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Our car insurance premiums just went WAY UP!!

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  • Our car insurance premiums just went WAY UP!!

    We've had the same insurance company for 11 YEARS now. We've never missed a payment, never been late and never had a lapse in coverage. Now suddenly they decided to start basing our premiums off our credit score. It raised our rates $400 every 6 months!!! That's a huge increase for us.

    Do you guys know of any companies that don't use your credit score? I'm definitely going to start shopping around before my renewal and see if I can find anything lower than this
    4/09 Converted to a Ch 7 due to loss in dh's income
    5/09 UST now involved no idea what happens next
    7/09 UST has decided to withdraw his motion to dismiss!
    7/27/09 DISCHARGED!!!

  • #2
    Sorry to hear that... mine did the same thing. Unfortunately the only way I know to get out of the credit scoring is to move to another state. Each state has its own insurance laws. So, in my state, they are allowed to use credit based rates. Apparently, in yours too. But the rating isn't based on per company its based on insurance requirements in each state.

    You may be able to find a cheaper rate with another company but odds are they will be checking your credit as well. I checked around when my insurance went up and nobody could beat the price I already had. :/ I just got my renewal and it actually went up a little bit again.
    BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
    Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

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    • #3
      Originally posted by aces67 View Post
      We've had the same insurance company for 11 YEARS now. We've never missed a payment, never been late and never had a lapse in coverage. Now suddenly they decided to start basing our premiums off our credit score. It raised our rates $400 every 6 months!!! That's a huge increase for us.

      Do you guys know of any companies that don't use your credit score? I'm definitely going to start shopping around before my renewal and see if I can find anything lower than this
      What state do you live in? I live in Michigan, which also uses insurance/credit scoring to determine insurance rates. You may want to check your state's website, as Michigan has this list available detailing which companies use insurance/credit scoring:

      Credit Scoring List

      Even if you don't live in Michigan, this list may help you.
      CH7 Filed 2/26/2009 (no asset)
      341 Meeting 4/7/2009
      Discharged 7/10/2009
      Closed 7/28/2009

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      • #4
        I feel for you! But I also live in MA where auto insurance is wacky...Mine also went up significantly.

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        • #5
          I am sorry to hear that.

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          • #6
            What can you do? I mean got "off the hook" on a mountain of debt I never would have been able to payoff and now I pay the price in smaller ways

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            • #7
              Your best bet would be to shop around and compare quotes from the reputed insurance companies. Have you tried (removed by moderator)?
              Last edited by Flamingo; 08-27-2010, 06:31 AM.

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              • #8
                I am fortunate my rate didn't increase. I filed on 6/29 and my 6-month premiums were due on 9/1/2010.

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                • #9
                  I used Geico after I filed for bk and they do credit check but my rate is still low. 550 every 6 months for 2 cars for my wife and I. Just shop around. Never stick with one insurance company.
                  Filed: 6-7-2010 341: 7-15-2010 DISCHARGED: 9/17/2010

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                  • #10
                    This has been going on for years. I think it is so unfair.

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                    • #11
                      yes, it MOST certainly is UNFAIR...and this time i asked when i just renewed our policy....it's NOT all companies that check your credit...it's usually the first tier companies.

                      i was SHOCKED to hear the state we moved to did this because i knew that although the state we came from also did...that company we were with did not do CREDIT checks..period.

                      so....this state i was told one had to "renew" every 6 months..wow...what a hassel...so i decided to call AAA and they got me Large Corp Well KNOWN first teir... ins co....they in fact did do a credit check and got back to us and told us we were just fine??? i was so puzzled since i thought the bk would have killed us...she said nope..you are good to go we can offer you the lowest rate and also a yearly policy...COOL beans!!

                      i did another post on this forum this morning since yesterday afternoon i did rec a copy of the "credit" report from the insurance com. they check all three of the biggy reporting agencies and we were as follows:
                      1. average credit limit on all retail accounts is less than $300

                      2. no open bank credit card accounts

                      3. ratio of mortgage accounts to total accounts is between 6% and 20%...(i'm REAL confused about this one??)

                      4. no bank credit card applications in the previous 12 months but 1 more in the past 24 months.

                      (which is absolutely NOT true, we applied for NO new credit for at least 4 years?).


                      whatever all that means...no one as responded to the post as well...maybe people don't know. however, the fact still remains we were good to go!
                      8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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                      • #12
                        I live in a state that does credit checks for all types of insurance. I found that AAA was the lowest rate because they have so many other discounts that negate any extra money that filing bk costs insurance wise. My score has gone up 80 points since discharge and my insurance rates have gone down 30% since discharge. I am only 10 months post discharge so even if you have to get a six month policy, you will most likely be better off rate wise in six months.
                        You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

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                        • #13
                          well then here's CHEERS to AAA!!!
                          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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                          • #14
                            Does California use credit rating for insurance? I've had my insurance for 35 yrs and it has always been low with the same company. Does that mean that upon renewal my insurance will go up?

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                            • #15
                              even tho i'm from calif...i do not know...i know in nj SOME companies use credit scores while other do not...in florida MOST do, and some do not...

                              sorry not much help!
                              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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