Have your insurance rates been affected?

[NewPage]

Just wondering if anyone has has their home or auto insurance rates go up due to their bk?

[jsofaz]

Our Chapter 7 was discharged in July. We just got the info for our home insurance. The rate is exactly the same as last years. So that did not go up. I don't know about the auto insurance yet. It is up for renewal next month so I should get the info for it any day now.

[tod183]

My auto insurance has not gone up yet because of it. Mine is up for renewal now, and the renewal amount was about the same as usual. Since I have surrendered one of my cars, my rate is going down by about half now!

[tobee43]

yes and no....


since the state we moved to does renewals every six months...the first policy it did effect it....

when i went to renew it for this oct....it went WAY DOWN...because our scores went up after discharge...our scores are now at 690 and 685...so the insurance co even allowed a 1 year policy.

[AngelinaCat]

Yes, the BK does. Some insurance companies will not insure you if you have a BK in your background, no matter what the reason. Others want to know why you had to declare BK. Here is a thread from 2009 that gives our situation. My post/rant starts with #6.:

http://www.bkforum.com/showthread.php?34621-Can-t-get-homeowner-s-insurance-after-BK&highlight=insurance%20angelincat

We got a notice Saturday, that our automobile insurance is going up. It seems that the payments we have been making are too low, because the company made errors in their calculations..... Yeah, right!

[backtoschool]

My insurance rates went up right after bankruptcy, but have come down quite a bit since I started rebuilding my credit and my fico score has gone up. I am almost 11 months post discharge, and my fico score has gone up around 80-95 points and my renters insurance rate was cut in half just recently for the same coverage, and my car insurance has come down significantly as well.

[tobee43]

AngelinaCat .....i hear you!!!!!!! we are in florida and were shocked to DEATH when we moved here with respect to the insurance rates!!!

now the first auto policy we got i fought tooth and nail and the guy kept telling...oh...florida is the highest insurance in the country ...blah blah...GARBAGE.....where we came FROM had the MOST cars per capita in this entire country and was IN FACT, the highest rates in the country....so what the heck is going on here???

i just took the policy and the JERK ...(we are husband and wife) put it in the name of the one of us who had the LOWEST credit rating!!!! (we were just at the being of our filing stages), now...at the time, i didn't know that florida used a credit rating for a basis for determining your insurance cost....i was too busy with the move...after 33 years adjusting... and the bk...filing...taxes...you know it...all the stuff us women do...HA HA HA!!! LOL!!! so really i just pd it and thought when it's time for renewal i'll see what we can do.

well the time just came...you would be so surprised i got a quote from the same guy that was DOUBLE what AAA gave us for the exact same company!!!! they were different policies, but the one AAA offered was even better.... we prefer to stay with "major" insurance companies if we can....the bastard.....and i told them to quote us on the person's in this house...who has the highest credit score. NOT The lowest! (the guy called back and lowered it to close to match it...RIGHT!)

well...AAA calls back and said we did your score....one of you is 690 and one is 685...now she says insurance scores are a bit different...(i'm still confused a bit over that). but she said it didn't effect us and we got the best rate they had to offer. .....which turned out to not be true because when i actually got a copy of the policy it did say that our premium was impacted by our score and we didn't have enough credit...!!!! LOL!!! oh my....anyway.....this policy is far better than the last one we got...and it's about $350 a year less....but still really high as far as i'm concerned.

now...DO NOT get me started on the food cost here....i'll been typing all day!! LOL!!

[ccsjoe]

I just updated my auto and renter's policies, both with AAA in CA, and none of the premiums increased other than I increased some coverage amounts.

[wnguyen]

Just wondering if anyone has has their home or auto insurance rates go up due to their bk?

Even when my credit was good, my driving record was/is good, the rates I had still up every year. Now I'm afraid they're even higher.

[Jammed]

We havn't even filed BK yet . . .and Allstate increased our payment by $65 a month at our last 6-month renewal because of our credit. So that probably means they'll increase it more when we do file.

[Flamingo]

The answer is simple....if your state allows insurance credit profiling, your rates will increase with either bad credit or BK; if your state does not allow insurance credit profiling, your rates cannot increase due to bad credit or BK (has to be some other reason). It is simple to find out if your state allows the practice - either search online or visit your state's website and go to their Department of Insurance.

If your rates increase before, during or after filing BK and you suspect the increase was due to that and your state does not allow insurance credit profiling, call your state Department of Insurance and report the situation and ask what to do.

[killinstinct]

My auto insurance has gone DOWN the last two years (by about $120 a year each time) since filing BK! Washington State has a pretty restrictive credit profiling law, however.

[CanBreathe]

California does not credit profile so thankfully the rates have not gone up.

[drowning123]

Mine haven't gone up, but my insurance company wants me to pay all the homeowner's insurance upfront instead of monthly. I've continued to pay it monthly. I haven't heard a word.

[bladerunner]

yes...our auto insurance with USAA went up $8.00 a month and we haven't even declared BK yet. Our house is in foreclosure and we are trying to short -sale aka: limbo, abyss...never ending headache...