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SVTPerformance's Chain of Restaurants
Road Side Pub
Credit Score Affects Insurance Rate?
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<blockquote data-quote="Torch10th" data-source="post: 15604475" data-attributes="member: 15703"><p>Is and has been the case for decades. I've seen the actuarials and it's staggering. If you have poor credit, your likelihood of filing a claim is substantially higher than somebody with even average credit.</p><p></p><p>The types of claims involved change as well. People with poor credit tend to have liability and collision claims while those with better credit tend to file claims under comprehensive. Some of that is a side effect of low credit score insured's only retaining liability insurance, but the correlation is still there.</p><p></p><p>With that said however, credit score is not the only indicator. Age, gender, location, driving history, type of car, annual mileage, vehicle loss statistics, they all go in to the pricing.</p><p></p><p>Have you ever wondered why almost every insurance company out there says they can save you $500.00 over the competitor? That's the case because certain actuarial scores favor certain types of people. State Farm's star score loves me and as a result I get insurance from them pretty cheaply. My friend who is nearly the identical demographic doesn't do so well and the same types of coverage on similar vehicles is more than double what I pay.</p><p></p><p>It does pay to shop as a result.</p></blockquote><p></p>
[QUOTE="Torch10th, post: 15604475, member: 15703"] Is and has been the case for decades. I've seen the actuarials and it's staggering. If you have poor credit, your likelihood of filing a claim is substantially higher than somebody with even average credit. The types of claims involved change as well. People with poor credit tend to have liability and collision claims while those with better credit tend to file claims under comprehensive. Some of that is a side effect of low credit score insured's only retaining liability insurance, but the correlation is still there. With that said however, credit score is not the only indicator. Age, gender, location, driving history, type of car, annual mileage, vehicle loss statistics, they all go in to the pricing. Have you ever wondered why almost every insurance company out there says they can save you $500.00 over the competitor? That's the case because certain actuarial scores favor certain types of people. State Farm's star score loves me and as a result I get insurance from them pretty cheaply. My friend who is nearly the identical demographic doesn't do so well and the same types of coverage on similar vehicles is more than double what I pay. It does pay to shop as a result. [/QUOTE]
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SVTPerformance's Chain of Restaurants
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Credit Score Affects Insurance Rate?
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