so i checked on equifax's driving record system that shows your driving record from the past 5 years and your score that insuranxe companies use to determine your rate.
my driving recrod was clean -- nothing -- no violations no accidents.
my score was average though. it said that despite a clean driving record due to 2 things on my credit report, they gacve a lower score ....
the 2 things:
- number of inquiries
- lack of investment in oil companies
i was flabbergasted when i saw the second. i clicked on the little ? icon to give more information about that ..
it said that "studies" show that drivers who have credit cards with major gas companies have better driving records than drivers who do not. if you want to improve your driving record score to recieve a better insurance premium, then try obtaining a credit card with one of the major gas companies, such as Exxon.
I would love to see these "studies" they claim they have performed. How ridiculous!!
tboy
I'm sure they studies to prove this, and the studies were paid for by Exxon. lol
What a crock!
Best regards,
Mirage
Originally posted by Mirage
I'm sure they studies to prove this, and the studies were paid for by Exxon. lol
What a crock!
Best regards,
Mirage
how true ... lol
I used to have a Shell card but when I quit paying the bill, they came and killed my parakeet.
Are you sure the puppy didn't eat the parakeet?
Originally posted by Hedwig
Are you sure the puppy didn't eat the parakeet? Was this before or after they killed the puppy?
I have never laughed so hard, that reason is classic.... Check with Geico noone has ever beat their rate for me and they didnt pull my credit... LOL
I think that Geico's rates are dependent on what state you are in. Connecticut's insurance rates are high, but when i check with Geico, they are not the best rate I can get, with a clean driving record. Plus their customer service (5 years ago - when I had them in another state) was horrible.
I can't justify Geico anymore.
GEICO pulled my credit. & I didn't get nothing.
YOU HAVE PERFECT CREDIT AND PERFECT DRIVING RECORD...
You then have a 30 day late...YOU THEN GET A TICKET FOR 7+ MPH the 30 day late made you speed...ALTHOUGH YOU DIDN'T DO THAT BEFORE!!!
You then have another 30 day late and you have a fender bender because of the 30 day late EVEN THOUGH YOU NEVER HAD ONE BEFORE!!!
THEN YOUR FOOT SLIPS OFF THE BRAKE AND YOU GO 60 MPH INTO THE GARAGE DOOR...GO OUT THE BACK SIDE INTO THE TRAILER PARK MOW OVER 4 OR 5 TRAILERS...HIT SOME PARKED CARS!!!
YOU THEN HAVE A BUNCH OF CLAIMS...
That all was caused by a BK and 7 collections and 3 repo cars that are not yours on your credit reports!!!
SEE--THE INSURANCE COMPANIES ARE RIGHT...BAD CREDIT CAUSES ACCIDENTS...TICKETS...AND CLAIMS!!!
Insurance scoring is a way to capitalize on a less than perfect credit and not peril losses.
It is a sham on consumers
They claim there is a direct correlation between someone's ability to pay their
bills, versus amounts paid out in claims.
You got to wonder if they have not also included in their business model,
The cost of collecting premiums from late payers, going through
Cancellation procedures and any servicing of accounts that dont generate much revenue.
If you want to see an overview of some of the data go here
http://www.casact.org/pubs/forum/00wforum/00wf079.pdf
Check out page 10 where they talk about stress with bad credit.
You can make statisical data achieve any result you want
If you call GEICO for a quote, you have to tell them UP FRONT, FIRST THING not to pull your credit - then they won't.
I think I probably must have gotten lucky. I switched to geico in august of this year with no inquiry, and their rate really was better than everyone else's short of some offshore companies. They have always treated me well so I cant complain about there customer service. I guess it depends who you get on the phone and the state you are in as well as a large number of variables... previous posters are correct here advise them that they do not have permission to look at your credit and shop around with many insurers.
Best of luck
Geico has always quoted high rates for me, even when I had the federal employee discount. I have been with AMICA Mutual Insurance for years, and they have always been fair, through accidents, claims, and a Chap. 7 bankruptcy. They do credit inquiries occasionally, but have not increased my rates despite the Chap. 7 being filed and discharged.
geico has always been higher for me too. 10-15% higher which is backwards from their commercials. now im in preffered customer status in my insurance and they are still $100 more for 6 months. what a rip off. they save 10-15% for the people that dont know how to shop around.
Originally posted by jaytee
1*geico has always been higher for me too. 10-15% higher which is backwards from their commercials. now im in preffered customer status in my insurance and they are still $100 more for 6 months. what a rip off.
2*they save 10-15% for the people that dont know how to shop around. 1*I have had Geico for over 15 years.
2*I have been shopping around off and on for years and can't find anyone to insure my 4 pick ups For $ 500.oo a year like Geico does.
Remember that you can get an 8% discount with GEICO, if you get an account with Pentagon Federal ($5 minimum), and you can get an account with PenFed if you join the "National Military Family Association" ($20/year) - you don't have to be military either. Also, PenFed has some of the best HELOC deals around.
(I got that from Fat Wallet, and I got there from here)
Touche Jaytee... I really do shop around and again as I wrote prior, the only ones that beat Geico for me... was an offshore insurance provider.. Again variables determine one's rate quote. For me Geico could not be beat...and they did not pull even so much as a soft inquiry on my credit, for you that may be different.
http://profiles.yahoo.com/blkcarded
If you are in NJ like me, you can't even get Geico, Progressive, and some larger outfits. Can't get online quotes, and need to call, have them mail and you get to fill out a booklet to apply for insurance, and mail back to them. The process could take weeks.
The only good thing about NJ was insurers were not using credit scores to measure your insurance premiums--until recently. NJ is attempting to entice larger insurers that refuse to do business in NJ for fear of 'excess amount of claims'. The cost of insurance here, the highest in the nation (roughly $900/year liability only per vehicle, perfect record) has supposedly been caused by lawsuit happy individuals claiming fraudulent accidents and, in addition, an overabundance of uninsured drivers. This has soured competition and even prompted threats of several companies like State Farm to leave the state enitrely or stop issuing new policies.
The idea, at least to the latter, is to provide low-cost minimum liability insurance to those who prove 'low-income' status. I guess the idea is insurers will stand to recoup some of the losses from uninsured drivers (at least in legal fees) rather than those individuals found guilty who would not be able to pay a cent of restitution.
Now, the movement is also leaning towards credit history, as if the premiums here were not high enough here. As my insurer in Wisconsin put it, "Uh, let me check out what your new premium will be. Your'e from NJ? it sucks to be you!"
Geico pulled my TU report..3 times in one day.
after I saw that, they lost a customer. I am in texas (TX) and this was probably 2 years ago.
anyway..they killed my badger.
Originally posted by mark
anyway..they killed my badger. Was it badgering them??
The cost of insurance here, the highest in the nation
*(roughly $900/year liability only per vehicle
deadbeavis
================
Makes the 125 a year per car I pay to GEICO look like a give away don't it?
900 bucks would pay for my 4 cars for almost 2 years.
*That's 3600 dollars for 4 cars compaired to the 500 bucks geico cost me and I have more coverage than just liability .
Anyone here getting insurance on one car for less that 125 dollars a year.?
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Ack! I hate it when I do that :) LOL **tries to refrain from hitting "enter" multiple times......
I agree insurance is a thing that bites.... we all hate it... I mself have spent thousands on it to gain absolutely nothing
I keep debating whether or not to cover myself with health insurance.. I am healthy and can afford reasonable catastrophe, as well as complete catastrophe, assuming I don't live LOL... Right now I am in complete health, I follow my diet, workout 5x weekly etc. etc.
I do think I have decided that I will sign up for health insurance now that I am out of my 20's and am engaged.(as a noninvolved owner of a few companies and the chair of my most recent venture, insurance was always optional, and to me unimportant. Everything changes once you bring someone else into your life.)
http://profiles.yahoo.com/blkcarded
