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Progressive Insurance

Discussion in 'Fred's House of Pancakes' started by tbstout2, Oct 16, 2006.

  1. tbstout2

    tbstout2 Member

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    I posted the below text as a reply to a different subject. However, I’d like to know if anyone out there has heard of such a thing with your insurance company.

    I have bought and sold 5 houses in 44 years. I’ve never once missed a payment on anything. The last time I borrowed money for a car was in 1984. I’ve owned 3 new cars since 1991 where I’ve paid cash for the purchases.

    The problem I just encountered with Progressive Insurance was that since I have no CAR credit history they raised my premium! Can you believe that? My wife paid for 6 months of the insurance. Once it’s passed that date I’ll be sure to change carriers.
     
    #1 tbstout2, Oct 16, 2006
  2. dragonfly

    dragonfly New Member

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    Unbelievable. Maybe they figure it is a sign that you have enough money to afford the bump in payments. :(

    USAA is awesome, but you have to have a military connection to get it.
     
    #2 dragonfly, Oct 16, 2006
  3. galaxee

    galaxee mostly benevolent

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    yep, happened to me too. i just replied in that same thread. paid cash for my old buick, and when i switched over to progressive they said i didn't qualify for the lowest rate because i'd never had a car loan.

    i left them pretty quickly.
     
    #3 galaxee, Oct 16, 2006
  4. dreichla

    dreichla New Member

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    From what I gather, insurance rates are increasingly being tied to our credit scores.

    Additionally, credit card rates are being tied to mundane things such as our utility bills.

    Take all that data, lump it together, and churn it out in a computer model and the end result is an insurance score which tells them what kind of drivers we are based upon our financial responsibility. Those of us with little, no, or impeccable credit history are at a severe disadvantage. For financial credit worthiness, it's better to carry a balance than to pay our debts off in full each month.
     
    #4 dreichla, Oct 16, 2006
  5. ohgreys

    ohgreys New Member

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    You don't have to wait 6 months to switch. You should be able to switch any time and Progressive should send you a check for the unused portion of your premium.
     
    #5 ohgreys, Oct 16, 2006
  6. EricGo

    EricGo New Member

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    <div class='quotetop'>QUOTE(dreichla @ Oct 16 2006, 02:31 PM) [snapback]333545[/snapback]</div>
    Myth.
     
    #6 EricGo, Oct 16, 2006
  7. New Revelation

    New Revelation The Master Captain

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    Dang, and I am with Progressive currently! Perhaps I should switch? Since I never had a car loan seems like a logical reason to go elsewhere. But I really feel that its absurd because of the fact that one has never had a loan that the insurance premium gets jacked up.
     
    #7 New Revelation, Oct 16, 2006
  8. chimohio

    chimohio New Member

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    <div class='quotetop'>QUOTE(ohgreys @ Oct 16 2006, 03:22 PM) [snapback]333585[/snapback]</div>
    Amen - and let them know why you are quiting. Also, have them tell you the competitors rates, to see who is the lowest, like they say.
    (You could always join the military and get USAA - I have it also.)
     
    #8 chimohio, Oct 16, 2006
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