Auto Insurance Leads Baytown Texas TX
Reader’s Question:
I believe that it is discriminatory to use credit scoring as a way to determine my auto insurance rate. Is there anything that I can do about this?
Michael,
Baytown, TX
Government studies in Texas generally show that insurance scoring has unlikely impact on young people, the poor, and racial minorities. Majority of these propriety formulae include the use of alternative financing against the consumer and certain group such as the young, the poor, and racial minorities most likely use alternative financing, thus disproportionately affecting them. In this case, consumer advocates are pushed to argue these scoring models in court.
Nobody knows how long these insurance companies would continuously use these scoring formulas when the court settlement is finished. In the meantime, you should be glad that you never run out of options because you can shop around for auto insurance companies out there in Baytown, TX who would be more than happy to sell their product to you. There are still car insurance companies in Texas that do not use credit information in the same manner as above. Fact is, you could save ample amount of money each year by finding a car insurer company who would view your credit history in most favorable way.
What’s interesting though is that there is a recent Consumer Report that illustrates this. The study found that a customer with neutral credit score had the same premiums with two car insurer companies. However, his premiums went up by 29% with company A after altering his credit information, while it remained the same with company B.
In your case, you most likely don’t know if yours is with company B as of now. An the only way to find out for your own benefit is to get several quotes online until you find the best insurance premium rates favorable to you. This web site enables you to do that. You can always get some free quotes online from websites like this at no obligation just for your comparison. Take note that you can do that with no obligation at all!
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