As an insurance agent who is very aware of exactly why and how rates are set, this measure WILL directly cause average rates to increase. This means more commission for me, so I should be for it, right? I\’m against it. It\’s NOT in the best interest of my customers.
I have bad credit because of unpaid, contested medical bills as a result of a misdiagnosis and unnecessary tests. That has nothing to do with automobile insurance. I have never had an accident, filed a claim, or been even one day late paying my premiums. Yet, when my insurance company started using my credit score, my insurance rates went up 10%. My vote is obvious…
Please vote yes and pass this bill banning insurance companies from using your credit score for rate increase. How many times has your a credit card company asked you if you filed and insurance claim. Zero for me. I changed insurance companies in 2003 because Farmer\’s increased my rate by triple. I have never filed a claim. Pass the word.
It will get to a point where people with BAD CREDIT will simply drive without the auto insurance they cannot afford. According to what I’ve read, I suspect that the statistics about BAD CREDIT drivers are skewed by the insurance companies. Does anyone know what Farmers Insurance Co. is up to with the 1000’s of Katrina claim settlements they have allegedly falsified and then denied?
If we allow insurance companies to profile, why don\’t we target drug and alcohol users with periodic blood, urine and hair sample tests as a pre-requisite qualification? This has far more to do with risk factors than credit does!
I know Farmer\’s is making a killing on us and I do NOT have bad credit. The catch is \”Farmer\’s\” interpretation of my credit score! I lost faith in Farmer\’s when they raised our rates \’due to credit history\’ and I\’ve never been late paying my premiums — and I pay every six months. Morally, it seems wrong to OVERcharge on premiums because insured MIGHT have a problem paying. Isn\’t that just adding to the problem? Worst part…there is nothing you can do about it. Or is there?
There are some really ignorant people out here…!!!, I mean everyone wants the world, but no one is willing to pay for it…Its amazing that you only hear from the those with bad credit…\”…its not fair…woe is me…\” I mean buck up…Basiclly its ok to pay higher interest rates due to your irresponsibility, but not for your insurance…People will drive illeagle regardless of the cost of insurance……Most companies use this varialbe to discount your rate…there are very strict laws stating what is allowed…oh thats right we\’re dealing w/ ignorant people here, that probaly don\’t know how to read…and live under a rock…I bet now these other fine citizens that have posted all have good credit now…Right…I believe that…Oh I know they do have credit, it get deposited every month…on there WIC Card…Go stand in a bread line and while your there…get your free milk and cheese…As a resposible husband/father and local business owner, I work as hard as the next guy if not harder…If these \”Winners\” pass this, then alot of us, I mean the majority of us will be paying more for the same dam thing…1 more thing…do these people w/ \”bad credit\” think that their rates are going to go down if this measure passes…? ahhhhhhhh…No…it will not!!!
it will either stay the same or go up…Welcome to \”HATER-NATION\”
Studies do show, that people with poorer credit scores put in more claims….it is not as if they are trying to beat the system or be dishonest, it is because they tend to have smaller deductibles and can not afford those losses (usually) that a person with a higher credit score can….BUT what people with good credit are not saying, is that they put in larger losses overall. So the insurance company still lose as much, but their concern, I am sure, is over frequency. Other things to think about, is the reliability always of the credit reporting companies and their scoring system….there are 4 big companies now…do they all rate the same? NO. So which one will be used….so what happens if you have ID theft….will your score change and so will your insurance premiums? Why can\’t companies rate on your own personal history of paying them….loss history with them….and leave out credit scoring all together. That\’s just my 2 cents worth.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
At the end of the day we all will see our premiums increase, with ins scoring or not
This may be a knee jerk reaction to this measure, but I say that if insurance companies are against this measure – then I am for it.
I could care less whether it\’s a ballot initiative from a conservative or a liberal.
As an insurance agent who is very aware of exactly why and how rates are set, this measure WILL directly cause average rates to increase. This means more commission for me, so I should be for it, right? I\’m against it. It\’s NOT in the best interest of my customers.
I have bad credit because of unpaid, contested medical bills as a result of a misdiagnosis and unnecessary tests. That has nothing to do with automobile insurance. I have never had an accident, filed a claim, or been even one day late paying my premiums. Yet, when my insurance company started using my credit score, my insurance rates went up 10%. My vote is obvious…
Please vote yes and pass this bill banning insurance companies from using your credit score for rate increase. How many times has your a credit card company asked you if you filed and insurance claim. Zero for me. I changed insurance companies in 2003 because Farmer\’s increased my rate by triple. I have never filed a claim. Pass the word.
It will get to a point where people with BAD CREDIT will simply drive without the auto insurance they cannot afford. According to what I’ve read, I suspect that the statistics about BAD CREDIT drivers are skewed by the insurance companies. Does anyone know what Farmers Insurance Co. is up to with the 1000’s of Katrina claim settlements they have allegedly falsified and then denied?
If we allow insurance companies to profile, why don\’t we target drug and alcohol users with periodic blood, urine and hair sample tests as a pre-requisite qualification? This has far more to do with risk factors than credit does!
Pee in the cup!
I know Farmer\’s is making a killing on us and I do NOT have bad credit. The catch is \”Farmer\’s\” interpretation of my credit score! I lost faith in Farmer\’s when they raised our rates \’due to credit history\’ and I\’ve never been late paying my premiums — and I pay every six months. Morally, it seems wrong to OVERcharge on premiums because insured MIGHT have a problem paying. Isn\’t that just adding to the problem? Worst part…there is nothing you can do about it. Or is there?
There are some really ignorant people out here…!!!, I mean everyone wants the world, but no one is willing to pay for it…Its amazing that you only hear from the those with bad credit…\”…its not fair…woe is me…\” I mean buck up…Basiclly its ok to pay higher interest rates due to your irresponsibility, but not for your insurance…People will drive illeagle regardless of the cost of insurance……Most companies use this varialbe to discount your rate…there are very strict laws stating what is allowed…oh thats right we\’re dealing w/ ignorant people here, that probaly don\’t know how to read…and live under a rock…I bet now these other fine citizens that have posted all have good credit now…Right…I believe that…Oh I know they do have credit, it get deposited every month…on there WIC Card…Go stand in a bread line and while your there…get your free milk and cheese…As a resposible husband/father and local business owner, I work as hard as the next guy if not harder…If these \”Winners\” pass this, then alot of us, I mean the majority of us will be paying more for the same dam thing…1 more thing…do these people w/ \”bad credit\” think that their rates are going to go down if this measure passes…? ahhhhhhhh…No…it will not!!!
it will either stay the same or go up…Welcome to \”HATER-NATION\”
Studies do show, that people with poorer credit scores put in more claims….it is not as if they are trying to beat the system or be dishonest, it is because they tend to have smaller deductibles and can not afford those losses (usually) that a person with a higher credit score can….BUT what people with good credit are not saying, is that they put in larger losses overall. So the insurance company still lose as much, but their concern, I am sure, is over frequency. Other things to think about, is the reliability always of the credit reporting companies and their scoring system….there are 4 big companies now…do they all rate the same? NO. So which one will be used….so what happens if you have ID theft….will your score change and so will your insurance premiums? Why can\’t companies rate on your own personal history of paying them….loss history with them….and leave out credit scoring all together. That\’s just my 2 cents worth.
I\’m only just now checking in again to read additional comments.
Randy – Can you tell me SPECIFICALLY why this measure is in the best interest of your clients?
Basing insurance rates on a credit rating score seems highly discriminatory to me.