Old Sep 9, 12, 2:07 am
In Memoriam
Join Date: May 2001
Location: Southern California
Programs: Hertz 5 star, Priceline Hotel bidder. AA PLT, 1MM.
Posts: 2,910
Glad that in California (where I live) that the insurance companies can not use credit scores to determine insurance rates. I have one homeowner's insurance outside of Calif (TX) and they use credit as one factor to determine rates. My rates for the TX homeowner's policy is pretty decent in spite of having only a "fair" insurance credit score. (my FICO's are excellent: well above 750, over 800 this past June)

My FICO's in mid June (when I started my 3 refi's on my rentals) were 804 for the mid bureau score. (Experian). My insurance credit score was only in the fair category and got even lower with all the refi's and CC's recently showing in my account.

The insurance credit score in my case is not relevant. In 37 yrs of driving, I only had 2 accidents (no claim paid out in 1977 due to being very minor--$20 of damage! and in 2006, there was $2700 damage to my car that the other party paid for since I was not at fault). No moving violations ever in 37yrs of driving.

I only had one minor homeowner's claim in 1988 when I bought my first house. (claim was <$1000). I presently own 4 rental houses and bought/sold several other houses over the years.

Bottom line: My low insurance credit score is not relevant because I had very few claims. I'm glad that California doesn't allow insurance companies to use credit scores to determine insurance rates. California passed a proposition that where a person lives can not determine auto insurance rates. Mine auto/homeowners rates stayed low throughout the years because of other factors that seem more relevant than using credit score, etc.
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