a way for the insurance industry (which is a bunch of capitalist pigs anyway) to line their pockets and send away the less desirable customer. If they can gouge people they dont want, they will go elsewhere. Its the same thing banks do by giving those with less money bad accounts with lots of fees while rewarding the rich with breaks. All Oregonians should vote YES on this one. If everyone with bad credit (or marginal credit) would vote, this one could get passed. Dont believe the insurance industry. They are evil anyway.
Bill,
Hey big jerk!! Why don\’t you put your intelligence on display and explain why you think the insurance industry is \”evil,\” and a \”bunch of capitalist pigs.\” You sound just like the rest of the liberal morons we have to listen to every day. How about some substance?
Wow, Bill! If you think that poorly of the insurance industry, you shouldn\’t patronize them – that\’s your right as an American! (Just don\’t plan on ever financing a house or car – – -.)
You should just set up your own insurance company, and run it just like you want. That should show those evil, capitalist pigs in the insurance industry!
Perhaps insurance companies are evil, but most of them are not great money mills for the stockholders. Take a look at their loss ratios (ratio of income from premiums to monies paid out for losses) and you will see that it is only their investments that keeps them afloat much of the time.
As with any company, their primary goal is to make money so that they can continue in business. If they don\’t make money, they close their doors. Why begrudge an insurance company (very large business much of the time) a profit while probably fully endorsing the small business that makes a profit.
If credit scoring allows an insurance company to better predict losses and then reasonably adjusts the premium then this is only fair.
As for only rich folks have good credit scores and the less fortunate don\’t, that is a bunch of hooey. Credit scoring is based on how well you manage your expenses. People with low incomes can have good credit scores, we see it all the time. Likewise, there are \”rich\” folks with poor scores. It has to do with responsiblly handling your expenses. That responsiblity indicates that you will probably be responsible in your other habits (including driving).
Think outside the box for a moment. How nice it would be if the 30% plus of drivers in OR who are UNinsured would gain insurance(universal coverage???Think this prop will help? Or make more uninsured?). Then 70% of drivers insured would not have to pay UNINSURED MOTORIST PREMIUMS. How nice also to have my Social Security #(my taxpayerID) floating around numerous data bases for IDENTITY THEFT…Funnnn. This is a misguided attempt by the insurance industry to control a risk that has no correlation in fact. A dowagers unpaid medical bills tranlate to a poor credit score but they still need auto insurance—IT\’s The Law. If they can\’t afford auto insurance you all will pay more UNINSURED MOTORIST PREMIUM. DON\’T BE DUPED. I\’m voting YES on Prop 42 and when I get the night janitor job in YOUR insurance office I\’m stealing your SS#, credit report(juicy!), BD, already numerous personal info and YOUR IDENTITY. Thanks for the highest minimum wage janitor job in the nation(you liberal idiots)! I soon will be rich enough to not work @ all or have insurance. Good luck and keep on paying your premiums and sucking the manhood of the insurance media spinners. Get a clue of how things really work.
I am being told people with bad credit are more likely to have an accident than those with good credit. However, I can find nothing about where that conclusion was drawn from. I wonder if it might be there are more people with bad credit on the road and therefore the stats would reflect an eronious conclusion.
It could also be said there are more accidents involving people who make less than $200,000 but that only means to me that there are more drivers earning under $200k. I would like to see the figures from the study(if any was actually made).
By the way, I have good credit. I just think fair is fair. John
I have bad credit. I have also been in 3 auto accidents. None of which I was at fault. Should I because I have bad credit say…Don\’t fix my car, don\’t pay my medical bill\’s, don\’t feel like you should compensate me for pain and suffering? The first accident I was t-boned. He did not want to wait for road construction. The 2nd I was the 2nd car at a very stail red light and rear ended. The 3rd was 8/06 when I was in a center turn lane stoped waiting to make a left hand turn when a 16yr old decided dialing her phone was more important than driving and she side swiped me. So, if insurance companies would look at the real loses i.e. cell phones, elderly, young, reckless drivers and pre-occupied ones then raise their rates. Instead of waiting till they are in 3 accidents before raising their rates 10% then they could make their money. But sticking it to me because I have bad credit is discrimination and profiling. I wish there was a lawsuit against the insurance companies for inflated rates and they would be forced to refund the money to us. They have plenty of money and as the last person who hit me, mother said to me \”thats why we have full coverage\”. So, why do we have insurnace? So, we can pay premiums that are constantly going up for no reason, and not use it because whe have BAD CREDIT? It\’s not bad credit its personal responsibility as to who feels driving is 1st priority or last. Just look out your windows-cell phones, food, head phones, make-up, writting, reading,ect. WAKE UP, PAY ATTENTION, PULL OVER. JUST DRIVE!!!!
If a person with good credit gets in an accident or gets a speeding ticket, should their credit score be lowered because they are a higher risk to lenders?
Justin;
I like your idea! I have a great driving record. I think that my credit score should go up because I am less of a risk of getting in an accident and more responsible. I wonder if the credit card and lenders would go for that? I am sure not then they loose the $$$. You can\’t make them all happy unless you just give them your money. The lies that are being told on these advertisements for 42 should be illegal. Everyone is substudising the other one. The difference is they have 1 group they are now targeting but they will target us all eventually! Keep your heads up or they will get you too, good credit or not. Next they will racially profile, or religously profile. Nothing will be off limits if we allow them to start.
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Ray Ray Ray,
It is a fact, the coalition was formed and is being financed by the insurance companies. Rates are driven by competion not credit scoring. California does not use credit scoring and the industry thrives, American Family does not use credit scoring and yet they remain competitve. While the statistics show a correlation between credit and claims the real reason for the insurance industries use is to identify those individuals most likely to successfully market additonal financial services to. But, \”as we all know\” your are probably the one who is right.
I have always felt that the insurance industry using credit to determine rates was a detestable practice that must be stopped. People with bad credit usually have less money so its a way for the insurance industry (which is a bunch of capitalist pigs anyway) to line their pockets and send away the less desirable customer. If they can gouge people they dont want, they will go elsewhere. Its the same thing banks do by giving those with less money bad accounts with lots of fees while rewarding the rich with breaks. All Oregonians should vote YES on this one. If everyone with bad credit (or marginal credit) would vote, this one could get passed. Dont believe the insurance industry. They are evil anyway.
Bill,
Hey big jerk!! Why don\’t you put your intelligence on display and explain why you think the insurance industry is \”evil,\” and a \”bunch of capitalist pigs.\” You sound just like the rest of the liberal morons we have to listen to every day. How about some substance?
Wow, Bill! If you think that poorly of the insurance industry, you shouldn\’t patronize them – that\’s your right as an American! (Just don\’t plan on ever financing a house or car – – -.)
You should just set up your own insurance company, and run it just like you want. That should show those evil, capitalist pigs in the insurance industry!
Perhaps insurance companies are evil, but most of them are not great money mills for the stockholders. Take a look at their loss ratios (ratio of income from premiums to monies paid out for losses) and you will see that it is only their investments that keeps them afloat much of the time.
As with any company, their primary goal is to make money so that they can continue in business. If they don\’t make money, they close their doors. Why begrudge an insurance company (very large business much of the time) a profit while probably fully endorsing the small business that makes a profit.
If credit scoring allows an insurance company to better predict losses and then reasonably adjusts the premium then this is only fair.
As for only rich folks have good credit scores and the less fortunate don\’t, that is a bunch of hooey. Credit scoring is based on how well you manage your expenses. People with low incomes can have good credit scores, we see it all the time. Likewise, there are \”rich\” folks with poor scores. It has to do with responsiblly handling your expenses. That responsiblity indicates that you will probably be responsible in your other habits (including driving).
Think outside the box for a moment. How nice it would be if the 30% plus of drivers in OR who are UNinsured would gain insurance(universal coverage???Think this prop will help? Or make more uninsured?). Then 70% of drivers insured would not have to pay UNINSURED MOTORIST PREMIUMS. How nice also to have my Social Security #(my taxpayerID) floating around numerous data bases for IDENTITY THEFT…Funnnn. This is a misguided attempt by the insurance industry to control a risk that has no correlation in fact. A dowagers unpaid medical bills tranlate to a poor credit score but they still need auto insurance—IT\’s The Law. If they can\’t afford auto insurance you all will pay more UNINSURED MOTORIST PREMIUM. DON\’T BE DUPED. I\’m voting YES on Prop 42 and when I get the night janitor job in YOUR insurance office I\’m stealing your SS#, credit report(juicy!), BD, already numerous personal info and YOUR IDENTITY. Thanks for the highest minimum wage janitor job in the nation(you liberal idiots)! I soon will be rich enough to not work @ all or have insurance. Good luck and keep on paying your premiums and sucking the manhood of the insurance media spinners. Get a clue of how things really work.
I am being told people with bad credit are more likely to have an accident than those with good credit. However, I can find nothing about where that conclusion was drawn from. I wonder if it might be there are more people with bad credit on the road and therefore the stats would reflect an eronious conclusion.
It could also be said there are more accidents involving people who make less than $200,000 but that only means to me that there are more drivers earning under $200k. I would like to see the figures from the study(if any was actually made).
By the way, I have good credit. I just think fair is fair. John
I have bad credit. I have also been in 3 auto accidents. None of which I was at fault. Should I because I have bad credit say…Don\’t fix my car, don\’t pay my medical bill\’s, don\’t feel like you should compensate me for pain and suffering? The first accident I was t-boned. He did not want to wait for road construction. The 2nd I was the 2nd car at a very stail red light and rear ended. The 3rd was 8/06 when I was in a center turn lane stoped waiting to make a left hand turn when a 16yr old decided dialing her phone was more important than driving and she side swiped me. So, if insurance companies would look at the real loses i.e. cell phones, elderly, young, reckless drivers and pre-occupied ones then raise their rates. Instead of waiting till they are in 3 accidents before raising their rates 10% then they could make their money. But sticking it to me because I have bad credit is discrimination and profiling. I wish there was a lawsuit against the insurance companies for inflated rates and they would be forced to refund the money to us. They have plenty of money and as the last person who hit me, mother said to me \”thats why we have full coverage\”. So, why do we have insurnace? So, we can pay premiums that are constantly going up for no reason, and not use it because whe have BAD CREDIT? It\’s not bad credit its personal responsibility as to who feels driving is 1st priority or last. Just look out your windows-cell phones, food, head phones, make-up, writting, reading,ect. WAKE UP, PAY ATTENTION, PULL OVER. JUST DRIVE!!!!
If a person with good credit gets in an accident or gets a speeding ticket, should their credit score be lowered because they are a higher risk to lenders?
Justin;
I like your idea! I have a great driving record. I think that my credit score should go up because I am less of a risk of getting in an accident and more responsible. I wonder if the credit card and lenders would go for that? I am sure not then they loose the $$$. You can\’t make them all happy unless you just give them your money. The lies that are being told on these advertisements for 42 should be illegal. Everyone is substudising the other one. The difference is they have 1 group they are now targeting but they will target us all eventually! Keep your heads up or they will get you too, good credit or not. Next they will racially profile, or religously profile. Nothing will be off limits if we allow them to start.