I have heard in the past that if you have bad credit your auto insurance rates may increase. I did a chapter 7 bk last month and my auto insurance is due to be renewed at the end of August. I have used the same company for over 10 years now with no accidents. I have never been late or missed a payment.
2007-06-27 13:47:52 · 5 answers · asked by Jill S 5 in Business & Finance ➔ Credit
It MAY increase, but not necessarily. Each insurer has its own system for uprating drivers according to accident and driving records, as well as credit issues.
Certainly be on the lookout for a potential increase, but it's far from automatic. One of my associates got a DUI/OWI, and he didn't get an uptick in his insurance.
2007-06-27 13:51:47 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
1
2016-09-25 02:32:43 · answer #2 · answered by Thelma 3 · 0⤊ 0⤋
Increases are not automatic, every insurance company looks at this in different ways, since you have been with them for so long they may not even pull your credit.
If they do and you are hit with a increase, this is just part of having bad credit, it is not fair but that;s the way it is.
2007-06-28 04:15:16 · answer #3 · answered by ? 7 · 0⤊ 0⤋
Since your insurer already knows you and your history, there's no guarantee that they will pull your credit before issuing you a renewal.
2007-06-27 13:52:00 · answer #4 · answered by Venita Peyton 6 · 0⤊ 0⤋
I don't agree with it, but it's true. A bad credit score can mean higher payments...
2007-06-27 13:50:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋