I have been told that my car insurance is high because of a bad credit rating. I am currently enrolled in a DMP to pay down some credit cards and I’m sure this is why it is so bad. Will any insurance company work with me to lower my rate? I currently have GEICO insurance bc it was the lowest I could find. I lease my car and always make my car and insurance payments on time.
Isn’t it a joke that insurance companies can base your rate on your credit history!! Like, someone with bad credit just has to be a bad driver! This is an issue that needs to be addressed…just doesn’t make sense to me where the relation is…anyway, in the meantime…raise your deductable up to $500 or higher, but stash enough extra $ to cover it if you have the need to file…hang in there…in the meantime, hope you have cut up those cards!
How can I lower my car insurance if it is high because of bad credit?
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Well, the DMP is probably trashing your credit.
MOST insurance companies won’t work with you, however, if your credit is bad due to a catastrophic illness (like cancer) or divorce, some might – but ONLY the ones that work through agents. The Geico, Progressive, Leaders type won’t care – YOU are your agent for them.
IF you’ve had the divorce or illness, or other extenuating circumstances, find a Travelers agent near you, see if they can help you out. If you haven’t, if it’s just overspending and credit cards, or unemployment or such, then you’re out of luck . . . you’ll have to wait it out, and it will be YEARS, as those DMP style outfits make things worse before they get better.
References :
agent, 21+ years
Isn’t it a joke that insurance companies can base your rate on your credit history!! Like, someone with bad credit just has to be a bad driver! This is an issue that needs to be addressed…just doesn’t make sense to me where the relation is…anyway, in the meantime…raise your deductable up to $500 or higher, but stash enough extra $ to cover it if you have the need to file…hang in there…in the meantime, hope you have cut up those cards!
References :