Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Nah, that's freakish conspiracy nonsense to which no mind should be paid. Actuarial science decides insurance rates, and underwriters decide whobgets insurance. And actuarial science shows that lower auto insurance report scores correlate well with increases risk. That's simply a mathematical fact. Whether or not it is a fact is quite independent of whether or not you like it.bullshit the car insurance companies are in cahoots with the government,
Science my ass fuck head, they are in CAHOOTS with the government, my car insurance should be $5 bucks every 6 months since I have not had a ticket or claim in 30 years.
Insurance is pre-paid, so it has little to do with who will pay and who wont. if you dont pay you are dropped.
It has more to do with a correlation wrt to claims likely to be filed.
Personally, while I understand it, I think it sucks. I worked in insurance at one time and always hated having to explain to someone that had never filed a claim, had an accident etc., why their rates suddenly jumped.
Contrary to what some people think it isnt just raw credit score, it is a variety of factors that go into calculating an insurance score, including, for instance, hard pulls, so someone that is buying or refinancing a house and has otherwise stellar credit gets dinged. someone who marries someone with not perfect credit or something major, such as a bankruptcy or foreclosure would often really get hammered, etc.
It is also true that all insurance companies do not apply all of this equally, or on a straight scale, in other words I saw many examples of companies cherry picking prosspective customers based an these scores and giving "fuck you" pricing to others, effectively pushing them out the door.
Unfortunately, that's the system until they find something else to try to predict and underwrite risk....
Yet a CR indicates your willingness to pay...dumbass.No.Yet a CR indicates your willingness to pay...dumbass.
Soliciting a policy from them indicates my willingness to pay, Dope.
Paying my insurance before my electric bill shows my willingness to pay although a creditscore may not reflect that reality.
Really!? When/if you buy a car, do you tell the salesperson that your being there "soliciting" a car indicates a willingness to pay and they shouldn't pull a credit report?
Derp.....
The car is financed, dope.
Sigh...the insurance basically is too...dumbass.
It's not, dope.
No.Sigh...it helps determine your ability to pay for insurance.
Crook? Wha?Why don't you shut up you crook.
No.
Soliciting a policy from them indicates my willingness to pay, Dope.
Paying my insurance before my electric bill shows my willingness to pay although a creditscore may not reflect that reality.
Really!? When/if you buy a car, do you tell the salesperson that your being there "soliciting" a car indicates a willingness to pay and they shouldn't pull a credit report?
Derp.....
The car is financed, dope.
Sigh...the insurance basically is too...dumbass.
It's not, dope.
Sigh (again), so if you went to get insurance, and you paid the first month. Then you managed to get into an accident, should the insurance company only pay the amount you've paid (one months worth), or would you expect your car to be fully repaired?
Insurance is pre-paid, so it has little to do with who will pay and who wont. if you dont pay you are dropped.
It has more to do with a correlation wrt to claims likely to be filed.
Personally, while I understand it, I think it sucks. I worked in insurance at one time and always hated having to explain to someone that had never filed a claim, had an accident etc., why their rates suddenly jumped.
Contrary to what some people think it isnt just raw credit score, it is a variety of factors that go into calculating an insurance score, including, for instance, hard pulls, so someone that is buying or refinancing a house and has otherwise stellar credit gets dinged. someone who marries someone with not perfect credit or something major, such as a bankruptcy or foreclosure would often really get hammered, etc.
It is also true that all insurance companies do not apply all of this equally, or on a straight scale, in other words I saw many examples of companies cherry picking prosspective customers based an these scores and giving "fuck you" pricing to others, effectively pushing them out the door.
Unfortunately, that's the system until they find something else to try to predict and underwrite risk....
Simply come up with an insurance equivalent to the credit score using industry data. Claims, years of coverage, payment history, overall coverage( ie home, health, auto, life).
Obviously someone who uses multiple policies over multiple years would have a higher score. It shouldn't be hard to track how someone uses insurance over time.
Insurance is pre-paid, so it has little to do with who will pay and who wont. if you dont pay you are dropped.
It has more to do with a correlation wrt to claims likely to be filed.
Personally, while I understand it, I think it sucks. I worked in insurance at one time and always hated having to explain to someone that had never filed a claim, had an accident etc., why their rates suddenly jumped.
Contrary to what some people think it isnt just raw credit score, it is a variety of factors that go into calculating an insurance score, including, for instance, hard pulls, so someone that is buying or refinancing a house and has otherwise stellar credit gets dinged. someone who marries someone with not perfect credit or something major, such as a bankruptcy or foreclosure would often really get hammered, etc.
It is also true that all insurance companies do not apply all of this equally, or on a straight scale, in other words I saw many examples of companies cherry picking prosspective customers based an these scores and giving "fuck you" pricing to others, effectively pushing them out the door.
Unfortunately, that's the system until they find something else to try to predict and underwrite risk....
Simply come up with an insurance equivalent to the credit score using industry data. Claims, years of coverage, payment history, overall coverage( ie home, health, auto, life).
Obviously someone who uses multiple policies over multiple years would have a higher score. It shouldn't be hard to track how someone uses insurance over time.
And if you don't do what she says yor a racist.Tlaib bill would prohibit use of credit scores to set car insurance rates
She’s almost as bad as AOC and Omar
Well, it's not about a better profit model. Its about addressing unprincipled capitalism. Since auto insurance is generally mandatory (with exceptions), that opens the door to a bit more regulation.Insurance is pre-paid, so it has little to do with who will pay and who wont. if you dont pay you are dropped.
It has more to do with a correlation wrt to claims likely to be filed.
Personally, while I understand it, I think it sucks. I worked in insurance at one time and always hated having to explain to someone that had never filed a claim, had an accident etc., why their rates suddenly jumped.
Contrary to what some people think it isnt just raw credit score, it is a variety of factors that go into calculating an insurance score, including, for instance, hard pulls, so someone that is buying or refinancing a house and has otherwise stellar credit gets dinged. someone who marries someone with not perfect credit or something major, such as a bankruptcy or foreclosure would often really get hammered, etc.
It is also true that all insurance companies do not apply all of this equally, or on a straight scale, in other words I saw many examples of companies cherry picking prosspective customers based an these scores and giving "fuck you" pricing to others, effectively pushing them out the door.
Unfortunately, that's the system until they find something else to try to predict and underwrite risk....
Simply come up with an insurance equivalent to the credit score using industry data. Claims, years of coverage, payment history, overall coverage( ie home, health, auto, life).
Obviously someone who uses multiple policies over multiple years would have a higher score. It shouldn't be hard to track how someone uses insurance over time.
If its such a great idea to disregard credit scores in determining risk and premiums for automobile insurance, liberals should get the leftist insurance companies to show how its done and quit first. Get Progressive Insurance as well as Geico- owned by socialist billionaire Warren Buffett- to do it first. The other insurance outfits can see how much more they are making with their new pricing scheme, and will follow suit.
Insurance is pre-paid, so it has little to do with who will pay and who wont. if you dont pay you are dropped.
It has more to do with a correlation wrt to claims likely to be filed.
Personally, while I understand it, I think it sucks. I worked in insurance at one time and always hated having to explain to someone that had never filed a claim, had an accident etc., why their rates suddenly jumped.
Contrary to what some people think it isnt just raw credit score, it is a variety of factors that go into calculating an insurance score, including, for instance, hard pulls, so someone that is buying or refinancing a house and has otherwise stellar credit gets dinged. someone who marries someone with not perfect credit or something major, such as a bankruptcy or foreclosure would often really get hammered, etc.
It is also true that all insurance companies do not apply all of this equally, or on a straight scale, in other words I saw many examples of companies cherry picking prosspective customers based an these scores and giving "fuck you" pricing to others, effectively pushing them out the door.
Unfortunately, that's the system until they find something else to try to predict and underwrite risk....
Simply come up with an insurance equivalent to the credit score using industry data. Claims, years of coverage, payment history, overall coverage( ie home, health, auto, life).
Obviously someone who uses multiple policies over multiple years would have a higher score. It shouldn't be hard to track how someone uses insurance over time.
You'd think so and yet the actuaries will argue that this component is a strong indicator.
I had a fairly long conversation about this with a Senior VP of my region, who came from an actuarial background, about this very topic. His claim was that this was one of the most positively correlated data points in the data set.
They will be very loathe to let it go. Their lobby dollars will almost certainly kill it, IMO. They know that game too...
It can also lead to a lower premium for an individual than they would otherwise have. Without this credit data, they will still have to equitably spread risk by the remaining methods, which may lower premiums for some, but will cause a commensurate rise in premiums for others. The books still have to balance.The insurance industry holds all the data they need but still go outside their industry for data because that allows for higher premiums.
Well, it's not about a better profit model. Its about addressing unprincipled capitalism. Since auto insurance is generally mandatory (with exceptions), that opens the door to a bit more regulation.Insurance is pre-paid, so it has little to do with who will pay and who wont. if you dont pay you are dropped.
It has more to do with a correlation wrt to claims likely to be filed.
Personally, while I understand it, I think it sucks. I worked in insurance at one time and always hated having to explain to someone that had never filed a claim, had an accident etc., why their rates suddenly jumped.
Contrary to what some people think it isnt just raw credit score, it is a variety of factors that go into calculating an insurance score, including, for instance, hard pulls, so someone that is buying or refinancing a house and has otherwise stellar credit gets dinged. someone who marries someone with not perfect credit or something major, such as a bankruptcy or foreclosure would often really get hammered, etc.
It is also true that all insurance companies do not apply all of this equally, or on a straight scale, in other words I saw many examples of companies cherry picking prosspective customers based an these scores and giving "fuck you" pricing to others, effectively pushing them out the door.
Unfortunately, that's the system until they find something else to try to predict and underwrite risk....
Simply come up with an insurance equivalent to the credit score using industry data. Claims, years of coverage, payment history, overall coverage( ie home, health, auto, life).
Obviously someone who uses multiple policies over multiple years would have a higher score. It shouldn't be hard to track how someone uses insurance over time.
If its such a great idea to disregard credit scores in determining risk and premiums for automobile insurance, liberals should get the leftist insurance companies to show how its done and quit first. Get Progressive Insurance as well as Geico- owned by socialist billionaire Warren Buffett- to do it first. The other insurance outfits can see how much more they are making with their new pricing scheme, and will follow suit.
No. It can also lead to a lower premium for an individual than they would otherwise have. Without this credit data, they will still have to equitably spread risk by the remaining methods, which may lower premiums for some, but will cause a commensurate rise in premiums for others. The books still have to balance.The insurance industry holds all the data they need but still go outside their industry for data because that allows for higher premiums.
True, but that's not an ethical or moral principle. It's a mathematical principle they are forced to adopt. They are forced by the market to operate that way, else they will lose market share to companies that do.The principle that the insurance companies work on is the principle that those that are riskier to the company have to pay more.
Undortunately, that is just not accurate, from an analytical standpoint. The statistics show otherwise. The data show a strong correlation between credit profile and risk of both valid claims and adverse action.There is nothing in my credit score that can predict if I file a claim for repairs after a hailstorm, tree falling, someone hitting me in a parking lot or parked on the street.
Fuck the insurance companies and their extortion scam. The people should be able to opt out if they don't think the price is right. And fuck the ACA individual mandate too.Tlaib bill would prohibit use of credit scores to set car insurance rates
She’s almost as bad as AOC and Omar
Good. What does credit have to do with veing a good or bad driver?
Well, since auto insurance is generally mandatory, it matters more than it would otherwise.What does that matter? It's their insurance company. Their policies. Their services. It's isn't ours. They can do whatever checks they want.
