Title: Should You Request a Credit Re-Assessment to Lower Your Insurance Premiums?
Have you been with the same insurance provider for years and wondered if requesting a re-examination of your credit score could lead to better rates? Many long-term policyholders are curious about the potential benefits of updating their credit information, especially when their financial profile has significantly improved over time.
For over a decade, I’ve maintained my insurance policies with State Farm, covering two vehicles and a home purchased in 2018. Throughout these years, I haven’t switched providers, nor have I filed a claim. Despite comparing quotes periodically, the differences weren’t compelling enough to make a switch. But recently, I learned that requesting a re-run of my credit report might positively impact my rates. Since my credit score has risen to over 820 since my early 20s, I thought it might be worth exploring whether updating this information could lead to savings.
However, when I approached my insurance agent about this possibility, I received a cautious response. An assistant, who has been with the company for years, advised that in their experience, requesting a credit review has typically resulted in higher premiums rather than lower ones. This raised concerns about whether a credit re-rate could actually work in my favor.
Interestingly, this year’s quotes from other providers presented a compelling alternative. I found that Progressive offered coverage nearly half the cost of my current state farm policy, with slightly better coverage options. This might make switching a more straightforward solution.
For those considering a similar move, it’s essential to weigh the potential benefits of updating your credit against the possibility of rate increases. While some agents caution that a credit re-valuation might not always yield savings, your individual situation could differ. It’s advisable to request a quote after the update to see if it makes a tangible difference.
Ultimately, shopping around remains one of the most effective ways to find competitive rates. If you’re confident your credit score has improved substantially, it can be worthwhile to ask your insurer to reconsider your premium. Just remember to compare multiple options before making a final decision.
Have you had experience with requesting a credit re-rate from your insurance provider? Share your insights or stories in the comments!
