IluvKingLouis
DIS Veteran
- Joined
- Oct 18, 2004
- Messages
- 1,658
We recently got a notice that our car insurance (we are a one vehicle family) is going up $100.00 a year. Not due to rising costs, and neither of us have ever been the cause of an accident, and we both have terrific driving histories. It's going up because we refinanced our home from 5.75 to 4.9 recently.
We have great credit, and have no credit card debt and our 3 year old Prius was paid off in under 18 months.
Now, for the first time ever, we did pull out 10K when we refinanced (we have never touched our home equity). We did this because it's a buyers market here and we bought a ranch for my older mother to live in (her 2 story was getting to tough for her). So we moved 10K of our equity over, put in another 30K of our own money, and have a reliable renter (she is covering the mortgage). Plus once the market improves a bit and she sells her home (needs a little fixing up too), she'll gift us the 10K.
So, here we are being responsible, buying an investment property with more then 20% down, no debt (outside of real-estate), no late pays ever, no accidents, and somehow, in their eyes, we look riskier and that's now going to effect our car insurance.
We have great credit, and have no credit card debt and our 3 year old Prius was paid off in under 18 months.
Now, for the first time ever, we did pull out 10K when we refinanced (we have never touched our home equity). We did this because it's a buyers market here and we bought a ranch for my older mother to live in (her 2 story was getting to tough for her). So we moved 10K of our equity over, put in another 30K of our own money, and have a reliable renter (she is covering the mortgage). Plus once the market improves a bit and she sells her home (needs a little fixing up too), she'll gift us the 10K.
So, here we are being responsible, buying an investment property with more then 20% down, no debt (outside of real-estate), no late pays ever, no accidents, and somehow, in their eyes, we look riskier and that's now going to effect our car insurance.
