Hmm...my home insurance has been cancelled. The home my parents owned and the one they owned previously were insured by the same company that insured all our vehicle. The insurance company said the house was too risky to insure as we had two incidents with electrical fires. Too boot, they have raised my auto insurance $100 a year.
So, no claims on either the home or auto insurance but I lose one and the other is raised with no reason provided. Mind, the vehicle is a 17-year old Jeep that is well maintained, I haven’t had any accidents or incidents, and put only about 900 miles on it during the year I’ve owned it.
The only thing I can think of is the debt my father left me as an inheritance with no life insurance to pay it down. My crediting rating is in the crapper but without a job and at age 61 I’m not going out and buying stuff on credit anyway.
I have no health insurance, and haven’t except for catastrophic health insurance over the past 20-years. This was cancelled by Blue Shield about 4-years ago due to Obamacare looming on the horizon.
Do insurance companies, knowing the facts, raise rates and/or cancel insurance because of poor credit ratings? Or is this about Obamacare?
“... the debt my father left me as an inheritance...”
-
That sounds very strange.
Bad credit ratings equal high car insurance premiums. I have no idea why.
Why?
Because they can.....
Our local news WFTV had a story about a man whose car ins. was cancelled by State Farm because he had a high credit balance. He was shocked as he never had any accidents. I do not see a thing about healthcare being a factor, but I do see credit balance as a consideration:
https://www.statefarm.com/insurance/auto_insurance/ins_auto_price.asp