-
Insurance
I know, I know, there has been an untold number of posts about insurance.
BUT, you just might want to look into this.
there is an article in the September, 2015 issue of Consumer Reports that discusses how auto insurers determine policy prices. It's worse than you think.
and, since those same company insure our Spyders, you would do well to read the article if you can.
in a nutshell, with the exception of California, Hawaii, and Massachusetts, the insurance companies use a complex set of data from your credit history in addition to your driving record to determine your rates. The better your credit, the lower your rate. The article is well worth reading.
Then, we can start the revolution.
So far, my second childhood is better than my first.
-
Registered Users
That is nothing new. They been doing that a long time. If you pay your bills and have good credit score you are better off!
-
Very Active Member
Really..!!!
sounds like they want to make sure you can pay....but you can see they all run a credit check. Always check your credit score, they should ask before they do but you'll be surprised how many don't and it affects your score.
Gene and Ilana De Laney
Mt. Helix, California
2012 RS sm5
2012 RS sm5 , 998cc V-Twin 106hp DIY brake and park brake Classic Black
-
Very Active Member
-
Very Active Member
Freeze
Originally Posted by Chupaca
sounds like they want to make sure you can pay....but you can see they all run a credit check. Always check your credit score, they should ask before they do but you'll be surprised how many don't and it affects your score.
What happens if you've frozen your credit reports to prevent ID thieves from opening credit in your name? Does the insurance company call you or something?
Greg Kamer
"It's better to be not riding and wishing you were than be riding and wishing you weren't."
USAF, 20 years, retired
Sheriff's Office, 23 years, retired
2018 Can Am Spyder RT-Limited
-
Very Active Member
They should always ask but in your case they have no choice...
Gene and Ilana De Laney
Mt. Helix, California
2012 RS sm5
2012 RS sm5 , 998cc V-Twin 106hp DIY brake and park brake Classic Black
-
-
Very Active Member
This is a case of where one aspect of a person's life is an indicator of other aspects of their life. A good credit rating indicates the person takes responsibility for their finances seriously. That attitude will be reflected in other aspects of their life, such as driving habits. I know, there are exceptions, and exceptional circumstances, but as a general rule it's good. Kind of like when a guy said to me one time, "I can look at your shoes and tell you what your car looks like!" Too true to be funny.
2014 Copper RTS
Tri-Axis bars, CB, BajaRon sway bar & shock adjusters, SpyderPop's Bumpskid, NBV peg brackets, LED headlights and modulator, Wolo trumpet air horns, trailer hitch, custom trailer harness, high mount turn signals, Custom Dynamics brake light, LED turn signal lights on mirrors, LED strip light for a dash light, garage door opener, LED lights in frunk, trunk, and saddlebags, RAM mounts and cradles for tablet (for GPS) and phone (for music), and Smooth Spyder belt tensioner.
-
-
Very Active Member
Originally Posted by Bob Denman
Okay... let's say that you don't like them using credit reports as a basis for pricing strategies...
What would YOU suggest that they use???
This is nothing new: it's been going on for at least 20 years now...
I would have thought they'd base rates on loss experience - both personal and geographical (for your area), and the type of car you drive. I'm not sure I see the relationship between credit scores and auto insurance rates. If you don't pay, they'll just cancel your policy. Is it really that they think folks with better credit scores are more responsible people, and therefore likely to have fewer accidents?
I have an excellent credit score (and a pretty good driving record), but I'm not all that responsible. (And I only polish my shoes twice a year. Been workin' on the same tin of Kiwi Shoe Polish since 1987.)
Last edited by robmorg; 08-02-2015 at 07:34 AM.
-
-
Very Active Member
Makes sense, I guess ...from their standpoint. Thanks.
-
Very Active Member
These days they check your credit score when you apply for a job.
2016 F3 Limited
2019 Ryker Rally
2014 Suzuki V Strom 650
2020 CSC TT 250
-
Very Active Member
That report is only a partial truth. Specifically looking at Washington State there are many factors bunddled into one rate. Each impacts the rate differently, and as each one improves/decreases/increases it effect most of the others...
Age
The "actual" vin number of the vehicle (Just because the car is the same model, does not mean it has the same features as another, creating a cost difference at the time of a loss).
The last four digits of the garaging address (Meaning, 12345-1234) for loss history of the area (Yes, you pay for the actual losses of others in the rating per law)
Driving history
Credit rating
How many drivers are in the household/on the policy
How many vehicles are on the policy (And I am not speaking about multi car discount, many carriers here charge less for each car added and it lowers the cost of those already on the policy. It creates part time drivers for # of cars more than drivers in some cases)
Coverage choices (Yep, many offer a better rate for $500 CSL and an Umbrella than they do for $250/500/100 and an umbrella as an example)
Annual mileage
Safety/security features factory or aftermarket
If a home owner or renter
Depending on type of employment
Type of use of each vehicle
I could continue, but you get the point. Insurance is getting pretty scientific.
BlUe SpYder RT-S SE5 #303I don't suffer from insanity; I enjoy every minute of it ... Proud Member of A.S.S. ( Average Senile Spyderryder)
Our 2010 RT-S Mods... *Warning* If you can read this, it is already too late and there is no known cure. You have Spydervirus.
-
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts
-
Forum Rules
|