I recently received my car insurance bill from Allstate, whom I've been with for over 25 years. The rate was increased by $150 compared to my last bill. I have had no accidents, tickets, or anything of the like. When I questioned my agent she said my rate was increased because of my "insurance score." Ones "insurance score" is based on delinquent payments, derogatory items, number of new revolving accounts, bank related inquiries on your credit report, customer-initiated credit report inquires,current balance on cc compared to highest balance ever carried, etc.
When I compared my "insurance score" to my 21 year old son's score, who has never had a job (full time college student/ D1 athlete) I was appalled. My score was a 9, and my son's was a 3. How in the world can he be deemed a lower risk than me? He has $350 to his name.
My credit score was a 990 and my husbands was a 982. We both earn 6 digit salaries and have worked for the same companies for over 15 years. Our only debt is 98k on our mortgage which we have been paying an extra $1,300 per month for 8 years towards the principle. The value of our home is approx 400k. We have robust retirement accounts as well as generous stock options from our respective companies. Additionally we own a modest home in the city our son goes to college in. We are not wealthy by any means, just very hard working professionals that have always lived within our means, if not below them.
When I had the agent input our "insurance score" as a 3 she said our rate would drop approx $400 per year.
I began MS 1 1/2 years ago when my son left for college to fill the void and to acquire the SWA companion pass so we could travel to watch him compete. Subsequently I have solely been trying to MS in order to renew my SWA companion pass and earn hotel points for our frequent outings to watch our son compete.
When I pulled my full credit report I did have one derogatory item on my credit report which was quickly nulled by the reporting company. All of the other so called "derogatory" items are from MS. Yes, I have had banks pull my credit report, have had higher revolving credit card charges (all of which are paid 100% in full prior to due date).
I have fought with my agent. I have been fighting with Allstate at the corporate level but have not gotten anywhere!! Nothing, nada!! I do not want to leave Allstate because I fear if I were to change companies and something were to occur we would risk being dropped. I have threatened to leave when the 6 month period in which I have already paid this higher premium expires.
I am at a loss and thought I would see if anyone else has had this experience or might have any suggestions. Any input would be greatly appreciated.
When I compared my "insurance score" to my 21 year old son's score, who has never had a job (full time college student/ D1 athlete) I was appalled. My score was a 9, and my son's was a 3. How in the world can he be deemed a lower risk than me? He has $350 to his name.
My credit score was a 990 and my husbands was a 982. We both earn 6 digit salaries and have worked for the same companies for over 15 years. Our only debt is 98k on our mortgage which we have been paying an extra $1,300 per month for 8 years towards the principle. The value of our home is approx 400k. We have robust retirement accounts as well as generous stock options from our respective companies. Additionally we own a modest home in the city our son goes to college in. We are not wealthy by any means, just very hard working professionals that have always lived within our means, if not below them.
When I had the agent input our "insurance score" as a 3 she said our rate would drop approx $400 per year.
I began MS 1 1/2 years ago when my son left for college to fill the void and to acquire the SWA companion pass so we could travel to watch him compete. Subsequently I have solely been trying to MS in order to renew my SWA companion pass and earn hotel points for our frequent outings to watch our son compete.
When I pulled my full credit report I did have one derogatory item on my credit report which was quickly nulled by the reporting company. All of the other so called "derogatory" items are from MS. Yes, I have had banks pull my credit report, have had higher revolving credit card charges (all of which are paid 100% in full prior to due date).
I have fought with my agent. I have been fighting with Allstate at the corporate level but have not gotten anywhere!! Nothing, nada!! I do not want to leave Allstate because I fear if I were to change companies and something were to occur we would risk being dropped. I have threatened to leave when the 6 month period in which I have already paid this higher premium expires.
I am at a loss and thought I would see if anyone else has had this experience or might have any suggestions. Any input would be greatly appreciated.