The rates did not go down as a result of insurance credit scores. In implementing a credit score rating system, the overall rate impact had to be 0%. There may have been other changes in the rating algorithm that had an impact to the rate level, but credit scoring should be a 0% change when implemented. Rather the rates of the people you still insure today are lower because of increased competition. This is exactly the point insurance companies have been making for a while – increased competition means lower rates for the consumers.
I wish they would do away with insurance scoring because as an agent in my state the rates went down and now I make less money. Please take it a way.
The rates did not go down as a result of insurance credit scores. In implementing a credit score rating system, the overall rate impact had to be 0%. There may have been other changes in the rating algorithm that had an impact to the rate level, but credit scoring should be a 0% change when implemented. Rather the rates of the people you still insure today are lower because of increased competition. This is exactly the point insurance companies have been making for a while – increased competition means lower rates for the consumers.
B G -> Agentman comment = Tongue in Cheek
Of course your comment is correct as to over all rates.