How much will car insurance premium increase after Ch 7?

[catch22]

Hi everyone. I just wanna ask this question as we're almost done with our Ch 7(hopefully).
How much will car insurance premium increase after Ch 7? We're on 60-day Club. Thank you

[StartinOver]

I'm not filed yet, but I'd like to think mine won't increase, because my agent placed us with a firm that doesn't use credit ratings to affect the premiums. But yeah, if your insurer does use these methods of adjusting premiums, it would go up because your credit score goes down with a BK on it.

[bigtim6656]

All I have to say is that is bull****. There is no reason it should go up. I hope geico does not pull that. I have been with them for almost 2 years with no issues and if they raise it I will go to another company. The local place my mom and Dad used told me they could save me 30 bucks a month but I like how geico treats me but if goes up I guess they will get my business here.

[nokia123]

All I have to say is that is bull****. There is no reason it should go up. I hope geico does not pull that. I have been with them for almost 2 years with no issues and if they raise it I will go to another company. The local place my mom and Dad used told me they could save me 30 bucks a month but I like how geico treats me but if goes up I guess they will get my business here.

i too have geico, i've been with them for 12 years and i hope my rates don't go up.

[Flamingo]

Please do a search of this subject in the forum - it has been discussed heavily. Briefly, if the state in which you reside allows insurance credit profiling, expect your rates to rise at the time of renewal when the BK is on your credit reports. If your state does not allow the practice and your rates rise and you believe the rise is due to the BK and not an accident, etc., contact your agent and inquire and if the increase is due to your credit, contact your State DOI and file a complaint.

How do you find out if your state allows insurance credit profiling? Visit your state webiste and look for your Department of Insurance link and it should be indicated in there or call them directly.

If you are with your insurance carrier many years, and your state allows insurance credidt profiling, that may be a plus and your rates may not rise at all, especially if you are claim free.

[bigtim6656]

Thats what I am hoping. My record is clean

Please do a search of this subject in the forum - it has been discussed heavily. Briefly, if the state in which you reside allows insurance credit profiling, expect your rates to rise at the time of renewal when the BK is on your credit reports. If your state does not allow the practice and your rates rise and you believe the rise is due to the BK and not an accident, etc., contact your agent and inquire and if the increase is due to your credit, contact your State DOI and file a complaint.

How do you find out if your state allows insurance credit profiling? Visit your state webiste and look for your Department of Insurance link and it should be indicated in there or call them directly.

If you are with your insurance carrier many years, and your state allows insurance credidt profiling, that may be a plus and your rates may not rise at all, especially if you are claim free.

[Flamingo]

Thats what I am hoping. My record is clean

That won't matter if you are only with your carrier a few years or so...if long term, say 10, 15, 20, with no or very few claims, that works in your favor as it did in ours. If you are a short term policyholder, and your state allows insurance credit profiling, expect an increase when they annually check your credit reports. There is really little or no way out of this situation; it's just another bad thing that occurs from having a BK on credit reports.

[iv65536]

I had mine increase by a whopping one dollar per six months at Progressive, but I had been with Progressive for eight years with no claims, just a few roadside assistance calls.

[nc73]

You all have to understand, there is no free ride. You file bankruptcy you pay more for alot of things. That's the price we pay.

[SeattleBK]

Mine never increased.

It actually went down a few months after my discharge.

However, this might have something to do with the laws in your particular state.
Washington State has pretty good consumer laws.

[sunkinsc]

What a load of crap

You all have to understand, there is no free ride. You file bankruptcy you pay more for alot of things. That's the price we pay.

I have not had a ticket or claim in over 20 years. Jack up the rates of the people that actually cost the insurance company money, not me. To drive on the roads you have to have insurance. If you don't have insurance they report you and you lose your license and tag. They are all in bed together, government and insurance.


The fact that I filed bk shouldn't mean anything to insurance. They are not lending me anything, if I don't pay they cancel. May as well do credit profiling when I buy groceries then to.

[SeattleBK]

"The fact that I filed bk shouldn't mean anything to insurance"

I agree with this. Personally, I think it is just another way/excuse for insurance companies to pull money out of your pocket.

[blessed]

Car insurance should be based on the risk you pose to the company. If I haven't filed a claim, am a great driver, and pay their premiums on time, that's all they should worry about.

[Flamingo]

Car insurance should be based on the risk you pose to the company. If I haven't filed a claim, am a great driver, and pay their premiums on time, that's all they should worry about.

Unfortunately, when you file bankruptcy, it makes the filer(s) more of a risk to the insurance company since they believe the filer(s) will now file more claims. Just like it hurts your credit, filing BK does not allow those that file a free ride in everything as we all find out and a lot of the insurance situation is situational and/or state mandated so if there are insurance complaints as to rising rates, one needs to contact their state DOI, investigate the matter and/or file a complaint. That is the only way to resolve the matter, or find a cheaper insurance company if at all possible witih a BK on a credit report in a state that allows insurance credit profiling.