Car insurance and FICO score

[Anonymous]

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@Strogen wrote:

Best of luck to yah OP, Geico is the cheapest by far. 

Well for me it is, totaled a 20K car, 1 speeding ticket reporting and 715 scores and im only paying $500 per 6 month premium(2013 impala LTZ).

I got quotes from all the other major companies and some wanted $200 a month. 

dont know what it is but Geico is the cheapest for people like me(22/M).

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For me Progressive is the cheapest at $147 less that Geico for six months. But I'm old, with a perfect driving record.

[onstar]

I live in California. They cannot use credit as a factor in determining my insurance rates. It is also illegal in Hawaii and Massachusetts.

How much each factor determines your auto insurance rates is corporate secret, and it varies by company and varies by state (and ZIP). Depending on where you live, it could be a lot or it could be negligible. Trying to figure this out is almost as difficult as trying to figure out the exact algorithm for FICO score.

[Anonymous]

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@Anonymous wrote:
As a licensed insurance agent I can tell you that a bad credit score could as much as double your rates....

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Man, you ain't just whistling dixie! I've been shopping over the last three months because I'm dumping my current insurer the end of this month. I got a quote from Progressive the end of December at a premium of $229. Just got another quote today and it's now $161. The difference is that my TU Fico is now 100 points higher, and that's who they pull.

[SquidBilly]

I really don't understand. CK says my insurance score is 805 and they rate it as "Poor"! I know it's CK but... WTH? My FICO scores are in the 760's. 

[MarineVietVet]

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@SquidBilly wrote:

I really don't understand. CK says my insurance score is 805 and they rate it as "Poor"! I know it's CK but... WTH? My FICO scores are in the 760's. 

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There is your answer.

Ignore it.

[DaveInAZ]

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@MarineVietVet wrote:

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@SquidBilly wrote:

I really don't understand. CK says my insurance score is 805 and they rate it as "Poor"! I know it's CK but... WTH? My FICO scores are in the 760's. 

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There is your answer.

Ignore it.

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That's about my insurance score on CK and also rated "Poor" as well. I'd love to ignore it, but every time when my insurance co renews my car insurance they send a letter saying my rate would have been lower except for for information on my "consumer report", which they said was TU. They said the factors that influenced my insurance score the most was number of adverse public records, delinquency, and recent deliquency. That was the first time I noticed the part about delinquency so I called them, hoping mad. Took me awhile but I finally got through to a credit analyst. Started by asking him what they consider a "recent delinquency - 1 year? 2 years? He said 2-3 years, so I asked where he saw any delinquencies on my CR within the last 3 years. He conceded he didn't see any, and I told him I've never been late on anything since my 1/2011 BK7 discharge. He said "Well, the letter uses some 'canned statements' based on the CR". I asked him why the heck they would tell a customer they have recent delinquencies when in fact there are none, and he himed & hawed & repeated the 'canned statements' line. Then I asked where he saw any delinquencies on any account on my CR, including closed accounts included in BK. His reply really ticked me off: "Well, when an account is included in a Chapter 7 BK there is a presumption that it was delinquent at some point". I asked him why the hell would they presume anything when they have my CR and all the facts in front of them. He blamed it on "computers", told me I was doing a great job rebuilding my credit, and hopefully next renewal my rate will be better.

I'm really ticked off by that, I've been with them - American Family - for 14 years, 2 different house & 2 cars. Never a claim, my last driving ticket was in the mid 1980s. And they jack up my rate because their computer "presumes" I must have been delinquent at some point because I have a BK7 on my record??? And becuase their computer presumes I was delinquent at some point it also presumes I'm more likely to tailgate & rear end someone and/or smoke in bed & start a fire??? I'm sure I can get better auto rates, the problem is my house - rural 10 acre property with manufactured home, most large insurance companies don't want to touch it.. Well, I have it on the market and when it sells I'm buying a 'regular' site built house with city lot in a nearby town, and then I'll do some serious insurance shopping.

[StartingOver10]

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@Anonymous wrote:

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@Anonymous wrote:
As a licensed insurance agent I can tell you that a bad credit score could as much as double your rates....

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Man, you ain't just whistling dixie! I've been shopping over the last three months because I'm dumping my current insurer the end of this month. I got a quote from Progressive the end of December at a premium of $229. Just got another quote today and it's now $161. The difference is that my TU Fico is now 100 points higher, and that's who they pull.

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I  hear you. I just got my renewal info from State Farm and my premium went from $106/mth to $133/mo. I asked what caused the increase? Answer:  I moved last month. Now I am 4 miles from my office rather than 20 miles.  Didn't make sense to me. Their answer:  It's the zip code. I have had State Farm since 1991 - that is 25 years and a pretty hefty increase. 

[MarineVietVet]

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@StartingOver10 wrote:

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@Anonymous wrote:

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@Anonymous wrote:
As a licensed insurance agent I can tell you that a bad credit score could as much as double your rates....

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Man, you ain't just whistling dixie! I've been shopping over the last three months because I'm dumping my current insurer the end of this month. I got a quote from Progressive the end of December at a premium of $229. Just got another quote today and it's now $161. The difference is that my TU Fico is now 100 points higher, and that's who they pull.

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I  hear you. I just got my renewal info from State Farm and my premium went from $106/mth to $133/mo. I asked what caused the increase? Answer:  I moved last month. Now I am 4 miles from my office rather than 20 miles.  Didn't make sense to me. Their answer:  It's the zip code. I have had State Farm since 1991 - that is 25 years and a pretty hefty increase. 

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I've had SF for over 25 years myself. I'm going to ask my agent about this.

With your permission I will C&P the content of your post to him in an email.

ETA: This might be an individual insurance statute that is specific to a state. If you don't mind telling me where you live I will include that in my email.

PM me if it's more comfortable for you. Of course you are under no obligation to do so. I'll understand.