Car insurance companies that don't penalize for no credit cards?

[minnie1928]

Why would you file a claim if you didn't have an accident?

I'm going to take a stab at what Steve is referring to....I think it's more a matter of people filing claims for every accident. For example, I had a small accident (less than $1000 damage to the other car) that I paid for the repair myself instead of filing a claim. I think the assumption is that if you don't have a higher credit score, then don't have the resources to cover the costs of small accidents and you'll file more claims.

That's my guess...

 

[torinsmom]

I'm going to take a stab at what Steve is referring to....I think it's more a matter of people filing claims for every accident. For example, I had a small accident (less than $1000 damage to the other car) that I paid for the repair myself instead of filing a claim. I think the assumption is that if you don't have a higher credit score, then don't have the resources to cover the costs of small accidents and you'll file more claims.

That's my guess...

If it's your fault, and you file a claim, then your insurance should go up. Not because you MIGHT. To me, that's like saying I shouldn't teach the kids in my class who are poor and probably won't go to college. I can't guess which ones will go, so I teach them all the same. I just think you should punish or reward people for what they have done, not what they might do. There are a lot of different reasons that people could have a low credit score.

 

[disneysteve]

Why would you file a claim if you didn't have an accident?

I'm going to take a stab at what Steve is referring to....I think it's more a matter of people filing claims for every accident. For example, I had a small accident (less than $1000 damage to the other car) that I paid for the repair myself instead of filing a claim. I think the assumption is that if you don't have a higher credit score, then don't have the resources to cover the costs of small accidents and you'll file more claims.

That's my guess...

Exactly. Generally speaking, and as someone said earlier, insurance is all about statistics and risk, so generally speaking, people with lower credit scores are more likely to have financial difficulty and are more likely to file claims for relatively minor occurrences. Are there exceptions? Sure. But the insurance company can't individualize every customer's rate based on their personal history. They need to come up with a model to rate drivers based on stats. From there, they can adjust rates, penalize or reward you based on your personal performance, but they need a starting point for your initial premium charge.