Insurance companies that dont use credit score?

[Mark80]

Are there any auto insurance / homeowners insurance companies that don't use your credit profile to quote rates? I wanted to get some comparable ones against StateFarm but I am not sure which if any dont go by your credit history.

Thanks

[kmb]

We recently switched car insurance from Allstate to Geico, and Geico did not use our credit reports to quote us our rate. We're saving about $600/year over Allstate and the only thing they checked were our driving records, which I know because I had an accident 4 years ago and because it's still showing up, it resulted in our insurance going up about $50 over the initial quote they provided. I checked my credit reports after applying and there were no inquiries on any of them from Geico.

[magyar123]

Call the insurance companies directly and ask them point blank. My favorite questions always were: Are you checking potential policy holders' credit histories/ratings? Are you discriminating against folks with bad credit even though some of these folks have perfect driving records, never any tickets or accidents?

[WoodSprite]

Are there any auto insurance / homeowners insurance companies that don't use your credit profile to quote rates? I wanted to get some comparable ones against StateFarm but I am not sure which if any dont go by your credit history.

I'm very interested in this, too. I've been with State Farm for 25 years or so for auto insurance. They haven't changed my rates (yet), but now that I need to add homeowner's, I'm afraid that if I change my coverage it will prompt a check. Generally you get a bit of a break if you have more than one type of coverage with the same outfit, but I'm afraid to even ask. Anybody have any experience to share?

[Mark80]

I would try Geico but I need home owners also and like Woodsprite said you usually get a break. I'm swapping cars out on my insurance now and hope state farm doesnt feel like they need to pull it. If they do and jack me up after being with them for so long its adios if I cant find somewhere a penny cheaper.

[halloweendmb1]

does state farm use your credit score to determine rates?

[cupcake]

Here are the credit scoring lists for Michigan. Anyone not in Michigan may want to check their own state's websites for the same information. I suspect that many of the insurance companies listed here will probably be the same as the other states that still allow credit scoring.

http://www.michigan.gov/documents/dleg/Personal_Auto_Insurer_Credit_Scoring_List_10-23-07_218020_7.pdf

http://www.michigan.gov/documents/dleg/Home_Insurer_Credit_Scoring_List_10-23-07_218021_7.pdf

[Mi Bankruptcy]

Thanks cupcake.

[freshcredit]

Most insurance companies use credit as a tool for determining rates. This is in addition to checking driving record. They do not use the same thing that a loan or mortgage company would use. A Bk would be a factor, but not necessarily make you rates the worst. I would caution anyone pick an insurance company based solely on the fact they do not use credit scoring. You might find out when its too late it is not worth the premium you paid.

[Mark80]

It sucks too, been driving for 12 years now and have yet to have an accident or claim of any kind. The few minor tickets I have gotten were fixed of course. All this effort to keeping my record clean and I get screwed because of my credit score. I have to be honest, I am no different a driver now since my credit is crappy, then I was when it was good. Infact I would go as far to say I am more cautious now as I cant afford a ticket.

[freshcredit]

You can't look at your experience as a determining factor to say you are more cautious or more safer. Insurance companies have to look a large pool of drivers and experience within that group. That also includes payment history. There is a correlation of payment history and driving or claim experience. It used to be a carrier would only give discounts based on credit for the top tier insureds, but then other carriers were being adversely selected and their rates went higher. They now all adopt some kind of scoring model, but use different criteria. Some things to keep in mind are how many revolving accounts you have, how often you buy or lease cars, and how many inquiry you have on your credit. Keep in mind there are full payment discounts, automatic payment discounts, and multiple policy discounts that can offset higher rates. Shop all of he companies it will not affect your credit the way applying for a credit cards does. These are usually considered soft hits.

[Keebler]

I wouldn't worry about which ones pull your credit and which ones don't. There's one company here that brags about the fact that they treat all of their customers the same because they don't use a credit report. What it really means is they charge all of their customers the same high rates no matter what kind of credit they have.

I just got done searching for a new insurance company after Allstate took a peek at my credit report and jacked up my rates 50%. I shopped around and found most companies charged about the same rates and there were a couple big names that wouldn't give me a quote at all.

In the end I used my state's insurance company complaint records to pick a company that charged about the same as everyone else but had lower than average complaints. I got ten times the coverage I had with Allstate for less than Allstate was charging me before they increased my premiums.


One company I came across was really confusing because their rates were almost half of anyone else but they sold so few policies in my state I couldn't tell if they were good or bad. Get a quote from Response Insurance and see if you get cold feet like I did. I don't know how they do it so I went with another big name in the industry.

[ready2puke]

I just changed to The Hartford. Altho I havent reported their rates were better than Farmers who I've been with since 1984