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Posted in Auto Insurance
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Question By
guessrobertl1

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0 People Helped
Auto and Home insurance scores?
Maybe you can help me figure out how you determine the Auto & Home
insurance scores? I have a 767 credit score, a 930 vantage score, a 887
auto score ( good), and a 793 home score ( poor ).
I have not have had a claim with auto insurance in 12 years, and
never had a house claim in 35 years of owning 2 homes. I have always been
insured with the same company.
I have asked my insurance company to relook at my rates. If they use
your scores, then there is no way I can get any kind of rate discount based
on those scores.
Can you help me understand what is happening?

Thank you for your help
Robert Guess
mbobguess@gmail.com

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Most Helpful Response

Auto and Home Insurance Score:

Helpful to 18 out of 20 people

I have read the post, no where do they explain the basis of the Insurance scores, or how to increase them.  Excellent credit rating, should not warrant fair insurance scores.  Seems yet another way to justify higher rates. Perhaps all drivers in America should become self insured.  We should start a mega pool, everyone pays in equally and claims are paid.  Eliminate all the high profile corporate salaries, unnecessary agent fees and everyone would be treated fairly, and there would truly be no fault insurance.  Just food for thought.

Reply by
dressageman

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1 Person Helped
Helpful to 1 out of 2 people

OK, and just who manages the payments and payouts?  Isn't that what insurance companies do? 

1 Contribution
10 People Helped

Home Owners Insurance

Helpful to 10 out of 11 people

I kinda feel like Transunion was up late one night with a bottle of wine and decided to fart out a new product. "Home Owners Insurance" score will really please the share holder. Bogus numbers based on a drunk algorithym = higher rates for all.

Totally uncool!

Mine is "poor" with never ever one claim filed in 11 years on my one property.

1 Contribution
8 People Helped

How do I find my insurance scores

Helpful to 8 out of 13 people

Directed here, but can't find the car or homeowners insurance scores; did they remove it or what?

Reply by
Wandleworth

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2 People Helped
Helpful to 1 out of 4 people

I am in the same boat, well almost, as I can see my home score but not the auto score.

Any pointers anyone?

everything else works..

5 Contributions
448 People Helped

Helpful to 8 out of 13 people

Everyone, they are simply decreasing the home insurance score as your revolving/other debt goes up. This is not how home insurers rate you. Don't fret about it. 

Reply by
nonagzone

1 Contribution
4 People Helped
Helpful to 4 out of 6 people

This is just an excuse to give good drivers a higher rate. If they cant figure out how to raise your rates if you are a good driver with no claims they can go to this made up score and raise your rates.

1 Contribution
4 People Helped

why has my house insurance score dropped

Helpful to 4 out of 9 people

i have been with the same house insurance company for 27 years. i have only used them 3 times. once in 1990 due to a small fire. once in 2011 due to a leak in the roof and i just filed a claim in 2013 due to theft.am i supposed to just pay out insurance and never use them. but they give u a poor score if u use them. i donot unstand this at all.

please explain this to me cos i donot get it.

Reply by
gudguy1

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43 People Helped
Helpful to 1 out of 1 people

Yep, that's a good one - us pay but never use.  They must be smoking crack because that is the attitude 'some' insurance execs have - some, not all.

1 Contribution
4 People Helped

20 point Auto score drop for no reason!?

Helpful to 4 out of 10 people

My auto score here on Credit Karma has been 890 ever since I joined up well over a year ago and has never changed until this month(Dec).  Why?

I have not done anything that would affect this score.  In fact all the other scores have been increasing ever since I have become a member here.  So again I ask what would cause this to drop sharply like this?  I mean a 20 point drop out of the blue like that might have an effect on my insurance rates.  I have never filed a claim on my auto or home owners and have always payed in full and on time.  This is most disconcerning!

Any ideas?

Thank you in advance.

4 Contributions
18 People Helped

Here's how it is calculated

Helpful to 5 out of 19 people

Auto Insurance Score

Your Auto Insurance Score, with ranges from 150 to 950, is also calculated using data from your TransUnion credit report and is used primarily by auto insurance companies. It helps insurance companies assess the risk of insuring a consumer by measuring the likelihood that a claim might be filed.

The fact that data in your credit report can affect your auto insurance rates may seem unfair, but studies show that there is a correlation between credit behavior and the likelihood a consumer will file a claim. In other words, consumers with higher credit scores tend to file fewer insurance claims and, as a result, are typically given better rates.

Your Auto Insurance Score is used by the 15 largest auto insurers to measure insurability and price your rates.

Home Insurance Score

Like the Auto Insurance Score, the Home Insurance Score ranges from 150 to 950 and is calculated using data from your TransUnion credit report. It is used primarily by home insurance companies to help assess the likelihood that you'll file an insurance claim.

Reply by
gudguy1

4 Contributions
43 People Helped

Good write up paddyboy64.

I'm still not convinced though, I have auto and home insurance just under 900 with no negative hits (in over 15 years) or claims by me in over 3 yrs (4 total claims dating back 20 yrs, all 4 of which were fault of the other drivers). No DUI, etc....

My auto and home insurance premiums are decently low, due to no negative claims on my part.

My vantage score is extremely high, so I can't reconcile why I would get less than 900 in the two insurance areas. Interesting.

Reply by
jon31415926

2 Contributions
10 People Helped
Helpful to 5 out of 5 people

It looks like your response was just copy and pasted from the description provided elsewhere on this site, but unfortunately it doesn't really provide much meaningful information about how the scroes are calculated.  As many people have already pointed out having a good credit score does not always translate to a good auto/home insurance score, so clearly there are differences in how they are calculated. This site provided a lot of useful information about how items on your credit report can affect your credit score, unfortunately it does a poor job at explaining how the auto insurance score is calculated.

Reply by
melowe12

1 Contribution
2 People Helped
Helpful to 2 out of 2 people

I am not sure where they get their "studies" from.  I have had auto insurance for more than 20 years and have never filed a claim.  i have also had renters and then home owners insurance and likewise have never filed a claim.  My credit score is NOT great, I don't see where one has to do with the other??????

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