opinion Nancy Kaffer Detroit Free Press Published 6:00 AM EDT Mar 22, 2019 My credit score is a mystery to me. It is inexplicably bad, even though the overwhelming majority of things I am obligated to pay — rent, bills, auto insurance premiums — I pay on time. The credit rating bureau Experian says I've made five late payments over the life of my credit history, although it doesn't tell me what payments, or when. I don't have a lot of debt, which Experian says isn't good, and the kinds of debt I have, Experian also doesn't like. Because my credit score is bad, I pay more for anything with an interest rate: a car lease, a car loan, a mortgage, really, credit of any kind. And car insurance. Thanks to the way the auto insurance industry calculates an opaque metric called the "insurance score," folks with bad credit (like me) pay more for car insurance. Not because we're worse drivers, but because auto … [Read more...] about Rashida Tlaib’s bill would unlink credit score, car insurance
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Lisa Green, NerdWallet Published 12:36 pm CDT, Monday, March 18, 2019 This article was first published on NerdWallet.com. Michael Aminov-Tobin almost forgot a car insurance company was tracking his driving. He wasn’t paying extra attention to how fast he drove or how hard he hit his brakes. So he was astonished when the company offered to insure his 2016 Hyundai Veloster Turbo for $100 a month less than he’d been paying. “When it popped up with the price that it did, I was like, ‘Holy crap, that’s awesome!’” says Aminov-Tobin, 25, who operates a video production firm from his home near Columbus, Ohio. He benefited from a growing trend known as usage-based insurance, or UBI, in which auto insurance companies electronically monitor a customer’s driving and offer discounts in exchange. Such programs can be a great deal for careful drivers and low-mileage users, but they also present significant privacy concerns, experts say. … [Read more...] about Should You Give Up Privacy for Car Insurance Discounts?
Lisa Green, NerdWallet Published 12:35 pm CDT, Monday, March 18, 2019 This article was first published on NerdWallet.com. Your driving record may be flawless. Your car may be one of the safest on the road. But, in most states, you might pay more for car insurance than an all-but-identical driver, simply because of your gender. No one is immune. While men traditionally have paid more, particularly when they’re younger, recent studies show women often pay more when they’re older. This year California joined six other states in banning the use of gender to set car insurance prices. Elsewhere, drivers can pay hundreds of dollars a year in higher premiums because of the impact of gender on their rates. Whether such pricing is fair depends on your perspective, but drivers can come out ahead by finding insurers that give their gender a break. “The best thing you can do is to shop for insurance,” says James Lynch, chief actuary for the Insurance … [Read more...] about What You Can Do About Gender-Based Rate Hikes for Car Insurance
California is the sixth state to ban car insurance companies from determining auto rates based on gender, according to The New York Times. While it could equalise rates for both genders, teen boys are expected to benefit the most with an average 5% decrease in their auto rates. Auto rates are determined by a variety of factors, including safety records, driving experience, your career, your vehicle’s safety features, and the cost to repair or replace the vehicle. California has become the sixth state to ban car insurance companies from using gender to determine rates, reported Ann Carrns of The New York Times. The move is an attempt to focus on factors that drivers can control, like their driving record, and to prevent unfair and inconsistent gender influences in pricing – some car insurers determined that girls were more high-risk drivers than boys, while others deemed the opposite to be true, Carrns reported. Hawaii, Massachusetts, Montana, North Carolina, and … [Read more...] about California is the 6th state to ban car insurance companies from using gender to determine rates, and teen boys could benefit the most
In its heyday, Sears was not only the biggest retailer in the world, but it also owned and founded multiple companies and brands offering everything from car insurance to kitchen appliances. Several of these companies and brands still exist to this day, while others have either been shut down or sold. Here’s what happened to them. In its heyday, Sears was far more than the crumbling department-store chain we see today. In addition to being the largest retailer in the world, Sears owned a wealth of different brands offering services from car insurance to real-estate advice. Many of these businesses were shed along the way as the company came under pressure, sales slid, and it was forced to sharpen its focus on retail once more. This week, Sears narrowly escaped liquidation after a more than $US5 billion bid from former CEO and current chairman Eddie Lampert was accepted. Lampert’s hedge fund ESL Investments said last week that its bid, which still needs to be approved … [Read more...] about Sears once owned brands for everything from car insurance to real-estate advice — here’s where they are now