My auto insurance premium increased 21.36% from mid 2021 to Jan 2022 with no change in location, use, or coverage options. The explanation provided by the insurance company is that I was “affected by a ruling from the state that was put in place for Washington consumers that removes the ability for all insurance companies in the state to use credit based insurance score as a beneficial underwriting factor. As a result of this change, WA consumers’ policy premiums were impacted. So in short, we are no longer looking at credit to help determine rate, which is why the rate has increased. “. I have no traffic violations or accidents, and a credit score well above 800. Any suggestions how to address this reasoning with the insurance company aside from shopping around?
I’m in the same position as Linda. My insurance rate increased fro $62 monthly to $102 which is a 64% increase. I don’t know if Linda is a senior but I am. In actuallity, this program increases all insurance rates. I thought shopping for the best rate would be an answer but it isn’t. Let’s look at this from a logical stand point in following thee money. Insurance companies, in the past, gave lower rates for good credit ratings because they felt that a good rating would mean a better and more responsible clientell. However, they were actually loosing dollars because the difference between a responsible client and bad one doesn’t really make any difference on their bottom line. Now they can charge what ever they want, which of coarse would be higher bottom line. This is discrimnating to seniors!
My auto insurance premium increased 21.36% from mid 2021 to Jan 2022 with no change in location, use, or coverage options. The explanation provided by the insurance company is that I was “affected by a ruling from the state that was put in place for Washington consumers that removes the ability for all insurance companies in the state to use credit based insurance score as a beneficial underwriting factor. As a result of this change, WA consumers’ policy premiums were impacted. So in short, we are no longer looking at credit to help determine rate, which is why the rate has increased. “. I have no traffic violations or accidents, and a credit score well above 800. Any suggestions how to address this reasoning with the insurance company aside from shopping around?
I’m in the same position as Linda. My insurance rate increased fro $62 monthly to $102 which is a 64% increase. I don’t know if Linda is a senior but I am. In actuallity, this program increases all insurance rates. I thought shopping for the best rate would be an answer but it isn’t. Let’s look at this from a logical stand point in following thee money. Insurance companies, in the past, gave lower rates for good credit ratings because they felt that a good rating would mean a better and more responsible clientell. However, they were actually loosing dollars because the difference between a responsible client and bad one doesn’t really make any difference on their bottom line. Now they can charge what ever they want, which of coarse would be higher bottom line. This is discrimnating to seniors!