When my insurance rate increased a couple of months back...

[Anonymous]

When my insurance rate increased a couple of months back instead of just assuming inflation or higher Louisiana rates I decided to call the company. They said my rates had increased because of a Choice Point report. I called CP and they said it reflected a n experian report. I checked ex and found no credit problems. I then payed for a Vantage Score report. I had dropped from Super Prime to Prime Plus. My score was 857 on a scale of 501-990. The main factor listed for my lowered score was, "Your report does not show any real estate loans, such as a mortgage, with a valid loan amount. Having real estate loans with a valid loan amount as part of your credit history can have a positive impact on your credit score." The kicker is I had just payed off my mortgage early by over paying monthly thinking I was doing a good thing by having my home free and clear. So should I buy an investment property,get a home equity loan I don't need, or a line of credit just to lower insurance rates? Something doesn't seem right here.

[chartley3]

Its all a game anymore. I would suggest getting a HELOC that way the money is there if you need it but you dont have to touch it for anything for I believe is 24 months. If you dont mind me asking how much did your insurance premium go up??

[Anonymous]

It cost money to borrow.  Seems better to shop around for another insurance carrier.

[Anonymous]

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@chartley3 wrote:

Its all a game anymore. I would suggest getting a HELOC that way the money is there if you need it but you dont have to touch it for anything for I believe is 24 months. If you dont mind me asking how much did your insurance premium go up??

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From $421 to $692. Foremost Insurance for a Custom built chopper.

[Anonymous]

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@Anonymous wrote:

It cost money to borrow. Seems better to shop around for another insurance carrier.

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Foremost is the only carrier who will insure a motorcyle with over 45 degrees of rake. Got me by the short hairs.

[Anonymous]

That aint right: that's messed up.

[Anonymous]

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@Anonymous wrote:

That aint right: that's messed up.

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And that's only one company, one bike. I just renewed insurance on five vehicles and one other bike. Homeowner's is due for renewal shortly. Why should you be penalized for early payment or for that fact total payment of a mortgage. Unless they now consider me a renter because of a lack of mortgage. Or renters a higher credit risk.

[Anonymous]

sounds like its time to blanket insure...

[Anonymous]

I thought blanket insurance was for more than one piece of property or propery and contents, not vehicles?

[Anonymous]

you may want to talk to your agent...my understanding as long as the policy is large enough to meet State requirements it can cover all types of property...most agents will discouge you...becuase less money in it for them. I hope I didn't offend anyone here.