Insurance For Bad Credit?

Discussion in Auto Insurance started by j_pin • Jun 20, 2012.

  1. j_pin

    j_pinActive Member

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    I have been trying to get auto insurance, but I have been denied by most companies due to my low credit score (defaulted on some student loans right out of college while unemployed). Does anyone know of a legitimate company that might accept me?
     
  2. classy_ally

    classy_allyMember

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    I have very challenged credit and I have never had a problem getting insurance. I'm not sure where you are from, but we have so many agencies selling insurance in Texas that credit doesn't matter. I have had insurance with Geico and Progressive with no issues. Maybe you should try those.
     
  3. novasparker

    novasparkerActive Member

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    Your insurability score includes your credit score, but is not entirely dependent on it to determine whether or not you can be insured. i do know that State Auto (not SAFE AUTO) will take you with lower credit scores, but you have to keep in mind that other factors may be coming into play like your driving record and claims.
     
  4. Bella3

    Bella3New Member

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    I have really bad credit too and I have been able to get auto insurance through Geico. I've been a happy customer with them for 3 years now :)
     
  5. dconklin

    dconklinActive Member

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    It depends on where you live, but you can find something. Legally we all need to have car insurance (at least in most of the states.) I am sure if you go through an actual agency instead of going to an insurance company that you will have no problem getting insurance. My first insurance company was a no name company that my agency suggested. They were really cheap and great to work with. I had stayed with them for about 10 years. I tried to find something cheaper (just to see if I could) and was given ridiculous quotes by the big insurance companies. Geico claimed they could save me money until I got the quote and they wanted to charge $1000 more a year (with no lien on vehicle.) I dropped them when they increased their rates after the 10 years of being with them and found High Point which was a good insurance and reasonably priced.

    I do need to add tho, for a while my credit was bad from a couple problems (honestly not caused by me.) But even tho my credit wasn't good, my driving record was spotless.
     
  6. Livvi

    LivviActive Member

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    Here in the UK your credit score can affect your ability to get car insurance too. I think it is ridiculous. For some reason, many places seem to think because you have had problems with finances in the past - which may not have even been your fault considering the economy- you are completely untrustworthy in every capacity. I had less than stellar credit in my early 20s and I am fairly sure it did not affect my ability to drive safely or encourage me to make fraudulent insurance claims!! I hope you find a suitable company for a fair price.
     
  7. dconklin

    dconklinActive Member

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    It is a bit ridiculous in my opinion too that they use your credit report to base insurance rates. Owing money on a credit card or defaulting on a loan has nothing to do with your driving and you can have spotless credit and be a maniac behind the wheel. I think it is just a way for them to charge more for insurance.
     
  8. Traveller

    TravellerMember

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    I have never seen an insurance company pull credit on a commercial policy. They only do on personal insurance. They may look at the financials of the business for rating purposes (gross sales, liabilities, salaries, etc) & they may also decide if they will cover you based on the length of time you have been in business. If you have been in business less than a year, this will give you more trouble finding coverage than your personal bad credit.
     
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