| You may not be aware of this, but there
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| | determine what the rate should be and
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| are some unfair rating tactics being
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| | leave it at that? Do they have to add
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| utilized by auto insurance companies that
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| | insult to injury by saying "your credit
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| the public isn't even aware of that are
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| | score sucks too," and triple the price
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| not only discriminatory, but are helping
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| | for the insurance?
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| to boost the insurance company's
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| | Well, yes, they have to, if they want to
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| profitability.
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| | make truckloads of money. Allow me to
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| I'm a New Jersey resident, and if you're
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| | explain. The insurance companies say
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| a New Jersey resident, you've noticed
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| | that they are justified in using a credit
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| that over the past 2 years, many of the
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| | score to determine the price of auto and
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| insurance companies that sprinted from
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| | home insurance because it reflects how
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| the state during the 1990's have returned
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| | responsible the person is, and it enables
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| with their arms wide open, ready to
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| | them to gauge how susceptible that person
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| accept your money once again. GEICO is
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| | is to having an accident or burning their
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| back, Progressive is back, and all of the
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| | house down.
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| other companies have ramped up their
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| | However, this does not justify giving a
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| advertising, as laws have been passed in
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| | person with a high credit score a policy
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| New Jersey to mirror the laws already
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| | that is 200% or sometimes even 600%
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| passed in other states to motivate the
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| | cheaper (as is the case with certain home
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| insurance companies to come back. There
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| | insurance companies) than someone whose
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| is one law in particular that has been
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| | credit stinks. If insurance companies
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| passed in New Jersey that has been legal
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| | wanted to jack up the rate by 30% if a
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| in other states for quite some time. It's
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| | person had a credit score below 600, that
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| making New Jersey residents, the few that
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| | would be fair. But that's now what's
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| know about it, furious.
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| | going on. The insurance companies are
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| If you are a New Jersey resident, you are
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| | profiteering, plain and simple.
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| very likely not aware of this, so this
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| | So, the rich get richer. The people with
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| should especially interest all of you
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| | the most money get the biggest discounts,
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| Jersey-ites. If you're not a New Jersey
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| | and the people with the least money pay
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| resident, you also may not be cognizant
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| | ridiculous premiums, sometimes 3 or 6
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| of what I'm going to reveal to you, so
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| | times more than the rich guy, even though
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| this should interest you as well.
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| | they may have no marks against them on
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| Here it is: insurance companies in New
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| | their motor vehicle report and have never
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| Jersey are now able to use your credit
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| | filed a homeowners insurance claim.
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| score to determine the price of your auto
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| | I agree that a person's credit score does
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| and home insurance. The better your
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| | tell you something about the person, and
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| credit score, the steeper the discount
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| | it should be legal to use that score for
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| you will receive. For those of you with
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| | underwriting purposes, but that does not
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| credit scores below 600, Ouch!
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| | entitle the insurance companies to use it
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| This infuriates many people, because if
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| | in the manner they are. The insurance
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| they have a perfect driving record with
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| | companies are making huge profits on
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| no accidents or violations, but have an
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| | those customers with lower credit scores,
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| adverse credit situation, or a slightly
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| | who are paying through the nose and still
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| less than desirable credit score, they
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| | never filing a claim or having an
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| have to pay more for their insurance,
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| | accident.
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| whereas the rich guy who doesn't need the
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| | It's simply not fair, but it's perfectly
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| discount pays 50% less or sometimes 300%
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| | legal. State governments needs to set
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| less than you because he's rich.
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| | limits on the increased premium charged
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| What could possibly justify this? Can't
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| | to those who don't have a stellar
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| insurance companies simply evaluate a
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| | financial record. Certainly, the
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| person's driving record and the quality
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| | insurance companies are not going to
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| of the territory in which they live to
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| | regulate themselves.
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