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Auto Insurance Information and News » How auto-insurance rates are determined

How auto-insurance rates are determined

How auto-insurance rates are determined
News from Chicago Tribune:

While I’m glad Tribune columnist Eric Zorn contacted me for his “What does my credit rating have to do with my driving?” on how U.S. auto insurers price their policies, he mischaracterized my remarks on the Consumer Reports article on the same topic.

Numerous studies by state and federal governmental agencies, including the Federal Trade Commission, have found that a driver’s credit-based insurance score, which is derived from a person’s credit history, is a proven, accurate and statistically irrefutable indicator of how likely that driver is to file a future claim and the potential cost of that claim. In fact, a driver’s moderate-to-strong credit history may favorably offset other rating factors where they fare poorly, such as their driving record.

Insurance regulators in 47 of 50 states allow auto insurers to employ credit-based insurance scores when pricing a driver’s policy. Credit profiles are entirely blind to race, ethnicity and income.

Zorn mischaracterized the role that marital status plays in the determination of auto rates. There is no such…………… continues on Chicago Tribune

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