| Insurance, credit link needs to be severed
Using credit scores as a factor in determining automobile insurance eligibility and premiums is a standard industry practice. For years, insurers have maintained that a person's scores, originally intended to measure creditworthiness, are also a predictor of whether - and how often - someone will file an auto insurance claim.
And for years, consumer groups have urged state legislatures and the federal government to see the flaws in that practice. Consumer advocates say using credit scores to set insurance rates unfairly hurts African-Americans and Hispanics because those groups tend to have lower credit scores and thus end up paying more for their auto insurance. They also complain that errors in credit files can result in lower scores and thus higher insurance premiums.
The Federal Trade Commission recently weighed in on the debate, releasing a study that largely sides with the industry.
Automobile Theft Can Lead to Identity Theft
According to the Arizona Republic, metropolitan Phoenix also ranks fourth in the nation in reported cases of automobile theft as well. Considering these statistics together raises some concerns for drivers in Phoenix who leave various personal documents inside their cars. The Republic cautions that based on identity and auto theft risks, Phoenix police are seeing more crimes in which thieves break into a car to take documents, sometimes snagging a remote garage-door opener to pillage the vehicle owner's home. Unfortunately, it may no longer be appropriate to leave personal information inside your unattended vehicle. For example, leaving title inside your vehicle allows criminals to attempt to steal your car and obtain a fraudulent title transfer. Also, insurance cards containing your address may lead criminals directly to your doorstep while you are away.
Geico cutting some auto insurance rates
LOS ANGELES -- Geico General Insurance Co. will cut auto insurance rates for some of its California policyholders by an average of 10.8 percent to comply with state rules requiring rates to be primarily determined by driving records, state insurance officials said Tuesday.The rate reductions by the Washington, D.C.-based insurer amount to $65.8 million, the California Department of Insurance said. The rate cuts will go into effect Aug. 30 and translate into an average savings of $150 per policy, the state said. .
Carsite.com, the complete auto site
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