Where Should I Be Shopping For Car Insurance For The Best Rate?

fashun — Wed, 05 Sep 2007 03:42:38 +0000

Reader question:

What happens if my car insurance policy is canceled and nobody else wants to insure me?

Maggie

Good question.

You don’t have to worry. Even when most car insurance companies won’t give you a policy, there is still a chance that some company might. There are companies that work solely with high risk drivers. Before giving up hope, get free auto insurance quotes online and shop around to see what all of the companies available have to offer.

If you still can’t find anyone to insure you under a policy, it might be time to join your state’s assigned risk car insurance pool. This pool randomly assigns you to one of the member companies which is then required to take you on as a customer. The rates for being part of an assigned risk pool are a lot higher than others.

Cheers,

Fashun Guadarrama.

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fashun — Sat, 01 Sep 2007 05:03:21 +0000

You’ve done everything you can to have the cheapest car insurance premium. You take advantage of discounts, you cut down on your driving, car pool, drive safely. You bought the right kind of car with the right kinds of safety features. So why is it that your car insurance premium rates are still higher than you would think they should be? After all, you’re older than twenty five and married, so shouldn’t you be getting a break by now?

Maybe, but one of the biggest influences on car insurance rates is something that follows many people through most of their lives. The credit score. The credit score is something that you might never have thought of as being a reasonable factor in your auto insurance rates, but the car insurance companies think that it actually does have something to do with driving. Not only are people with better credit scores more likely to be reliable customers who pay their premiums on time and don’t change companies too often, but they also, according to statistical data, file fewer claims than do people with lower credit scores.

Insurance companies take the credit report and make an insurance score out of it. This doesn’t necessarily take into account all of the same factors as does your regular credit score, and is more interested in regular payments than a long history. And these scores are the driving influences of high insurance rates among good drivers.

Their use is heavily debated. There have been lawsuits filed against certain car insurance companies for using these so called insurance scores to decide premiums, and many say that they target low income and minority families, because those are the groups in which people are more likely to have bad credit history. For the moment, now, they must be dealt with.