In September, the Massachusetts Association of Insurance Agents (MAIA) launched a campaign to ban the use of credit score and other socioeconomic factors in determine the price of insurance coverage. The campaign was endorsed by Attorney General Martha Coakley, and MAIA had a goal of gathering some 70,000 signatures to ensure the issue was on the ballot for the next legislative session. Faced with mounting legal costs and pleas from legislators, MAIA has withdrawn its ballot initiative and will pursue an alternative method of bringing the issue before the Legislature.…
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Bad credit can make for a higher car insurance rate
As if things weren’t bad enough for people who have been affected by the mass foreclosures, job loss, and overall slumping economy; here is that proverbial “last straw,” that could be the back breaker. Everyone knows that a low credit score can determine the rate you pay on a loan; it can also determine your insurance rate. A recent survey shows that 92 out of 100 insurers use your credit score, along with other factors, to decide whether to write you a policy, and if so, what your premium should…
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