can getting insurance quotes hurt?

[Anonymous]

Shopping our car/home insurance around.  Most companies say they "may"refer to a third party to check credit worthiness.  Are those "hard" pulls?  How big a hit will we take for the inquiries?

[IOBA]

Pretty much all insurance companies have your credit report pulled.   Most will use a third party company to do so.   Your insurance rates (home, auto) are based largely on your scores.   The insurance companies claim it's totally necessary to pull the scores/reports.

Yes, when your credit is pulled it will have some impact on your score.   It's been my experience that my insurance company has a 3rd party do it and it shows up as a soft inquiry.

When I was talking to State Farm last week, the agent insisted that they had to do a hard pull.  I said no thank you.

Ask the agent before giving your personal information if they pull credit and if it is a soft or a hard pull. 

Hard pulls can ding you anywhere from 3-10 points (based on what others have noticed and posted on here).

Soft pulls can ding you anywhere from 0-5 points (based on what others have noticed and posted on here).  In theory, soft pulls are not suppose to hurt your score but some have noticed that it does.

Maybe check out Progressive Insurance?  They advertise comparing your rates to other companies.

[laz98]

oh it hurt us.  i emailed our agent about a quote, she never even mentioned she was going to look at our credit.  i was really mad about it, but what can you do?

[MarineVietVet]

I guess it comes down to what company policy is. My insurance pulls have always been soft.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

[laz98]

---

@MarineVietVet wrote:

I guess it comes down to what company policy is. My insurance pulls have always been soft.

---

true.  who do you have?  we have state farm.  normally we have great experiences with them.  maybe because it was some assistant person who did the quote, we got a hard pull.  who knows.

[MarineVietVet]

Allstate.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

[IOBA]

laz - when I talked to State Farm, the agent stated the information that she asks me is put into the computer and the program does a hard pull automatically.   That is the only way they will give a quote.  

[haulingthescoreup]

Insurance quotes aren't supposed to affect your scores. Emphasis upon "supposed."

I've had my credit pulled twice within the last 18 months for insurance, and neither has shown as a hard inq. Both were for USAA auto insurance.

[laz98]

---

@IOBA wrote:

laz - when I talked to State Farm, the agent stated the information that she asks me is put into the computer and the program does a hard pull automatically.   That is the only way they will give a quote.  

---

thanks for the info.  i wouldn't have minded, but i think they should have told me.  what if i had just sent her over a few different quotes on different days?  then i would be super mad.

[RobertEG]

Unfortunately, most consumers dont realize that pulls of their credit report are not limited to only application for new or extended credit, and dont need separate and express written consent.

IF you intitiate a "business transaction," such as application for a rental car, an apartment lease, or a insurance, then the busines is entitled, without prior consumer express permission, to access to your full credit report.,  FCRA 604(a)(3)(F).

Most businesses will inform you, but they are not requried to.