The government of New Brunswick has proposed a number of regulations that may stop car insurance companies from being able to include data relating to an individual’s credit score in order to determine whether or not they will insure them, and what their premiums will be every month. There were a number of draft regulations posted by the Department of Justice on its website for public consultation that would change the guidelines for underwriting by insurers. The consumer advocate for insurance of New Brunswick, Ronald Godin, began his push for…
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How your lifestyle and neighborhood affects your insurance rates
Insurance companies use different software programs and databases to figure out how risky it will be to insure you. If you are considered to be too high of a risk, you may have to pay more. In some cases, your application may even be denied. Insurers use an insurance score that FICO determines from your consumer report history. This score is partially gathered using the data from the major credit reporting companies. Your insurance score is similar to your credit score, but you can’t obtain your insurance score like you…
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