Do you think credit ratings should affect insurance premiums? To me it's a way for insurance companies to take advantage of segments of people who are already hurting.
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hope and peace
ANSWERS: 10
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no!...its a rip off and a rort and the government is again letting them get away with it ... big business does what it wants and there is nothing the ordinary citizen can do about it .... just look at what the banks have done to the economy for example
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I personally like it because i am an 18 year college kid and because of my great credit score I get a really good deal on insurance
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It's a rip off
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Yes. I do think they should. Credit scores have been proven over the last 15 years to be a great predictor in behaviors other than financial. I work for the company that helps insurance companies do this. The evidence is ROCK SOLID that the relationship exists.
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It's another Excuse to charge more $$$ for their "Bottom Line" Period!!! Everybody, ESPECIALLY CORPORATE AMERICA wants "Guarantees" that they will be Prosperous. Corporate America is STUPID!!! Stop paying Mega Bucks to Ur "Execs" & the "Fat Bonus" at the end of the year, they're not worth it if they have to "Rape" Ur Customers!!! WAKE UP NO ONE LIKES CORPORATE AMERICA!!! And one day soon there will be a Revolt!!! It's hitting the GREEDY MORTGAGE INDUSTRY RIGHT NOW!!! We of course have the "Finest Politicians $$$ can Buy" so their "Help" for us is to just put off Foreclosure for 5 months, thank U ever so much Mr. Bush & Fellow Thieves of Congress!!! Of course they are then dropping the "Prime" for the "Industry" that "OWNS THEM" & will Pay the "Insurance" to their "Daddy", the "Mortgage Bankers" on any "Loss" they may Incur!!! To Hell with Breaking Up Families, as that is their "Communist Goal"!!! John
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Credit ratings are a good reflection of the risk that the insurance company is taking. If all of us had to pay for the risks of the few, our premiums would go up, while the riskiest people's rates would go down. I don't know about you, but I don't want to pay for some else's mistakes.
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I used to be an underwriter for an insurance company. They have statistically proven that people with low credit ratings have more claims. The problem is that the statistics come in the form of a bell curve. The 'dirty little secret' of the insurance companies is that people with HIGH credit ratings also have more claims. The insurance companies only discriminate against the people with the low credit ratings.
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Insurance companies look at your credit score because its a good indicator of your ability to pay your premiums on time and how responsible you are. Statistics show that people with poor credit ratings are more likely to file multiple claims than people with good credit. It might not seem fair to you, but the insurance companies are worried about making money, not being fair. source: http://savenowcarinsurance.com/
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My state outlawed that practice last year. It is NOT a fair indicator of how people will pay their premiums and it's also not like the insurance doesn't have the ability to cancel your insurance for non-payment of premiums. The secondary argument is that people with low credit ratings have more claims in an effort to offset their financial burdens. But that is not always true either. In these tough financial times, sometimes it is impossible to make the money last until the month is up. People get behind in bills for a variety of reasons, but it's usually because they DON'T HAVE THE MONEY to pay. Maybe an inexpected illness occurred. Maybe a child had to be bailed out of jail. Maybe an elderly parent required in-home nursing care. Maybe the plumbing broke. That does not mean the person is likely to stage an accident. I believe insurance companies should fix premiums based on your driving record. Lots of wrecks but perfect credit? Well, then you pay more. Safe driving record but maybe not such perfect credit? Then you pay less. Silly concept, I know, but it just might work!!!
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NO, EACH INSURANCE COMPANY SHOULD ONLY TAKE YOUR DRIVING RECORD . I'VE FOUND ITS BETTER TO GET INS. FROM OUT OF STATE, ITS CHEAPER FOR THE SAME OR BETTER COVERAGE, MINE IS RESPONCE INS.
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