Posted: 6/10/2002 6:39:16 PM EST
I was just watching CBS news and they reported that insurance companies check your credit history and adjust your rates accordingly. They pretty much stated that if you have or have had bad credit, your a road warrior. I didn't understand the correlation but they(the insurance companies) say there is one, though it sounds more like financial butt sex.
.... though it sounds more like financial butt sex.
I don't have any knowledge on your topic, but I thought the quote above was F-ing FUNNY!
Credit worthiness = responsibility
Responsible adults are less risky.
Believe it or not, in some places if you have 2 D.U.I. convictions but excellent credit, you can get low car insurance. But if you have little or no credit, a clean driver's license, you can expect to pay high premiums. I've known this for a few years now.
It is true. They use your Fair Credit Score to determine your premiums. I just went around and around with my last agent becasue they had an incorrect ss# in their system (the number that was in their system looked like it was made up) so I have been paying too much for years. Needless to say I am no longer with that agent.
The guy they profiled had a clean driving record but his wife had run up a couple credit cards, even though they were divorced he was still paying 50% to 100% higher premiums than any of his neighbors or friends he had talked to. I just thought it as a real shame, your insurance should be based on driver performance.
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