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Question
why is my insurance rating poor?
I haven't had a claim or ticket in 8 years. And prior to that it was 7 years. It can't be my credit as that is excellent and has been for more than 20 years.
Asked by
suzyq1964
4 months ago
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The insurance score on CK doesn't consider claims or tickets. It's based solely on your credit report. The equations used to calculate it are kept secret. Consumer Reports explained insurance scores a little in an editorial available at http://editorial.autos.msn.com/article.aspx?cp-documentid=435604. According to them, your auto insurance score may be lower if you have more than two major credit cards, if you opened your first account after the age of twenty six, and if you've had more than one credit inquiry in the last six months or opened more than one new account in the last two years, in addition to the normal credit stuff like payment history and utilization.
Dawnstream 4 months ago
So if I shop for a good rate on a new car loan at two lenders and was approved at low rates at both, I now have a crappy car insurance score? This is a joke, right? I have 1 Visa and 2 MasterCards, plus a 0% car loan from VW Credit. I owe nothing on any of my credit cards and have a $25,000 unused line of credit on them. I haven't had an auto insurance claim other than a broken windshield in over 10 years, completely clean driving record...not even a parking ticket, and haven't been in an at-fault car accident in over 30 years and I'm a bad car insurance risk?
Jasper2 4 months ago