As many may be aware; your credit score effects your insurance rates.
Just curious what kind of score is needed to get the best insurance rates?
When I received my renewal notice, I about choked on my own breath when I seen my renewal amount. Out raged, I called and wondered **bleep** is going on. I have a clean record; no at fault accidents, and a excellent credit score; but yet I'm being charged penality rates. So I asked if that was right.
They pulled my report (Soft pull) and said I quilified for a new Rate plan. The new premium, half then what the renewal was for. Which got me thinking, they had to of made it harder to get a prefered rate now. Anyone know any more on what scores gives you prefered rates?
I don't think it is even credit score as much anymore. Most of the major carriers have been hit with way higher costs in personal injury and repairs including parts. That cost is passed on to all the consumers because when I got my stomach churning renewal price I had the same discussion with my carrier. Those were the excuse(s) I was given and I protested on why I should be paying an egregious increase when I have a clean driving record for over 25 years and no claims history and they have no explanation other than everyone pays. It is enough that driving without insurance is starting to look appealing.
Does your state have courses you can take like here in FL. Save for 3 yrs depending on company can be up to 10%.
last Jan my auto insurer tried to raise my 6mo premium by ~$65 (~13%) by resetting my relatively low-ish mileage to 12k per year. it is low-ish, but accurate because I have a work vehicle I bring home everyday. filled out a form and emailed it and it was reduced.
this Jul, I get a new premium notice, funny enough again raised by ~$65. I call Geico again, like foh because I have a clean record, 10yr old Camry, excellent credit. and this time I am told my mileage has not changed, just that rates went up because "California" (where credit doesn't matter anyway).
and this is supposedly a group discounted rate because when I joined NFCU a few years ago there was some affiliation so I switched over.
I was pissed, but got 3-4 other rates from major insurers that came back even higher than Geico.
can't win. `\o/`
@Thomas_Thumb"Unfortunately, CBIS are very difficult if not impossible to obtain these days." - This is a serious problem IMO. I firmly believe if CBIS scores are going to be used, consumers should have a reasonable way to access them. Also, while I've not been able to find the post again that had a link to a CBIS document (hoping you may know). I remember reading the CBIS document that showed many of the category breakdowns and I remember seeing average credit limit per card being a factor, having a store card was a negative, large numbers of credit cards were also a negative IIRC. My memory is a bit fuzzy on this but it seemed like it wanted people to have only a few credit cards, but with relatively large limits and long history among other oddities.
@Thomas_Thumbthis link goes to where you had a chart on reason codes in the links provided
https://ficoforums.myfico.com/t5/General-Credit-Topics/Insurance-scoring/td-p/6652384
This insurance game is baffling to me. We were with Progressive and got the renewal with a 10% penalty. I called and was told it was because it is getting more expensive to do business in my state. Okay, Flo, goodbye. Had a bundle with homeowners. Did online research and found even more disturbing results. I applied with me as primary and DW as secondary with GEICO and found that the rate would drop by about 10%. Decided to list DW as primary and me as secondary and received a 34% price difference. This is crazy. I haven't had a ticket in I don't know when (15 years?). My wife had a ticket about four years ago. Homeowner's insurance was equally as disturbing. We have never had a claim and her rate was 80% of what I was quoted. Obviously, I listed her as primary, but I am baffled by this.
Starting Score: 469