Wahoo! My car insurance dropped $150!

[JEDI]

A couple of years ago my credit score dropped because i maxxed out a couple of credit cards on 0% balance specials.

My insurance rates are tied into my credit score. the better credit, the lower the rate.

Well, i have since paid off those credit cards, and my credit score this year is >800 according to myfico.com. 😀

today i got my 6month auto bill, and it's $150 less. :thumbsup:

Yeah baaaaby!

i still miss the days of my '93 Sentra and $250/6months bill!

 

[ddviper]

nice, wish my payments were that low 🙁

 

[Cabages]

Ha! $50 every six months for my motorcycle.

About maybe $4 in gas every week.

 

[Eos]

My first car was a 1969 Beetle. Just liability at 18 years old was $130 per month. I only grossed $1000, so times was tight!

Now, I'm older and wiser. At 34, my full coverage with $100/$500 comp/collision deductible is $50 per month on a 1996 Toyota Avalon.

No tickets since 1992, and no accidents since 1998. That was in a commerical vehicle, so I'm not even sure State Farm found out about it.

 

[NatePo717]

my insurance went up $800 a year cause I got two points on my license for speeding..... 70 in a 65. fvcking NY cop. I'd have to drive 400 miles to dispute it too which I bet is why he gave me a ticket to begin with. I live around boston and would have to drive all the way back to Rochester NY to get it taken care of.

 

[DurocShark]

It still blows me away that it's LEGAL to use credit worthiness as a tool to calculate your auto insurance rates.


::scribbles letter to senators::

 

[tfinch2]

Originally posted by: DurocShark
It still blows me away that it's LEGAL to use credit worthiness as a tool to calculate your auto insurance rates.


::scribbles letter to senators::

Your credit is a reflection of your responsibility.

 

[altonb1]

Originally posted by: DurocShark
It still blows me away that it's LEGAL to use credit worthiness as a tool to calculate your auto insurance rates.


::scribbles letter to senators::

FYI...Geico does NOT use credit score to determine rates.

I'm a GEICO customer!

 

[altonb1]

Originally posted by: tfinch2

Originally posted by: DurocShark
It still blows me away that it's LEGAL to use credit worthiness as a tool to calculate your auto insurance rates.


::scribbles letter to senators::

Your credit is a reflection of your responsibility.

...or a reflection of an ex-spouse that screws you before you are divorced, a result of being laid off of work due to no fault of your own, identity theft, etc. There are several scenarios where the credit score can drop significantly through no real fault of your own but it has no direct correlation to your driving skills/habits.

In my case, I had great credit (although my debt ratio was a little high) and had no problems until i was laid off for 8 months after 9/11. Prior to that, I was working as a contractor and had gotten laid off for 4 months. I bounced back pretty easily after being out for the 4 months because I cashed out my 401k during that time and muddled through. however, i had nothing left after I was laid off from 9/11. I work in IT, and after I was laid off, i quickly found that jobs in IT were scarce unless you had a security clearance. Since I did not have one, I had trouble finding work. At no point, however, did I become a bigger risk when driving. in fact, my risks were minimized. with no money, who could afford to go out and do anything, let alone the gas to do it?