Credit Scores and Farmers Insurance

Farmers Jacking Up Prices Due to Credit Rating?

"Imagine my surprise as i read this article and realized that apparently i am not the only consumer to be gouged by an insurance company simply due to a less than stellar credit rating. Amazingly, somehow, Progressive could offer me the EXACT same policy for the remarkable price of ninety-five dollars a month. I have to say I still don’t understand how Progressive could insure me for so much less money but I am very grateful. It truly is a sad state of affairs when loyalty is rewarded the way it was from Farmers." Ginger Vermillion, July 06, 2004 (another person switching from Farmers and saving money! wow this must be a no brainer! Maybe I need a new section on my web site called "Switch and Save!")

"I have recently been unfairly charged more as a result of Farmers Insurance Group imposing credit scoring on our new home policy." Jerry Sanders, July 05,2004.

"I have had very few claims and always paid Farmers on time. i thought i should have great credit with them due to all the
years that i have had them as my insurance company. But when they renewed the homeowner’s on my house they reduced the policy from the perfect score of 53% to 43%." Betty Vasquez, July 06, 2004

Caution! The secret score behind your auto insurancer "A version of Assist used by the Farmers Insurance Group in Michigan until last winter rated customers on 11 factors. With a nearly perfect score of 827, a 28-year-old single male from Ann Arbor would have landed in the top tier and paid $1,027 a year in premiums"..."But if he shopped for loans, opened three new credit-card accounts, and temporarily ran up balances--all no-no’s in Assist’s scoring system--his insurance score would have plunged like the Dow Jones Industrial Average on a bad day--207 points. That would have kicked him three tiers down Farmers credit rating factor table and raised his premium $664." See full article at ConsumerReports.org Also see "Prying the lid off insurers’ secret scoring systems"

Polish your score and get a lower premium "Insurance credit scoring might raise your premiums, but Consumer Reports’ analysis shows that you can take steps to protect yourself when you apply for a car-insurance policy." Read all the steps at ConsumerReports.org Comment: While shopping "harder than ever before" make sure to view our alternatives to Farmers Insurance. Remember J.D Power and Associates gave both Farmers Insurance Auto Insurance and Homeowners Insurance its WORST rating for pricing

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