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lcervenka7

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My credit scores are in the excellent range but Insurability is just Fair / need to understand ?
Credit is showing as excellent but insurability as just fair. I've never had an insurance claim in 20+ years and feel my insurability rating may be affecting my auto rate. Any ideas what might be driving the insurability lower or how I can find out/fix ?

Transrisk - 762 / Excellent
Vantage - A
Auto Insurance - 825 / Fair

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I used to work in corporate in the insurance industry and every company has a different actuarial formula with different inputs.  That is why identical information gets you a different rate with each company - it all depends on how they choose to slice and dice the total pool of drivers. 

The score on here is just one factor many but not all of them choose to use, if the state you live in even allows this to be an input for pricing your policy.  Insurance is regulated at the state level and do's and don't's vary widely.

Also keep in mind that the actuarial models each company uses in each state is proprietary.  They don't share it publically because then competitors would have an advantage.

So like everyone else said, the purpose of bettering that number is to get lower rates but if you are already getting what you feel is a good rate then its not irrelevant.

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And if you really want to save money on your insurance, raise your deductible to the max and keep a credit card with that much open on it.  You're basically self insuring the first couple thousand dollars, transferring risk from the insurer to you and saving a ton on your premium.

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