Question regarding renewal of car ins. policy

[momof2furbies]

Hello - I have a question and am not sure if I am posting in the right forum. We are out about 75 days from our discharge and our renewal for Geico is at the beginning of the year. In March, I got my first speeding ticket in 20 years, and last night, I backed into a car in the parking lotIt has not been a good year. Anyway, we always pay our premiums on time, etc. and when I called Geico, I told them my concerns about my premiums being raised, etc. and they associated told me they would not automatically increase due to an "accident", the underwriter will review our policy when it is up for renewal by doing research and CREDIT REPORT!!! I about sank to the floor - I thought I was safe with Geico. My question is, how many people have had Geico AFTER bankruptcy and were up for renewal and weren't dropped? I am so concerned now, especailly if they use my ticket and "accident" as a reason to drop me, let alone increase my premiums. Anyone???

[cupcake]

That is strange, Geico supposedly does not use insurance credit scoring. My insurance is up for renewal next month and my current insurance company, GMAC, is no longer insuring in Michigan. I called my agent and also did a little research myself, which included getting an online quote from Geico. Geico was the highest of all of them and I ended up going with Allied which was a couple hundred dollars cheaper. I haven't filed BK yet (planning to file in February) but my credit score has tanked since I stopped paying my CCs.

[NowImDownInIt]

Geico does use insurance credit scoring, but I don't think that they will drop you over it. Your premiums may increase a little, but that happens. How long have you been with Geico, it might be time to shop around anyway.

[momof2furbies]

I have been with them since 2005, a little over three years. My concern is they WILL do a credit check, but say they will drop me over the ticket and "accident".

[kmb]

We started using Geico after we had filed for Chp 13, their rates were about $600 year cheaper than Allstate was going to be for us. Our BK was clearly all over our credit reports by that time as were about 9 months in to it. We've already renewed with them once, and our rates went up a few dollars, but that's it, and I just attribute that to the cost of doing business, as it seems no matter who we are with, the rates always go up a little bit at each renewal.

[magyar123]

Depends what state you live in. Some states allow these discriminatory credit score profiling by insurance companies, others don't.

[NowImDownInIt]

I just got a new policy with Nationwide (AFTER filing ch 13) and my rates are lower than I've ever had, whereas every other company was quoting me ridiculous amounts. Sometimes it helps to shop around, and being with them for 3 years will look good to another insurance company. I REALLY don't think that they will drop you over any of this, but you should expect to see a premium increase. I was with Geico for 4.5 years.

[cupcake]

Geico does use insurance credit scoring, but I don't think that they will drop you over it. Your premiums may increase a little, but that happens. How long have you been with Geico, it might be time to shop around anyway.

I live in Michigan, which is currently a credit scoring state. According to the list of insurance companies who use credit scoring that is published by the State of Michigan, Geico does not use it.

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

[momof2furbies]

Thanks for all of the good replies!