The Impact of Credit-Based Insurance Scoring on the Availability and Affordability of Insurance - Part I
National News • September 24, 2008
Following is the testimony presented by Lawrence S. Powell, PhD before the United States House of Representatives Financial Services Committee Oversight & Investigations Subcommittee on May 21, ...
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Subject: RE: RE: RE: RE: RE: Re: The Impact of Credit-Based Insurance
Posted On: September 29, 2008, 12:12 pm CDT
Posted By: Credit Score Bully
Comment:
Hey, Nobody.
"They" turn in more of what kind of claims? Auto physical damage? You've stil got to show me how that makes it a viable rating/underwriting tool for liability coverage.
I'll go along with the increased cost for physical damage but not liability until you show me the data that says, "drivers with low credit scores are poor drivers because they have, on average, 40% more at fault accidents than those with higher ranges of credit scores." Or, "those with lower scores have, on average, 35% more speeding tickets."
Until that is shown, it's not a liability coverage issue nor should it affect a liability-only policy.
Subject: RE: RE: RE: RE: RE: Re: The Impact of Credit-Based Insurance
"They" turn in more of what kind of claims? Auto physical damage? You've stil got to show me how that makes it a viable rating/underwriting tool for liability coverage.
I'll go along with the increased cost for physical damage but not liability until you show me the data that says, "drivers with low credit scores are poor drivers because they have, on average, 40% more at fault accidents than those with higher ranges of credit scores." Or, "those with lower scores have, on average, 35% more speeding tickets."
Until that is shown, it's not a liability coverage issue nor should it affect a liability-only policy.