Why do relations next to no credit history draw from penalize by insurance companies on their rates?
My aunt has her own home paid for, have never used credit of any kind, is being penalize by auto insurance companies for having what they call a "no hit credit history". if her fico gain was higher her rates would be lower. it would appear that she has been more responsible, by not using credit. It is a $400.00 extra charge because or her eagerness to avoid debt. and no she does not want any credit cards. are there any insurance companies that just walk beyond a fico score and actually ananlize someones web worth as a means to being responsible, how more or less that she pays her auto insurance in full
Answers:
i would call around to masses insurance companies, especially larger ones and meet with an agent. if that doesnt work look for an independent agent that represents various companies. Unfortunately she fell into the category many older Americans do contained by that computers analyze credit not ages. People with no credit have no story that they will pay their bills. Its a dumb thing they check but insurance companies, approaching any company, love to find new ways to charge you more.
Sounds like she is dealing with an insurance company instead of an insurance agent. Have her travel to a local insurance company and sit down with an agent to find out her insuring needs. She should not be penalize for no credit.. Only claims really affect the rates.. Unless their at a real yound age then here is no age history. Now I know Farmers Insurance is a conservative company . Give them a try. I think the Farmers Insurance agents carry pride contained by selling their policies upon a Friendly Review.. Stay away from insurance on line or by 1 800 numbers.. Find a local agent... thx Source(s): I am an insurance agent
There are a FEW companies - Travelers comes immediately to mind - that will review a "no hit" if you explain it to them, by an underwriter. You won't draw from "top tier".
But the BOTTOM line is, most people near no-hits have poor loss experience, or are newly licensed (same thing).
You do tend to see some depression era survivors that do that - don't do the hill thing, never borrow money, don't have a credit win, pay as they go. HOWEVER, at this point within time, they ALSO tend to be the over 70 set - VERY high risk from an auto insurance point of view. So credit win isn't as important, as they're going to either 1. get hold of flat out declined from most carriers, base on their age or 2. going to get "standard rates" anyway, based on their age.
If she's below 65 and has been driving at lowest 10 years, do try shopping out to a Travelers agent, if they write in your area. If not, telephone call a few local, INDEPENDENT agencies, tell them exactly what you outlined above, and ask if they have any carrier that will consider her situation. If she's over 65, you're not going to have much luck, sorry.
Paying the bill in full will individual avoid the billing charges. Source(s): agent, 21+ years
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Answers:
i would call around to masses insurance companies, especially larger ones and meet with an agent. if that doesnt work look for an independent agent that represents various companies. Unfortunately she fell into the category many older Americans do contained by that computers analyze credit not ages. People with no credit have no story that they will pay their bills. Its a dumb thing they check but insurance companies, approaching any company, love to find new ways to charge you more.
Sounds like she is dealing with an insurance company instead of an insurance agent. Have her travel to a local insurance company and sit down with an agent to find out her insuring needs. She should not be penalize for no credit.. Only claims really affect the rates.. Unless their at a real yound age then here is no age history. Now I know Farmers Insurance is a conservative company . Give them a try. I think the Farmers Insurance agents carry pride contained by selling their policies upon a Friendly Review.. Stay away from insurance on line or by 1 800 numbers.. Find a local agent... thx Source(s): I am an insurance agent
There are a FEW companies - Travelers comes immediately to mind - that will review a "no hit" if you explain it to them, by an underwriter. You won't draw from "top tier".
But the BOTTOM line is, most people near no-hits have poor loss experience, or are newly licensed (same thing).
You do tend to see some depression era survivors that do that - don't do the hill thing, never borrow money, don't have a credit win, pay as they go. HOWEVER, at this point within time, they ALSO tend to be the over 70 set - VERY high risk from an auto insurance point of view. So credit win isn't as important, as they're going to either 1. get hold of flat out declined from most carriers, base on their age or 2. going to get "standard rates" anyway, based on their age.
If she's below 65 and has been driving at lowest 10 years, do try shopping out to a Travelers agent, if they write in your area. If not, telephone call a few local, INDEPENDENT agencies, tell them exactly what you outlined above, and ask if they have any carrier that will consider her situation. If she's over 65, you're not going to have much luck, sorry.
Paying the bill in full will individual avoid the billing charges. Source(s): agent, 21+ years
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