Bad credit history = higher insurance premiums - Chicagoland Sportbikes
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post #1 of 3 (permalink) Old 07-07-2003, 11:06 AM Thread Starter
Ducatistanna
 
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Bad credit history = higher insurance premiums

Your credit history can dramatically affect your auto insurance premium
Recent studies have shown that more than 90% of insurers use credit information to create an "insurance risk score," which they then use as a factor to determine your auto insurance rate. The theory is that there is a direct correlation between your insurance risk score and the likelihood that you will file a claim. Insurance scores are intended to evaluate your stability, meaning if you pay your bills in a timely fashion and have had the same credit accounts for long periods of time, you're considered more stable than someone who pays late or sporadically and who opens and closes accounts frequently.

What you can do: Unfortunately, your insurance risk score is not available to you, but it may be similar to your credit score. If you have unusual credit activity that is limited in its time frame, you will benefit from waiting a month for activity to return to normal before buying auto insurance, so your score returns to normal. If your credit history is shaky, be prepared to pay higher premiums since your insurance company may deem you a higher risk.

Entire article:
http://moneycentral.msn.com/content/...l=030701insure

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post #2 of 3 (permalink) Old 07-07-2003, 11:10 AM
YO MAMA
 
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post #3 of 3 (permalink) Old 07-07-2003, 02:24 PM
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This has been going on for awhile now. Each company has different scales of how to core you. Out of curiosity, I had one of my agents run mine...I got a 9 out of 10. The only reason I wasnt a 10 was because I am under 55 years old.

Life is too short to ride anything but an R1

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