If You Have a Bad Credit Score...Then You Are a Bad Driver!
Yes, it is one reason why insurance companies are starting to use your credit score as a factor in determining your premium. According to his recent statement to CBS, Donald Hanson of the National Association of Independent Insurers agrees. Hanson stated, "Research indicates that people who manage their personal finances responsibly tend to manage other important aspects of their life with that same level of responsibility and that would include being responsible behind the wheel of their car or being responsible in maintaining their home."
It would be interesting to see the research. How far do you think this will go? Could you speculate how much we may be controlled in the future by our credit score? Do you think this may just be an excuse for insurance companies to find a way to raise premiums? There is a lot of debate over using one's credit score to rate how good of a driver one may be and there are critics who disagree and feel the use of a credit score by insurance companies is unfair.
I was able to use this information to my advantage and lowered my annual premium over $1200. Our household includes 14,16,17, and 19 year old children. The oldest picked up 2 speeding tickets the first 6 months she had her license and we were insuring 3 cars. We live in a metro area and were paying through the nose. Our independant agent claimed he could not improve our premiums. My credit score is good (above 680) but my wife’s score is 40 points higher than mine. We applied for new coverage with an insurance company that we were told places more weight on the credit scores and made my wife the primary person on the policy. I don’t have the underwriting guidelines but it seemed to work for us and with 3 teenagers who can drive this new use of the score was very helpful.
Some people like me have made bad choices in life with personal finances and the result is a bad credit score. I see no relevance behind a credit score and a driving record. In fact, its been over 10 years since my last speeding ticket, and over 7 years since my last accident, at which was not my fault at all. I wouldnt ever use an insurance company that bears weight on an individuals credit score. I mean its bad enough its harder to get a score back up than it is to lose it.
With the current job market, a temporary layoff can be detrimental to ones credit score. And, as the article states, they become tagged and marked as prey. Our country is becoming one of the fasted financial extortinistic countries based on the so called credit score and frequent changing policies to pad the pockets of those who hold the goods. Let’s get back to standard insurance premiums based on car, amount, and driving record. Statisticians will confirm statistics and be skewed to prove any theory if manipulated enough. Bottom line people, this type of greed and mentality is hurting America… Think about it.
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