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what is keyman insurance, what are the compensations of keyman insurance in business.
Additional Details
for a lost business i need to know the compensation.... |
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Valerie | When buying auto insurance, why do they do a credit check? |
Why does your credit effect your insurance premium. My insurance company withdraws my premium directly out of my checking account, and if I do not pay my insurance, they would simply cancel my policy, so what role does credit have in this situation. I must of had a "ding" or two on my credit, because after I was quoted, my premium went up a few bucks a month after they ran my credit. I have never caused and accident, nor had ANY moving violations......been driving 17 years....what gives? Is this just a way to get more money out of us? Being late on a couple bills over the years does not make you a reckless driver! |
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mbrcatz
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It's like prior speeding tickets - insurance companies have found a direct corrolation between credit score, and claims paid out.
There haven't been any studies, to the best of my knowledge, WHY people with lower scores have more claims filed, and more paid out on claims - so anyone who says "it's because you don't maintain your car" or "its because you driver carelessly" is talking out of their hat (or, SHOW ME THE STUDY!!!).
But I have seen the charts with my own eyes!! That show, people with a credit score of 705, on average, have $1 paid out in claims for every $1 paid in premiums; and people with a 550 have $2.50 paid out for every $1 paid in premiums.
Insurance departments in just about every state allow credit score to be used as a rating factor, because the mathematical relationship is THERE, and is PROVEN.
Sorry, they really don't care about why.
Now, what you need to do, is get a copy of your credit report and clean it up!! MOST of the time, closing out all the unused, newer accounts can seriously increase your score - as it's not just about paying bills on time, but how many times you've applied for credit in the past six months, how many accounts you have open, balance due on accounts, available credit (lower those credit lines!!), and the average length each account has been open.
Yep, people who move from one credit card company to the other every year, getting the lowest interest rate, and always paying on time, have a WORSE credit score than someone with a couple late payments, that's had the account for 10 years.
Hope that helps. |
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kerrvillerenee
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The "thinking" is that responsible folks have good credit and it's all relative to your driving ability....I personally don't agree, my credit stinks, but I'm a good driver, and my driving record proves it, however, recently most of the big insurance agencies did start using credit scores/ratings to base their rates on. It's not fair, but what choice do we have |
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Queen B
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what can you do in the world today without good credit? not much. they check your credit because they along with every other business in the world feel that if you are responsible in paying your bills, you are a better risk and that you are more careful in driving and take better care of your property. they don't run the typical credit report and cannot see what is on your credit. they run an insurance credit score which basically tells them only if you have a high, med, or low score. the better the score the better rates you get. |
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angel09
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A credit check is done by some companies and not necessarily all. From my understanding it's a type of reassurance on the type of risk you would be. A person who has a low credit score may have some financial difficulty therefore more inclined to make a claim. Where as those with high credit ratings would be less inclined to make a claim. |
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litdaphu
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One of the Insurance companies in CA that I sell use require a credit score check, it does not effect your credit or anything, but it allows the Insurance company to give you an option to pay monthly or pay in full. But as of today, they moved the credit score verification for that Insurance company in CA. |
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