ace0215

There is a big difference here, and they didn't always do a credit check for these services. The difference in these cases, and loans, is the fact that each of these companies is giving you in advance some valuable commodity...Ie...Loans, they give you $28,000 for your new Mustang up front, with a promise to pay. Electric, they give you electricity up front, you pay for what you use. Cell phone, they give you the bandwidth up front, you pay for what you use...Insurance, you just pay them...PERIOD....If you never file a claim, you get nothing in return (most insurance companies). The point is you are getting coverage, but not a tangible commodity. TO me it's different......
[/b][/quote]
just because it is not tangible does not mean they are not giving you anything. They are giving you a policy (legal agreement?) basically saying if you do damage to you/car/someone else/car that they will take the financial burden. The credit scores come into play just for them to determine risk. It's all based on statistics.

PaulF

And you're absolutely right about that Qrazy....it's a new thing, just over the last 5 or so years...

The worst part was, at least in Pa, the Insurance companies didn't tell anyone that they were going to start doing it. When Gov Rendell (then Mayor Rendell) started a plan where the city of Philadelphia was going to get more strict with uninsured drivers....then when these drivers went to get insurance was when all of this came to light and Rendell had a fit in the media...but I think he was too closely tied to the Insurance Industry to do anything about it....

PaulF

That's the nice way that the insurane companies group people, but it's not true 100% of the time and driving record plays little into it now.

OBleedingMe

Again, I will repeat that my credit score with Experian/Equifax is over 750 and I have an Excellent rating with them. If it took you longer to buold good credit, then that's your business, not mine. If I didn't have such a good score, do you think I would be fighting like this?
As far as discrepency, I'm not sure if it applies to me, because TransUnion says they're simply not receiving the info from Chase.... which, at this point, I don't believe, because Chase has sent me evidence they sent stuff out. I did contact a lawyer and he said he thinks I may have a good case if they don't update within the next week or so.
And of COURSE Chase (run by Mastercard) reports to all three bureaus... Mastercard is the biggest credit card company in the world! DUH!
On the insurance quote front, I seem to have found a good rate... around $3,100, or so I'm told. I can live with that. We'll see how it goes.
As far as linking bad credit to car wrecks, I really find that nuts. Your driving record should be considered, PERIOD. Not your credit score, and certainly not what's between your legs (gender). It's sexist to the umpteenth degree. What a nutty logic! Seriously, someone should get a class action suit going against these money-mongers and sue for sexism. It's absolutely not right.

Stadifer

Really you folks shouldn't blame the Insurance companies per say... Blame the actuaries. They are the folks that crunch the numbers and come up with the averages that dictate what the insurance comapny does.

ace0215

hate to burst your bubble but there are MANY factors that go into figuring out how much insurance you pay. I feel like a broken record. There is much more than just your driving record to be considered. The insurance companies have formulas and your clean or bad driving record is only one variable in the formual. The insurance company tries to figure out the likely hood that they will have to pay a claim. Is it that hard for you to see that it is more than just your driving record to come into play here? The location of where you live is a factor. How much you drive is a factor. Do you drive for pleasure? Do you drive to and from work? How far is your commute? Do you live in a city or the subburbs? AND YES, age/gender/marrital status!!! Young, single, males will pay MUCH more than older, married females. Can you not see why??? If you can't then it is because you are turning a blind eye. It is all based on STATISTICS! and the likely hood of them having to pay a claim!! Nutty logic??? obviously NOT!

RaGsHoCkEy88

i would really like to know how much insurance would cost here n NJ for me!!

ace0215

go online to statefarm or geico or something like that and fill out an online quote

legendlimetime

I don't understand how you can call insurance companies sexist because they charge young males more than young females. Young males cause more accidents than young females by a huge margin. Also the accidents that males are involved in are statistically more severe than the accidents of females.??? I know my friends and I all drove way crazier than any girl I ever knew. Statistics simply don't lie.

OBleedingMe

(shrugs) I don't car about what other men do. It's like saying.. well, more blacks are in jail than whites, so that black guy over there must have been the one to steal my wallet. A person should be judged on their MERITS ALONE, not what someone who looks like them has done in the past.
Again, I will repeat, if the coin was flipped and women were being forced to pay more money for insurance due to increased accidents, there would be feminists screeching all over the place. You cannot dispute that.
And I really question your statement about young males. I know plenty of female friends who have HORRID driving records. Constantly speeding, being nasty to cops, road rage, etc. And I, a 21 year old man, have a perfect record. I should not be forced to bear the burden of cost because someone my age/gender acts like an idiot.

Giddyup

Zero....I got a quote from my insurance company, and mine is going to go up $400 per year on the GT versus the '02 Isuzu Rodeo 4x4 I have now. I have a flawless driving record, so this 'high performance' tag definitely gives a bit of a hit.

ace0215

sorry you feel that way, but that's how it is. However you are not forced to bear the burden of cost. You are just placed in a higher risk group which happens to get charged more. Live with it cause there is no alternative.

Qrazy

go online to statefarm or geico or something like that and fill out an online quote [/b][/quote]
Just be ready for them to pull a credit report too....

I totally understand statistics, and I also understand how statistics can be used to show just about anything, sometimes the very same statistics can be used to show 2 sides to the same topic....So in order for the actuaries to have established that those with poor credit ratings are more likey to file a claim, they must have pulled credit reports (somehow) on every person that filed a claim, and compared them to those who haven't filed claims....Seems fishy to me.....It's just another way for them to categorize a group of people and justify a rate increase on them....heck, I am a 39 year old male, married, 2 children, good credit, clean driving record and my insurance rates go up every 6 months...And have done so for at least the last 10 years....I wouldn't mind shopping around, but I don't want 10 different insurance companies pulling credit reports on me....It's none of their business....
Again, just my opinion....

lodom

I understand fustration and having to pay such high rates, but rates still come down to statistics. You will either benefit or be penalized for being in a particular risk group, based on your age, location, car you drive, etc, until the statistics for that group improve, you change groups, or the laws change. It's just the way it is. My insurance on a '05 GT Mustang is 29% higher than my 02 Accord coupe, and I'm 41 years old, with almost an 800 credit score, and a perfect driving record. Lets face it, the Mustang is an expensive automobile to insure, and we have to pay the price to drive it.