Warning about GEICO someone put a car in my name I found out when getting a quote from Geico who said I should just add the second car to my CURRENT POLICY! The minute I told them U had only one car...they stopped talking to me and said I needed to get a lawyer and they refused to give me any more info! I reported them to the California Insurance commissioner who said Geico gave me the info correctly. The correct info? You have to hire a lawyer and get a court order before they will release any info! Geico uses the cute little character to trick you they are ugly tigers that will screw you.
Insurance companies have actuarial data...they keep records and crunch data.....the data says what it says and generalizes about groups....I don't like it but welcome to 1984
I was a licensed insurance agent in California for 5 years. Insurance is a scam if it was not a scam why can't everyone just buy insurance to cover themselves? Because you would not have to buy the "uninsured motorist" part. Technically we ahi do buy car insurance have to buy insutprance to cover sel AND THEM because they may not buy any!
Did you know that it is legal to SELF INSURE? You put the policy limits required by your state in bank escrow account! Bingo! California is $15k/30k/5k that's $50k
My state recently banned credit scores; my premium went up 26%. People that think credit scores shouldn't be used are generally the people who have bad scores. Just like people who want them to use scores, are the people that have good scores.
I disagree with this. My scores are what would probably be considered high (800+).....but I still think using credit scoring to determine auto insurance is absolutely ridiculous. (I also have a clean 18-year driving record since my last infraction, FWIW) Because it affects you no matter what your scores are, no matter what tier you are in.
If your scores are 820 when they SP your credit for this 6 month term, you get X rate. Then the following 6 month term your scores drop to 805 because you applied for a new credit card......your insurance rates are increased because of that minimal drop in scores. You're still in that same FICO tier bracket (800+), but according to auto insurance scoring, it only sees the drop by X points since their last SP check, and then penalizes you for that drop. The following term, if your scores dropped to 798 for whatever reason, you would be penalized again.....although you may have a completely clean driving record. Absolutely ridiculous.
So regardless of your credit tier, it affects you. 600 or 800.....doesn't matter. In your case in particular, (not knowing your scores at the time they banned this for you, and not knowing your driving record) it's possible your credit scores were actually helping you get better rates.
I tend to agree with this lin of thinking. But, I can see both sides. Don't have to agree, but I can def see both sides. Auto Insurance is something that - best as this dumb old man can understand - one HAS TO have. That generally reduces risk. If you dont pay then there are all sorts of bad things that happen that end up costing lots and lots of money. At least, from what I understand.