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In connection with this insurance rate quote and any renewal of insurance, we may obtain or use a credit-based insurance score based on the information contained in your credit report. We may use a third party in connection with the development of your insurance score.
As far as the 45 days without insurance that's a red flag for any insurance company especially if the coverage lapsed.
Well, the rich are better than all of us. They go through so much trouble creating jobs for us useless peons, the least that can be done for those poor, stressed out souls is to give them discounts on auto insurance, on top of reduced tax rates and favorable treatment in the courts
You don't need to be rich for a good credit rating, you do need to pay bills on time.
A good credit rating means you pay bill on time, don't let insurance lapse, don't require reminders every month to pay your bills, don't look at other companies every month or so to try to save 2$, all of which means reduced costs for the insurance company to maintain your policy. Lower costs means they can charge less and maintain the same profit margin.
I am not rich by any means, I pay 756$ every 6 months, full coverage, 0$ deductible on my comprehensive, 2 drivers. One of my cars is considered high performance due to being supercharged, and yes I pay a bit more for that one. I have good rates, and coverage, because I maintained a single agency and policy for a long time, pay my bills, and there is even an accident on there that a third driver had while driving one of the vehicles on the policy. See, MY policy covers the vehicles, even if I let someone else drive the car.
The article said 1 person didn't have insurance for 45 days. That means a higher policy rate everywhere I have been.
BTW, reduced tax rates? really? Have you ever looked at the tax burden in totality?
People who make more, pay more in totality. Even if their rate appears to be less, if they make 10 million dollars, and 5 million is taxed at 15% capital gains, (Which means the money was actually already taxed once as business income before distribution as stock dividends and such), that's 750K in capital gains taxes. While a LOWER tax rate at first sight, it has been taxed as income at the business side, before being taxed again as capital gains taxes, which means that the money has been taxed at a higher rate on total than you or I pay in taxes, in total.
Trying to make this a class warfare issue is misleading. Read the article. Everyone knows that your car insurance rates go down when you are married vs. single Furthermore, the married woman owns a house so if you "bundle" your insurance policies, you also have lower rates. And 3rd, the single woman had let her insurance lapse for 45 days. THAT, demonstrates poor credit rating.
State Farm does give student discounts for Dean's List students. You can also reduce your car insurance premium by taking a safe driver course.
What recently blew me away was learning the amount my 89 yr. old mother in Florida was paying for car insurance on a leased vehicle - almost $3,000 a year! I'll be taking care of THAT when I go down for a visit soon, that is highway robbery. She naively thought that since she got the insurance through an AARP recommended insurer she got a better rate. HA!
If you know you're not going to be using your car for 45 days, why wouldn't you let it lapse? I try to save money wherever I can.
And I actually had a low income discount with State Farm when I had a car, so I've never considered their policies egregious.
I know that, but credit rating was never mentioned in the article. Someone on C-D decided to read more into the OP than was there.
My credit score went in the tank ten years ago when I abruptly lost all my income, landed in hospital for months, and was unable to work for a year.
Since then, I have paid all my bills on time but my credit is still in the tank because debt scavengers buy and re-age my old accounts. Also, I have not used or applied for any credit in the past ten years.
Exactly should my bad credit today prevent me from having a life? What exactly does my credit score have to do with my current risk profile?
Less crime in rich areas = car less likely to be stolen = lower premiums.
BZZT! In this example nobody was applying for comprehensive auto coverage, which is what covers theft and vandalism. So this example has nothing to do with theft or vandalism risk.
Credit has more to do with your repayment history and debt to income/asset load vs. just income. I know people with sterling credit who don't make all that much, but they pay their bills and they've saved and invested, and I know people with great paying jobs with a ton of debt and no savings or assets at all.
Last edited by mb1547; 01-29-2013 at 05:59 AM..
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