Search
 

Risky borrowers may be treated worse than drunks by insurers

A customers credit score may matter more than a drunken-driving conviction for auto insurers setting premiums, Consumer Reports said, citing a review of price quotes in the U.S. from more than 700 firms.

By Selina Wang, Bloomberg | Updated on July 30, 2015
A hypothetical group of adult drivers with clean driving records and poor credit paid $1,552 more on average in Florida than the same drivers with excellent credit and a drunk-driving offense. (Photo: Shutterstock)

(Bloomberg) — A customer’s credit score may matter more than a drunken-driving conviction for auto insurers setting premiums, Consumer Reports said, citing a review of price quotes in the U.S. from more than 700 firms.

A hypothetical group of adult drivers with clean driving records and poor credit paid $1,552 more on average in Florida than the same drivers with excellent credit and a drunk-driving offense, the consumer advocate said Thursday in a statement. Throughout the U.S., people with “good” credit paid $68 to $526 more than those with the best scores, the group said.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.