Why does bad credit affect my auto insurance when i have a clean mvr?
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Why does bad credit affect my auto insurance when i have a clean mvr?
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so i have a bad credit score. but i have a clean mvr and pay my insurance on time so why are my rates credit has nothing to do with the way i drive?
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Elijah D
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Statistically: people with bad credit are more inclined to file a claim or more claims than people with better credit.
I've found some good information here too...
http://insurance.deal4-you.com
All the best to you. |
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Scott H
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Because virtually all insurance companies use your credit history as a basis for underwriting your coverage. It may not seem fair to you, but life isn't always fair. |
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MIKE
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In a way its still like borrowing money, they are providing you a service and in return expect you to make monthly installments to them. They still need to know that you have the history of making payments on time.
Best Regards,
Mike, CEO
http://www.TheCreditRehab.com |
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brandon j
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"The insurance companies feel that if you lack the responsibility to keep a good credit score than you probably have other things on your mind while driving thus being distracted and at a higher risk of being involved in an accident."
THAT IS A COMPLETELY WRONG ANSWER. insurance research shows that a person's claims history and credit score are related. people with lower credit scores have historically reported or been involved in more claims, thus costing the costing insurance companies a ton of money in settlements.
that is good that you pay your insurance on time. but what is true for you is not necessarily true for everyone. insurance is based on "tiers", which is a statistical rating based on credit, claims history, and prior insurance history.
the good news for you is that not every company runs credit, although most of the good ones do. if you live in tx and want to know some companies that do not run credit send me a message and i will let you know a few. |
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entidtil
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Insurance companies have found that people with a bad credit score are a bad risk, so they charge more for those people. There is some legislation making the rounds that may prevent insurance companies from doing this. |
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Tim L
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The insurance companies feel that if you lack the responsibility to keep a good credit score than you probably have other things on your mind while driving thus being distracted and at a higher risk of being involved in an accident. I agree it is Bull**** but its their world we just pay for it. |
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